Electric Bike Insurance

Electric bike insurance in India is a type of two-wheeler insurance that provides coverage specifically for electric bikes and scooters. Also known as electric scooter insurance, it can cover third-party liabilities as well as damages to the e-bike, depending on the policy type and its terms and conditions.

For owners of electric bikes or scooters, having an insurance policy is not just a choice but a legal requirement. Similar to standard two-wheeler insurance, this policy provides financial protection and peace of mind to e-bike owners, ensuring compliance with the law.

Legal Compliance

One primary reason to purchase EV bike insurance is to comply with legal requirements. In India, it is mandatory for all two-wheelers, including electric bikes, to have at least third-party insurance.

This law ensures that the responsible party can cover the costs of injury, death or property damage to third parties in case of an accident. Having the necessary insurance allows e-bike owners to avoid legal penalties and fines.

Cost-Effective

TATA AIG operates on a digital platform, eliminating the need for intermediaries. This streamlined process reduces operating costs, and the savings are passed on to customers through affordable electric bike insurance.

Financial Protection

E-scooter insurance provides financial protection against various risks. Without insurance, the cost of repairing or replacing your e-bike can be substantial. With the right policy, you are covered for these unexpected expenses, allowing you to manage your finances more effectively.

Quick Claim Settlement

One of the standout benefits of EV bike insurance is the quick claim settlement process, especially with reputable insurers like TATA AIG. We are known for our efficient and customer-friendly claims process. In the event of an accident or damage to your e-bike, you can expect a swift and hassle-free settlement, ensuring you get back on the road as quickly as possible.

Scope to Improve Coverage

One of the great aspects of e-scooter insurance is the flexibility to enhance your coverage with additional add-ons. For instance, you can opt for a zero depreciation cover, which ensures you receive the full claim amount without any deductions for depreciation.

These options allow you to customise your policy according to your specific needs and provide a more comprehensive shield against potential risks.

Peace of Mind

Finally, one of the most significant benefits of having insurance for electric scooters without registration is the peace of mind it offers. Knowing that you are financially protected against a wide range of potential issues allows you to ride confidently. This sense of security is invaluable, especially for those who use their e-bikes regularly.

Several factors influence the premium for comprehensive electric bike insurance. Understanding these can help you manage costs more effectively.

Make and Model

The premium for your electric scooter or bike is largely influenced by its make and model. High-end e-bikes with advanced features represent a greater financial risk to the insurer, which is reflected in a higher premium. Conversely, more affordable models typically incur lower insurance costs.

Year of Manufacturing

The age of your electric bike plays a significant role in determining its premium. As vehicles age, their market value decreases due to depreciation. This reduction in value lowers the Insured Declared Value (IDV), leading to a decrease in premium for older bikes.

Newer e-bikes, on the other hand, come with higher premiums because they retain more of their original value.

Deductibles

Insurance premiums are affected by deductibles, which come in two types: voluntary and compulsory. Opting for a higher voluntary deductible can reduce your premium, but this means you will pay more out-of-pocket if you need to make a claim.

No Claim Bonus (NCB)

The No Claim Bonus is a discount you earn for not making any claims during the policy period. This discount can be up to 50% if you maintain a claim-free record for five consecutive years. The more substantial your NCB, the lower your premium.

Installation of Safety Devices

Installing anti-theft devices on your electric bike can lead to premium discounts. Insurers often reward proactive measures that reduce theft risk, resulting in lower insurance costs for secured bikes.

Add-on Covers

Adding extra features to your insurance policy, such as Zero Depreciation Cover or No Claim Bonus Protector, will increase the premium. While these add-ons provide additional coverage, they also raise the overall cost of your insurance.

Modifications

Any modifications made to your electric bike, such as aesthetic changes or performance upgrades, can affect your insurance premium. Such modifications can increase the insurer's liability, leading to higher premiums to cover the additional risk.

Geographical Location

Where you live also impacts your insurance premium. If you reside in an area prone to natural disasters, such as floods, earthquakes or high-risk activities, your premium may be higher due to the increased risk of damage or theft.

