Ola EV Scooter Insurance
Ola EV Scooter Insurance
Electric scooters have been one of the most impactful changes in recent times. Their appearance on public roads has made them a part of the urban transportation landscape in India.
The brand Ola has a super recall value amongst Indians. Ola Electric is an electric two-wheeler manufacturer in India founded in 2017 and is a wholly-owned subsidiary of ANI Technologies, the parent company of Ola Cabs.
Ola Electric manufactures electric scooters that aim to reduce global emissions and fossil fuel dependency and offer a two-wheeler experience packed with fantastic utility and safety features. The brand has three impressive and uber-cool-looking products: Ola S1, Ola S1 Pro and Ola S1 Air.
Riding an electric bike like Ola can be quite an experience for the rider. First, however, you must ensure having a valid two-wheeler insurance policy to protect you. In India, it is mandatory to have third-party insurance for all vehicles, irrespective of their fuel type, including electric bikes. As important as it is to buy two-wheeler insurance in India, it is equally crucial to buy it from a trusted and reputed brand like Tata AIG.
With Tata AIG's Ola Electric insurance policy, you can compare, buy and avail of various other services online. With unmatched features and benefits, you can choose the best-suited insurance for your modern scooter at an affordable price.
Purchasing or Renewing Your Ola Scooter Insurance Online with Tata AIG
Purchasing or renewing insurance for two-wheelers online with Tata AIG is a straightforward and hassle-free process. Our user-friendly website lets users compare, buy, and make payments securely. You can also calculate an estimated insurance premium using our bike insurance calculator or get help from our 24x7 customer service team.
To renew your Ola insurance online, follow the below steps:
- Step 1: Visit our official website, and under the 'All product' section, select 'Bike Insurance'.
- Step 2: This will lead you to the two-wheeler insurance policy page.
- Step 3: Enter your Ola bike's registration number and other details.
- Step 4: For new customers, or if you wish to buy a new policy, click on 'Get Price' and if you want to renew your existing Ola bike insurance, click on the 'Renew' button.
- Step 5: A form will be displayed on the screen. Fill in all the details, including your name, contact details, identity and KYC details, etc.
- Step 6:Also, enter details of your scooter, like the variant and an appropriate Insured Declared Value (IDV) for your bike. IDV signifies the current market value of your Ola scooter; hence must be chosen wisely. Additionally, IDV is one of the essential factors determining your vehicle's premium.
- Step 7: Mention the claim history. If you haven't filed any claim in the past, you will be eligible for a 'No Claim Bonus'; hence, you can select the same.
- Step 8: You can enhance your policy coverage by adding riders. Tata AIG offers seven riders that can help you customise the plan. However, remember that riders come at a cost, and selection should be made considering this requirement and pricing factor.
- Step 9: Your Ola electric scooter insurance price and sum insured will be displayed on your screen.
- Step 10: Select the Ola Electric insurance plan and make an online payment.
- Step 11: Once you successfully pay, you will receive your policy documents and other details on your registered email address or Whatsapp number.
Ola Electric Scooter Insurance Price – Your Payable Premium Amount
The premium amount or the insurance cost is one of the determinant factors before purchasing insurance for an Ola electric scooter. Although premium is not the only factor, it is indeed very crucial. You can pay your premium monthly, quarterly, half-yearly or annually, as per your preference.
Choosing a good two-wheeler insurance policy can be daunting, but you must select a plan with the right cost-benefit balance. We recommend you use our bike insurance calculator to know the estimated premium cost and make the purchase decision. Since premiums vary from one individual to another, using this online tool can be very helpful.
