How to Save Money on Electric Bike Purchase?
- Author :
- TATA AIG Team
- Published on :
According to research, the electric bikes market is poised for exponential growth, expanding at the CAGR of 42.95% during the FY 2020-FY 2024 period. However, despite promotion by the government to buy e-bikes, there is inadequate knowledge among buyers about an electric bike purchase and the right bike insurance for them. If one wishes to make e-bikes a smart investment, having the right insurance for the bike is indispensable.
A misconception associated with the purchase of bike insurance for an electric bike is that it is expensive, and there is hardly any use for it. However, an electric bike insurance quote is highly cost-efficient, especially when purchased online and when you hit the road, there is no predicting an unpleasant eventuality. Additionally, with the expensive mechanism installed in your e-bike, the cost of repair and replacement in the event of an unfortunate accident is high, making comprehensive bike insurance the need of the hour.
Quick Buying Guide for Electric Bikes
As consumers become conscious with a greater inclination towards sustainable products, purchasing an eco-friendly scooter is the next big trend. To help you in your buyer’s journey, we have enlisted the crucial factors to consider before buying an electric bike:
⦁ Budget: Electric bikes don’t come cheap, and so it is important to identify your budget.
⦁ *Battery life and warranty: *As this is a crucial element of an electric two-wheeler, replacing it is an expensive affair. The lithium-ion battery performs better when compared to lead or nickel batteries.
⦁ Charging time and travel range: the ⦁ performance of an electric bike relies heavily on the charging time and its travel range. The higher-end models enable fast charging with a travel range of more than 100 kilometres.
⦁ Reliability: It is important to note that electric bikes are meant for short commutes, and therefore they cannot be relied on for undertaking long journeys
⦁ Electric bike insurance quote: It is easy to determine that electric bikes are expensive when you look at the aforementioned factors, and so is paying for any accidental damages without insurance.⦁ ⦁ Tata AIG bike insurance offers a comprehensive cover for your electric bike, and you can use the free premium calculator to determine the insurance price. An electric bike insurance quote is reasonably priced, especially if you are buying two-wheeler insurance online.
How to Save Money when Buying E-Bikes in India
Although purchasing an electric two-wheeler is costlier when compared to its fuel-run counterparts, maintaining an electric scooter is an inexpensive endeavour. However, you can still save money when purchasing an e-bike considering the following:
⦁ Tax Benefits
Buyers can avail themselves of tax benefits on the purchase of electric bikes. This is because the sales tax, i.e., the GST, is cheaper for electric bikes as compared to conventional fuel-run vehicles. Buyers can therefore check these benefits to bring down the cost of buying an e-bike.
⦁ Insurance Policy for Bike
It is wrongfully presumed that because an electric bike is expensive, the bike insurance for it would be equally costly. On the flip side, insurance for the bike is cheaper in the case of an e-bike when compared to a conventional fuel-run two-wheeler. This cost further reduces if you are purchasing two-wheeler insurance online. If you are new to buying insurance, check the documents for the bike and the online insurance and keep them ready before buying your two-wheeler insurance online. Tata AIG bike insurance comes with a choice of seven unique riders for all-inclusive protection. While it is not mandatory to buy insurance for your e-bike, it is highly recommended as the cost of repair and replacement can burn a sizable hole in your pocket in the absence of one.
⦁ Registration Cost You can save on the registration cost as low-speed electric scooters do not need a registration certificate. Additionally, for electric bikes with power less than 205W and a speed limit of 25 kilometres per hour, there is no need for a license either.
The Government Incentives to Promote Electric Bikes
To curb pollution and reduce the country's import bills, the government-mandated electrification of all two-wheelers with a displacement capacity of below 150cc by March 2025. Additionally, to promote the purchase of electric two-wheelers, the government has proposed amendments and incentives such as:
⦁ By March 31st, 2020, the Government of Delhi envisions a 50% transition of delivery service providers to e-vehicles. The Delhi Financial Corporation has announced incentives of up to ₹30,000 for delivery companies cooperating to achieve the target.
⦁ To encourage electric bike purchases, the Government of both Delhi and Telangana have waived registration fees and road tax on new e-bike purchases. Additionally, there is a provision to claim ₹5000 on discarding fuel-run two-wheelers.
⦁ As a counter to the reliability drawback, the government also plans to establish charging stations within a 3-kilometre radius to minimise the risk of running out of charge mid-way and enable a hassle-free journey.
e-Bikes are the future of short-distance commutes. While the limited options and their complex working make it challenging to arrive at a purchase decision, this process would soon iron out in the future. However, it is important to undertake a thorough analysis of the features and their drawbacks before purchasing an electric bike.
To dispel the confusion associated with buying an e-bike, we have enlisted solutions to the common concerns:
⦁ Is buying an e-bike worth it?
If you are looking for a cost-efficient method to undertake small, everyday journeys, electric bikes are a charming proposition.
⦁ What is the best electric bike in terms of money?
The Hero Electric Optima LA is among the cheapest electric bike in India, priced at INR 44,990.
⦁ How much should I spend on an electric bike?
As electric bikes are expensive, it is essential to have your budget identified. The price range for purchasing an electric bike in India can be anywhere between ₹39,990 to ₹300,000.
⦁ What should I look for when buying an electric bike? he crucial factors to consider when buying an electric bike are:
o The life and warranty of the battery o Charging time and travel range o Battery type and capacity and o Insurance policy for bike