Does Electric Bike Need Insurance in India? 5 Easy step process to do It

by | Sep 5, 2023 | Electric Bicycle

Cyclify India is reader-supported! We may receive an associate commission if you make a purchase through one of the Amazon Associate links on this page! Continue Reading

If your bike has never been stolen before, you really are lucky. However, let’s imagine that this terrible thing occurs and your bicycle is stolen. Will you take action against it? 

Purchasing bike insurance is one option available to you for your bicycle. No bike owner shall be without third-party insurance coverage, as per the Motor Vehicle (Amendment) Act of 2019. 

With this third-party bike insurance, you may protect your bicycle from financial loss in the event of an accident-related injury or property damage. 

It’s becoming increasingly clear that electric bikes are more efficient than cars for commuting and among the greenest. We can now travel long places quickly, which has made our lives simpler without upsetting Mother Nature’s delicate equilibrium.

However, were you aware that you may obtain insurance on their behalf?

You read it right, we’ll be examining whether or not electric bikes in India require insurance in this post. You should read on to learn more since it will be fascinating.

What excatly are E-bikes: E-bikes vs Regular Bikes ?

E-bike vs Normal Bike

Let’s get a clear understanding as to what an e-bike is. I know you must be thinking that it has something to do with electricity and bicycles by now, but it’s a lot bigger than that.

The bicycle has a battery that powers the motor, which activates as you paddle, providing the bike considerably more propulsion and making riding easier.

The e-bike itself is divided into several categories. It also needs to be distinct from a typical bicycle, of course.

Let’s examine them in tabular form for your convenience, all right. Come to that, will we?

The distinction between Regular Bikes and  E-Bikes

Electric BikesNormal Bikes
Its engine, or the motor within the cycle that engages as you paddle it, determines the speed.Your leg strength and leg length determine how fast you can go, and it will never accelerate as quickly as an electronic bike.
Comparatively speaking to regular bicycles, electric bicycles require a lot more upkeep. They need to have a lot of care given to them.Regular bicycles don’t need a lot of upkeep, so they’re constantly ready to ride.
Because e-bikes are so expensive, we must take extra care of electric bicycle. The known human inclination.Ordinary cycles are less expensive and receive less attention from us.

Related: Pros and Cons of Riding an Electric Bicycle In India.

What is Insurance for Cycles (Electric Bikes)?

A Bicycle insurance policies shield its owners from monetary losses caused by theft, natural catastrophes, or unintentional damage to their bikes. Consequently, insurance provides the bike owner with financial security.

In India, bicycle insurance only covers accidents that happen while riding a bicycle; it does not cover normal wear & tear nor any deliberate damage.

What Should You Look for in Bicycle Insurance?

The following elements should be taken into account while selecting cycle insurance:

  • The policy’s level of coverage
  • Many choices for making payments and repaying debt
  • Verify the premium costs with those of other insurers.
  • Cycle Insurance policy’s inclusions and exclusions
  • Be cautious to verify if it is applicable globally.

Similar: Benefits and Drawbacks of Electric Bicycles in India!

Does Electric Bike Need Insurance in India?

It is not mandatory to obtain insurance coverage for your e-bike if it fails to meet the standard requirements. The decision you make is entirely up to you.

It is always a good idea, nevertheless, to get insurance for your electric bike because they are quite expensive thus require special maintenance.

Finally, the response is:

“Insurance is required if your e-bike is capable of 25 kmph or more and has a power output of more than 250W.”

Here are a few examples of why you should take a insurance coverage of your electric bicycle:

1. It eases your mental tension

It is, after all, a really significant issue for all of us? For example, when we purchase luxury or expensive goods (such as gold) and pay a premium over ordinary, we are always concerned about it breaking and we take extra care of it.

Taking insurance for your priceless electric bike will provide you with peace of mind as well as free up your time to concentrate on other priorities.

Related: 8 Best Electric Bicycle Brands of India

2. Presently insurance for e-bikes is really affordable.

Several platforms have evolved as a result of the internet’s global accessibility and the certainty that it will exist for all of humankind.

For individuals like us, this means less effort and a lower insurance cost because there are no intermediaries.

Your electric bike is required to be insured if it has a motor with a power output of more than 250W and a top speed of more than 25 kilometers per hour, as described previously in this paragraph.