Some of the factors that determine premium amounts include:
The type of plan selected (comprehensive, third-party, standalone)
Make and model your scooter
Engine type and cubic capacity of the vehicle
No claim bonus discount (for comprehensive insurance policies)
Age of your vehicle
Age of the insured and driving record
Any modifications done or additional devices added to the bike
Apart from the factors mentioned above, the Insured Declared Value (IDV) is critical in determining your Ola electric scooter insurance price or premium. The IDV is the amount you will receive from the insurance company if your bike suffers irreparable damage, gets stolen or has a total loss. Therefore, you can mention the IDV for your bike while applying for insurance. However, remember that a higher IDV will attract a higher premium and vice versa. Also, the IDV of any vehicle decreases with time, so at the time of renewal for the policy, the IDV would typically be lower than the previous year's. Although third-party insurance is mandatory, it is recommended to have a comprehensive insurance policy for your Ola scooter as it provides all-round coverage. In addition, it offers various benefits and allows you to enhance your coverage by adding a rider.
Additional Rider Plans for Your Ola Electric Scooter
You can enhance your coverage by adding a rider to your base plan when you opt for comprehensive bike insurance for your Ola electric scooter. We currently have 7 rider plans for our comprehensive insurance policy.
- Zero Depreciation or Depreciation allowance: When you raise a claim, depreciation is typically deducted from the claim amount. Opting for a zero depreciation rider covers the total cost of repairing or replacing damaged parts without considering depreciation.
- Return-to-Invoice cover: This add-on can come in handy in case of a total loss due to damage. The rider covers the difference between the insured declared value and the invoice value of the bike, thus offering better coverage.
- Emergency Medical Support: The riders offer coverage for medical expenses and ambulance costs incurred in case of an accident during the policy term. This rider is very beneficial as it covers costs for hospitalisation, surgery, and ambulance coverage up to a specific limit.
- Additional Personal Accident Cover for the Owner-Driver: Personal accident cover in comprehensive bike insurance protects the owner-driver in case of accidental injury, disability or death while riding the insured bike. We offer coverage of up to ₹15 lakhs under this add-on to the owner-rider of the bike.
- Additional Third-Party Property Damage Cover: Third-party liability insurance is mandatory for every vehicle to make it eligible to ride on the road. However, with this rider, you get additional coverage for damages caused to third-party property, like a vehicle or immovable property, due to an accident with your bike.
- Consumables Expenses: This rider plan covers the cost of consumable items incurred while replacing, replenishing and repairing the bike after an accident. It is one of the ways to reduce the T out-of-pocket expenses for the policyholder.
- Roadside Assistance: When you opt for Tata AIG's roadside assistance rider, you can access immediate 24X7 breakdown assistance if your bike breaks down. You can also avail an on-the-spot repair facility to help you continue your journey smoothly. Our roadside assistance includes towing to the nearest garage, fuel delivery, battery jump-start etc.
Things Covered – Not Covered Under Tata AIG's Ola Bike Insurance
Before buying a policy, you must know about the terms and conditions and things covered and not under to reduce the chances of your claims getting rejected.
|Things Covered Under Tata AIG’s Ola insurance policy||Things Not Covered Under Tata AIG’s Ola insurance policy|
|Coverage for damage caused to your Ola electric bike while travelling through all modes of transport including waterway, airway, railway, or roadway is included.||No coverage is provided for damages caused to your Ola electric scooter while it is used for racing, speed and reliability tests, crash testing etc.|
|You get coverage for damages to your bike from natural and man-made disasters. Natural calamities covered under a policy include earthquakes, cyclones, floods, snowfall, lightning etc. Man-made damages like theft, strikes, riots, terrorist attacks, self-ignition, explosions, etc., are also covered.||No coverage is provided if the damage is caused due to negligence or not following rules. This negligence may include instances like riding without a valid or driving licence or helmet, without mandatory documents like PUC, under the influence of intoxicants like alcohol, drugs etc. Also, no coverage shall be provided if the bike is used outside the geographical boundaries or if a private bike is used for commercial purposes.|
|Personal accident coverage of up to ₹15 lakhs is offered to the owner-driver. It covers medical costs arising while treating accident-related injuries. Moreover, if the accident proves fatal the death benefit is given to the appointed beneficiary or the family member(s) of the owner-driver.||Damage to your Ola electric scooter due to the damages caused due to situations like war, civil unrest, nuclear perils, or similar other situations and not covered.|
|Third-party damages usually are covered under the policy. These include damage to the third-party property or any bodily injury.||No coverage is given for damages caused due to burglary, theft, breaking or entering and the bike is not stolen.|
|You can enhance your coverage by adding one or more of the 7 bike insurance riders Tata AIG offers. These riders include zero depreciation, third-party property damage, personal owner-driver accident, consumables expense, return to invoice, emergency medical expense riders, and roadside assistance riders.||Regular wear and tear or general depreciation of your Ola electric bike are not covered. This means damage to the parts due to mechanical or electrical breakdown, ageing of the bike etc., if the bike is not covered.|
Why Should You Opt for Tata AIG Insurance for Ola Electric Scooter?
