Motor Insurance For Electric Bikes

It is for some time now that Indian government has ordered two wheeler manufacturing companies to make all vehicles especially two wheelers and four-wheelers as an all-electric vehicle by 2030. India is top amongst the top 5 countries who consume the highest fuel energy. The import of crude oil and the extracts from it are consumed highly by us and this poses a serious threat to the environment. Hence the promotion of electric bikes has become all the more important today.

An Electric India by 2030:

The market scope for electric vehicles, also known as e-bikes opens up in huge percentage and the possibilities of profits are endless. There are some new players in the market who have ventured manufacturing two wheelers with only prototype or trial basis e-bikes that can deliver the same level of performance as n fuel engine bike. Major players of the market like, Honda, Hero MotoCorp, Yamaha, and Royal Enfield, etc. have already started working on the same. Few companies have also promised to come-up with a model that is intriguing to the buyers by 2021. But to be able to replace the fuel engine bikes with electric vehicles is one tough challenge for manufacturers as well.

Importance Of Two Wheeler Insurance:

It is a positive thing that the degree of risks associated with e-bike is limited as they offer a comparatively controlled speed riding. Yet, one cannot predict the misfortunes that may happen on the journey. Hence it is important for any type of two wheeler (electric or fuel), to have a two wheeler insurance policy that insures against a variety of damages and losses that may occur to the vehicle due a range of incidents.

A vast majority of people in India do not have two wheeler insurance. The road conditions, potholes, and driving of people with no regards to traffic rules, end-up causing accidents and injuries to others. Such incidents may result in damages or losses to the vehicle and the owner as well. In the absence of a two wheeler insurance policy, all repair expenses and medical expense if any will be borne by the owner of the vehicle. two wheeler insurance policy is a mandatory document that every bike owner should have as per the Motor Vehicles Act of 1988.

Two Wheeler Insurance For Electric Two Wheelers:

Since it is an electric bike with limited speed not more than 60 kmph, the two wheeler insurance for electric two wheelers are not really that expensive. The advantages that a two wheeler insurance policy offers is many as it protects you from almost every scenario which results in damage or injury. So for any kind of damage, you need not pay from your own pocket as the insurance will take care of it.

There are two-types of insurances you can buy from:

• Third-party liability only insurance
• Comprehensive policy

Third-party liability policy is the minimum cover every bike owner must have according to the law. It is easily affordable as the IRDAI regulates the rate every year. It provides cover for the bodily injuries and property damages occurred to the third-party by the insured vehicle. This cover does not provide any support to the insured vehicle.

A comprehensive policy on the other hand provides a 360 degree protection to the bike and the owner from third-party liability, accidents, theft, natural calamities like fire, storm, volcano eruption, floods, etc. man-made calamities like protests, riots, terrorist attacks, theft, burglary, etc. Few insurers also provide personal accident cover as a part of the comprehensive policy. If it’s not available as a package, then one can always purchase this cover as an add-on benefit for additional premium.

Since this is statutory requirement from the government, not owning a two wheeler insurance will lead to penalties and imprisonment for 3 months. In India e-bikes are yet to become a popular way to commute unlike the normal fuel bikes/scooters. This makes them apt for city commute where you may not have the option of going fast due to heavy traffic. Lower speed means lower risk, which is why,the insurance for electric two wheelers should not be too expensive as in the case of motor vehicles that have a higher cubic capacity and give riders more power. You may also customize your insurance policy based on your specific requirements.