How Can You Purchase Insurance in India for Your E-Bike? Easy Steps

As you read this post, the primary concern that probably crossed your mind was how to obtain insurance for your e-bike.

Now that we know how to utilize the internet, have things become harsher? Not at all, correct?

Undoubtedly, there’s some procedures involved in obtaining insurance for an electric bicycle in India, but be assured that they are really simple to complete.

Step 1: Select an Insurer

Choosing your insurer (the company that covers your bike) is the first and most important thing to do. The websites that offer services and advantages can be compared, as long as they are legitimate. Select which ones are appropriate for you and go on to the next round.

Step 2: Select the appropriate plan for your electric bicycle.

Examine every strategy they have. A plan should be picked that seems to make sense to you, covers the items you need, and essentially resonates with you, your budget, and your bike.

Step 3: Examine it all to see if the policy is right for you.

To avoid regretting your decision later on, it is advisable that you go over all of the policy’s terms and conditions in detail. This can’t be limited to bike insurance, though.

Never make the common error of purchasing insurance without first reading the policy’s terms & conditions.

Step 4: Pay the E-bike Insurance premium.

If up until this point everything has gone smoothly, then proceed with the payments. You are free to take the previously described actions again if not.

Step 5: Await receipt and confirmation.

Once the payment has been completed, you will receive a confirmation message on the phone number you provided, along with your receipt. Staying informed about any updates or changes requires you to consistently read the SMS you get. And that’s all! Your bike was just insured.

Indeed, I am fully aware of what you’re all probably wondering at this point: is it really that simple to insure your  E-bike? Did I not tell you already? This is really that simple.

What is the Cost of Insurance for an E-Bike in India?

The motor speed that the bike produces determines how much the insurance will cost. For insurance policies covering electric bikes, Policybazaar reports the following premium rates:

Engine CC of the E-bikeThird-Party Premium Insurance Price
Up to 3 KWRupees 457
Over 3KW and up to 7 KWRupees 607
Over 7 KW and up to 16 KWRupees 1,161
Over 16 KWRupees 2,383

Notes: Due to the daily rise in inflation, the prices shown above may occasionally change.

Top 5 Advantages of Insurance for Electric Bikes

There is always a silver lining when you have insurance. You could take advantage of several benefits when you obtain electric bicycle insurance in India. Let’s examine the five main ones now.

1. Having insurance shields you from theft

In the event of theft, it protects your belongings and provides temporary peace of mind.

Irrespective of the kind of bike you own, including an electronic one, you need insurance since, as you are aware, bike accidents occur in India. It is imperative that you obtain insurance for your pricey bicycle at the moment of purchase.

2. If you are a cyclist, it covers your bike during the competition.

In the event that you are a competitive cyclist, there is a possibility that it may sustain damage both during practice and the actual event.

These are also covered by bicycle insurance, but you have to select a plan accordingly to avail such a benefit.

3. Bicycle insurance guards against harm brought on by mishaps.

Given how prevalent this is and how most individuals believe insurances only cover their motorcycles in the event of an accident or perhaps the damages resulting from the accident, it is highly likely to come to pass.

However, let’s examine a few more advantages that differ slightly from the first & second issues.

4. Travelling with your bike is covered by electric bike insurance

Do you know that bike insurance also protects you if you go to other locations in order to participate in cycling events? So, there you have it.

5. Personal injuries sustained while riding are covered by insurance

While there are some plans that you must select based on your needs, the majority of bike insurances, particularly those for riders, cover potential personal injuries to the rider because these incidents are likely to occur frequently.

Similar: How Can I Purchase an Electric Bike or Cycle in India? Buying guide for e-bikes

Why is the cost of insurance for e-bikes higher?

In India, the electric bike market is still very young. The cost of designing and creating an electric bike can be more than that of a two-wheeled vehicle driven by gasoline. In India, EV motorcycles and scooters are still more expensive than their gasoline-powered equivalents.

For e-bikes, the cost of insurance is greater because it is determined by the vehicle’s cost. To be sure, electric motorcycles and scooters are far less expensive to insure against third parties than are bikes with internal combustion engines. The IRDAI has announced that electric motorcycles will now have 15% less in premium fees than two-wheelers fuelled by gasoline.

How to Lower the Cost of E-bike Insurance

The ideas that follow may help lower the price of insurance for electric bikes.