The bike insurance market has expanded over the years as several players entered the market. Thus, choosing two-wheeler insurance for your Ola scooter has become daunting. However, you would never want to settle for anything less for your modern and cool scooter.
Tata AIG offers insurance with multiple benefits, like customising as per your need with riders, access to an extensive network of garages, and ease in buying, comparing, and renewing the policy. Below are a few reasons that make Tata AIG one of the most preferred bike insurance providers in the country:
- Brand: With 20+ years of professional experience and a strong reputation in the insurance industry, we are considered amongst the best insurance providers in India. Our customer-centric approach and seamless services have helped us acquire the trust of more than five crore people nationwide.
- Comprehensive coverage: Our comprehensive plan for Ola electric scooter insurance is designed keeping in mind the needs of our customers. Apart from all-round coverage, it also offers you the option to enhance and customise your plan as per your need.
- Team of professionals: We have a strong team of around 650 in-house claim experts who assist you at every step and provide the proper guidance during claim settlement procedures. Moreover, our 24X7 support team is ready to help with any of your bike insurance-related queries.
- Claim settlement: We have a high Claim Settlement Ratio (CSR) of 98% for the financial year 2020-21. Thus, you can depend on us to get your claims settled in most cases. Additionally, you can experience a seamless 3-step insurance claim process for a successful and swift claim settlement.
- Customisation: We offer various add-ons to enhance your insurance coverage, tailored to your needs.
- Network of garages: With Tata AIG insurance for two-wheelers, you get access to our extensive network of garages. There are more than 5000+ garages that you get access to for a quick cashless claim facility.
- Online access: You can compare, purchase or renew your Ola scooter insurance online from Tata AIG anytime, anywhere. The claim initiation and tracking facility makes the entire process hassle-free, paperless and swift.
Ola Electric Scooters: A Brief Overview & USP
On September 15, 2021, Ola unveiled India's Ola S1 electric scooter. The Ola S1 and the S1 pro are the first Electric Vehicles (EVs) from the Bengaluru-based manufacturer. They are also among the top-selling premium electric scooters in the country, going head-on against other EV brands. This sophisticated electric scooter comes with a slew of features.
- Design: Ola scooters are known for their exclusive fluid design, setting them apart from their competitors. The company proudly announces its design as "No nuts. No. bolts. No kidding", and it surely makes an impact. It also offers a decent 36L boot space to fit in everything you need. Moreover, choose a string of colours from a glossy or matte finish.
- Technology: The brand boasts of its tech inclination. For example, you can create multiple profiles from multiple riders, lock and unlock your vehicle with a digital tap or experience proximity unlock. In addition, you can tap the screen and start with a navigation map to explore the world.
- Performance: The electric scooter has a powerful motor with 8.4kw peak power. It can touch 95 kmph speed for an exciting experience.
- Safety: The brand offers unmatched safety, tested for around 4 million km. The scooters are dust-proof and waterproof.