Also Read: Understanding Depreciation Value and IDV of Two-Wheelers

Follow these straightforward steps to calculate your electric bike insurance premium with TATA AIG's bike insurance calculator. TATA AIG offers a user-friendly digital platform that lets you quickly and accurately determine your insurance costs. Here is how you can use their calculator:

• Visit TATA AIG's official website and look for the bike insurance calculator tool.

• Input specific details about your electric bike, including the registration number, make, model, year of manufacture and any modifications. These factors help assess the bike's market value and risk level, influencing the premium calculation.

• Select the type of coverage you want. You can opt for comprehensive insurance, which covers a wide range of risks or third-party insurance, which is mandatory and covers liability towards third parties. You can also choose from add-ons like Zero Depreciation Cover, Roadside Assistance and more to enhance your policy's coverage.

• If you have a No-Claim Bonus from previous years, apply it here. TATA AIG allows you to include your NCB, which can significantly reduce your premium if you have not filed any claims in the past policy period.

• After entering all the necessary information and selecting your desired coverage options, click on "Get Quote". The calculator will process your inputs and display the exact premium amount you must pay for the policy.

• Review the calculated premium and the coverage details. If satisfied, you can proceed to purchase the policy online. The platform allows for secure payment, and you will receive your policy documents instantly via email.

The insurance cost for electric bikes tends to be higher than for traditional petrol-powered bikes. The electric bike industry in India is relatively new, and the technology involved in developing and manufacturing electric vehicles (EVs) is more advanced and costly. As a result, EV bikes and scooters often have a higher purchase price compared to their petrol-powered counterparts.

EV bikes and scooters often have a higher purchase price compared to their petrol-powered counterparts. The bike insurance cost is closely linked to the vehicle's value. Since electric bikes are generally more expensive, the insurance premiums are higher, reflecting the greater financial risk for the insurer.

• Opt for a Direct Purchase: Consider buying your insurance policy directly from digital insurers like TATA AIG. This can help you save on costs as it eliminates the need for middlemen, often resulting in lower premiums.

• Select Essential Add-Ons: Carefully choose add-ons that you truly need. While they enhance your coverage, they also increase your premium. By selecting only the necessary add-ons, you can keep additional costs in check.

• Install Safety Devices: Equip your electric bike with certified safety devices, such as an anti-theft system. Insurers often discount premiums for bikes fitted with such devices, as they reduce the risk of theft and damage.

• Maintain a Clean Claim History: Avoid filing claims for minor damages. Maintaining a claim-free record can help you accumulate a No Claim Bonus (NCB), which can significantly reduce your premium—up to 50% for five consecutive claim-free years.

Follow these steps if you wish to buy or opt for two-wheeler insurance renewal with TATA AIG:

• Step 1: Enter your bike's registration number and click on "Get Price" for a new policy or "Renew" if you already have a TATA AIG policy.

• Step 2: Provide the required bike and personal details as prompted. Select the desired policy coverage and any additional add-ons you want to include.

• Step 3: Review the instant bike insurance premium quote provided. If you are satisfied with the quote, pay the premium online.

• Inform Us and Register Your Claim: Contact TATA AIG at 1800-266-7780 or visit our Claims Support page online to file your claim. Provide all necessary details to initiate the process.

• Get Your Vehicle Inspected: We will arrange for an inspection of your vehicle by a TATA AIG-approved surveyor. This step helps assess the extent of damage and the estimated cost of repairs.

• Choose Between Cashless or Reimbursement Claims: Decide whether you want a cashless claim, in which TATA AIG settles the bill directly with the network garage, or a reimbursement claim, in which you pay upfront and get reimbursed later.

• Keep the Claim Documents Ready: Gather all necessary documents, such as your policy details, vehicle registration and any relevant medical reports or bills, to support your claim.

• Get Your Claim Registration Number: Once your claim is registered, you will receive a unique claim registration number. Keep this number handy for all future communications regarding your claim.

• Track the Status of Your Claim: You can monitor the progress of your claim through TATA AIG’s online portal or by contacting customer support.

• Claim Verification and Settlement: After the claim verification process is completed, TATA AIG will either approve or reject your claim based on the policy terms.