With the industrial revolution, technological advancements have taken the human species up to new horizons. Yet, we cannot deny the fact that these come at a cost. Not every cost is calculated only in monetary terms.
As we all are aware of the increasing global warming and the pollution level that is increasing day by day. Natural resources are gradually depleting. So, renewable energy is one alternative that should be looked upon to fuel technological advancements. Adhering to the same, the automobile industry in India is looking at electricity to charge both the four and two-wheelers.
The future of the two-wheeler industry is the electric bike. Hence, electric bike insurance in India is indeed a progressive step in the long run. With all of these in place, the e-bikes introduction has also impacted the Indian insurance industry. To know more about insurance for e-bikes in India, read ahead!
What is an Electric Bike or Scooter?
Before we jump into understanding e-bike insurance, let us begin with knowing the meaning of e-bike. Any two-wheeler that runs on electricity is referred to as the electric bike/two-wheeler or e-bike.
When you think of a regular two-wheeler or a motorbike what do you need to run it? Petrol, right? Similarly, when it comes to electric bikes or electric two-wheelers they need electricity. The e-vehicles are charged just like you charge any electronic gadget or device.
Rather than fuel stations, there are charging stations for electric bikes in India. In India, electric bikes are a fairly new concept that is gradually picking up pace. Undoubtedly electric bikes in India will be the next viable option in the coming years.
Types of Electric Insurance Policy
Choosing the right insurance policy for your electric bike depends on your needs and usage. There are primarily two types of electric two-wheeler insurance policies:
- Third-Party Liability Insurance :
- Comprehensive EV Bike Insurance :
This is the most basic form of insurance and is mandatory by law. It covers you against any legal liabilities arising from damages or injuries caused to a third party.
A comprehensive policy covers third-party liability, own damage, theft, and natural calamities. It is highly recommended for those who want complete protection for their electric bike.
How to Reduce Insurance Premiums for E-Bikes?
Choosing the right insurance policy for your electric bike depends on your needs and usage. There are primarily two types of electric two-wheeler insurance policies:
- Choose a Higher Voluntary Deductible :
- Avoid Small Claims :
- Install Anti-Theft Devices :
Opting for a higher deductible can lower your premium, but make sure you can afford it during a claim.
Refrain from making small claims to retain the No Claim Bonus.
Installing safety devices can reduce the theft risk and lower the premium.