Ola Electric Scooter Variants and Prices
|Ola Electric Scooter Variants||Ex-showroom price in Delhi (₹)|
|Ola S1 Pro||1,39,828|
|Ola S1 Air||84,999|
Top Competitors of Ola Scooter
● Ather 450X Gen 3 ● TVS iQube ● Bajaj Chetak ● Hero Electric Optima
Frequently Asked Questions (FAQs)
Why should I insure my Ola electric scooter?
Besides being mandatory, buying two-wheeler insurance is essential for your scooter's security and financial protection. Some of the reasons to buy insurance for your Ola electric scooter are:
It can protect you from third-party liabilities.
Having valid insurance can safeguard you from fines.
You get financial coverage against damages caused due to natural and man-made disasters.
Comprehensive bike insurance can provide additional financial coverage and save you from out-of-the-pocket expenses.
- Can I renew my Ola insurance policy online?
You can renew your Ola scooter insurance policy online by visiting Tata AIG's official website. Then, go to our Bike Insurance page, fill in the details to renew the policy and click 'Renew' to proceed.
- How can I benefit from the No Claim Bonus? Is it transferable?
No Claim Bonus (NCB) is one of the benefits that policyholders can claim for every consecutive claim-free year. For example, NCB rewarded by Tata AIG for the 1st year is 20%, 2nd year is 25%, 3rd year is 35%, 4th year is 45%, and 5th year is 50%. Typically, NCB is capped at 50%. Thus, it is a discount given on the premium by the insurance company to the policyholder for no claims in the previous years.
Since NCB is given to the policyholder for riding a safe bike, this is transferable to the new bike insurance policy.
- How can I reduce my insurance premium on an Ola scooter?
As discussed above, various factors determine your Ola electric scooter insurance price. However, you can consider the below tips to help reduce your insurance premiums without compromising on the sum insured:
Choose a higher voluntary deductible
Select add-ons wisely
Try paying yearly premiums instead of monthly or quarterly premiums
Avoid claiming for minor damages to keep your No Claim Bonus intact
Renew your policy on time
Install anti-theft devices and avoid excessive modification on your scooter.
Calculate the estimated premium before buying.
Disclaimer: All the prices and other information listed above pertain to a specific city and vehicle model. Since this information is subject to change, it is advisable to check the latest information before purchasing a vehicle or an insurance policy.
Disclaimer / TnC
Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.
Frequently Asked Question
How to Claim Honda Bike Insurance?
To claim your Honda bike insurance, visit the Tata AIG website follow the steps given below:
Go to the Claims page. Click on ‘Initiate Claim’.
Provide the registered mobile number and click on Confirm to file your claim.
Enter your policy number, FIR details, driver information, personal contact information, etc. and submit your claim.
After receiving the required information, Tata AIG will review the claim and send the bike to a network garage for repairs, if required.
A claim settlement will be processed based on the damage caused to the bike.
The bike will be repaired and returned to you.
How To Renew Honda Bike Insurance?
To renew your Honda bike insurance, visit the Tata AIG bike insurance page. Enter the bike registration number in the calculator and click on Renew.
The calculator will populate the necessary bike details. Input other details like No Claim Bonus (NCB), change in add-ons, etc. The calculator will display the exact renewal premium amount for your Honda insurance policy. Make the payment.
Once the payment has been received, your Honda bike insurance policy will be renewed.
Keep in mind that there is a 90-day grace period for Tata AIG bike insurance after your policy has lapsed within which you can renew it without losing any benefits, such as NCB discounts.
What is the price of a Honda Bike?
The price range for a Honda Bike can be between ₹64,000 and ₹39 lakhs.
What are the available variants in Honda Bike?
Here are some models that you can consider:
- Honda Activa 6G
- Honda Dio
- Honda Shine
- Honda SP 125
- Honda Hness CB350
- Honda Activa 125
- Honda Livo BS6
- Honda XBlade
- Honda CD 110 Dream
- Honda Grazia BS6
- Honda CB350RS
- Honda Gold Wing
- Honda CRF1100L Africa Twin