Brand new Bike
India's E-Bike market is set to expand from approximately INR 3 Billion in 2019 to 17+ Billion by 2024. The first six months of the year witnessed more electric two-wheelers being sold than the entire last year. With an expected growth of over 42%, the future undoubtedly looks as promising as the present.
Electric bikes' evolving footprints across the country can be attributed to multiple factors. The prominent ones include rising fuel prices, pollution concerns, lower maintenance costs, government initiatives, better subsidies, and charging infrastructures for E-Vehicles.
While these essentially noise-free no-emission bikes slowly gain popularity as excellent long-term options, many lack clarity regarding their insurance necessities.
Let's Simplify The E-Bike Insurance!
Electric Bike Insurance Advantages
E-Bike or Two-Wheeler Policies
Add-ons & Exclusions
The Premium Calculation
Q: Do I need to buy insurance for my E-Bike?
A: Well, technically speaking, all two-wheelers plying on public roads must carry at least a third-party policy. That being said, electric two-wheeler insurance arrangements, especially for the low-powered ones, are at an initial stage with no definitive guidelines.
Many E-Bikes/Scooters with less than 250 W power and up to 25 K/Hr speed limits are not even categorized as motor vehicles and are exempt from insurance. However, the same does not hold for high-powered E-Bikes, and they need insurance. Therefore, if unsure, you must check with the E-Vehicle dealer or reach out to your preferred insurer.
Q: Is there a compulsory minimum duration for which I have to take electric two-wheeler insurance?
A: Yes, that's 5 years of third-party coverage; for your new E-Bike/Scooter.
Q: What's the limit for the property damages covered under a third-party E-Bike insurance policy?
A: Up to INR 7.5 Lakhs.
Q: Will the insurance take care of my E-Scooter or Bike's battery?
A: Yes! The battery is a critical component of any electric two-wheeler. E-Bike comprehensive insurance plans are specifically designed to ensure robust coverage for the battery.
Q: Does one need to pay a higher premium for insuring an electric two-wheeler than a petrol bike?
A: It's not necessarily true, and as most E-Bike insurance policies are at their introductory phases, one can not make a generalistic observation.
A KPMG/CII report points out a 25-35% penetration of E-Bikes/Scooters in India by 2030. EV makers and electric two-wheeler insurance companies are fairly bullish about the advancement of E-Bikes in the country.
As customer-reluctance transforms into acceptability, it's a wise approach to pay attention to electric two-wheelers' benefits and their insurance conveniences.
Quickinsure remains a premier two-wheeler insurance broker and comparison portal enabling you to study quotes from all reputed insurance providers, identify, and choose the appropriate cover for your E-Bike.
Disclaimer: The above information/statistics are indicative and subject to change without prior notice. One must refer to the IRDA website for the most up-to-date E-Vehicle insurance developments and carefully read all the T&Cs from insurance providers before finalizing a policy.