  • Think about purchasing it directly from digital insurers like ACKO, who run their business without the need for intermediaries.
  • Select the appropriate add-ons to minimize extra expenses.
  • Install an approved safety device, like an anti-theft gadget, to potentially receive a premium reduction.
  • Do not pursue claims for little losses in order to preserve the NCB. If you can avoid filing claims for five years in a row, you can receive a discount of up to 50%.

How Do You Get Your Electric Bike Insurance Company to Pay a Claim?

Filing a claim is necessary in order to get compensated for the damages. To submit a claim for an electric bicycle, follow these steps: –

Step 1: Report damages and their causes to your insurance provider.

Step 2: Document the damage with photos that you take and save.

Step 3: Prepare all forms pertaining to your bike and insurance.

Step 4: A damage inspector will come to your home to assess the damage; if all is as stated, the claims procedure will start.

Step 5: You will get paid at the conclusion of it.

FAQs on Insurance for Electric Bikes

1. Do electric bicycles require insurance?

As you discovered, you’re able to legally insurance your bike as long as it meets specific requirements; otherwise, you risk facing legal repercussions if you don’t do it when the bike is eligible to get one. 

Q2. Where can I acquire insurance for my electric bike?

Numerous organizations provide insurance services, but you have to be cautious to determine whether or not they are legitimate. You can choose from among the several reputable firms that carry out this act.

Q3. Is it possible for me to select my own insurance plans?

You can, of course, do that. Examine the benefits that each of the several plans offers before selecting one which you find the best. Thus, be assure, you have every right to select the plan that suits you best. Additionally, you may personalize your very own E-bike Insurance policy.

Q4. Does Cycle Insurance cover stolen losses?

Yes, a bike insurance policy will cover theft losses. This implies that in the event that your precious bicycle is taken, the insurance provider will reimburse you for your monetary loss. Just make sure you thoroughly understand the policy before deciding.

Q5. What is the maximum age to get this insurance?

There’s no minimum age limit because the policy only protects the bicycle, not the individual. This makes it possible for every cyclist, no matter how old, to have a legitimate insurer cover their bike.

Q6. What is the price of bicycle insurance in India?

No such set pricing exists. But it might be anything between 1000 and 2000 p.a. The cost of bicycle insurance varies in India according to a number of factors:
The price of your bike; 
the brand and Type; 
The age & condition of the bike

Q7. Is it possible to get insurance for my electric bike’s two wheels straight from the insurance provider rather than through a dealer?

Yes, you may purchase insurance for electric scooters online using our mobile app or website. To ensure your bike promptly, enter the information of your e-bike, choose a plan, and pay the premium online.

Q8. Can I purchase an e-bike policy-free Roadside Assistance add-on only?

A comprehensive bike insurance policy or the Own Damage cover are available as add-on coverage when purchasing e-bike insurance. Additional bike insurance coverage may not always be available.

Q9. Do bikes powered by petrol, diesel, and electricity have distinct insurance plans, or do they all have the same coverage?

There is no special bike insurance coverage for EVs. At the moment, EVs and gasoline-powered cars share the same insurance policy. But because the IRDAI specifies them differently, the Third-party Bike Insurance rates for electric bikes are different. For information on e-bike third-party insurance rates dependent on the kilowattage of the electric motor, see the section above.

10. Do rented bikes like yulu bikes have an insurances coverage?

No, they don’t have insurance for yulu bikes as they are specific norms to get one. You can’t also get one for you rented bike as it is not possible to insure a third-party rental vehicle.

Conclusion: Is Insurance for Electric Bicycles Needed in India?

In this post, we answered some of the most common questions we get about electric bikes in India, including whether or not you need insurance, what kind of coverage you should get, and any other relevant information.

Given the increasing levels of pollution and fuel expenses, buying an e-bike is essential. Making sure your electric bike is insured is essential in the event of theft, damage, or other unforeseen circumstances, as was previously discussed.

Electric bikes are exclusive to them and are not covered by standard bike insurance because they are new. Designs have been made specifically for these bikes.

Making the appropriate choice should have been made much easier for you thanks to this post.

I would be pleased to assist you with any queries you may have. Please let me know in the comments section below how much you like the post (electric bicycle insurance India).



Submit a Comment

Your email address will not be published. Required fields are marked *