The ever-increasing number of motor vehicles on the roads of India has been causing a consistent rise in the levels of air and noise pollution. There is a significant environmental cost associated with vehicles that run on petrol and diesel, thereby making everyone who drives them a contributor to environmental degradation. However, the past few years have witnessed substantial innovation in the automobile sector, none more important, perhaps, than electric bikes or e-bikes. All bike owners in India are required to have a valid bike insurance policy to protect against the financial losses resulting from road accidents and other mishaps.
It is mandatory to purchase a two-wheeler insurance policy for an e-bike. However, since an e-bike is not required to be registered like a conventional bike, there are fewer insurance policies available for it. Hence you must research and find an appropriate insurance policy for your e-bike. In this context, several insurance companies in India offer online insurance policies for two-wheelers, including Tata AIG. You can buy or renew your bike insurance policy by opting for a Tata AIG two-wheeler insurance policy. The process of purchasing an insurance policy for your bike online is safe and time-efficient.
What is an e-bike?
An e-bike is a two-wheeler that runs on electricity instead of petrol or diesel. The aforementioned product has been designed keeping in mind the adverse effects of fossil fuels on the environment. E-bikes are easy to use and equipped with batteries that can be charged using a specific charger that comes with each e-bike. Although the concept of e-bikes is still in its nascent stage in India, many countries across the globe have already recorded a drastic rise in the adoption of e-bikes over their conventional counterparts.
Bike insurance for e-bikes
There are two main types of insurance policies available for e-bikes, namely a third-party liability cover and a comprehensive bike insurance policy. Both of the aforementioned types of two-wheeler insurance policies have been discussed below.
Third-party liability cover: A third-party bike insurance policy is a two-wheeler insurance policy that safeguards the owner of a bike against any financial losses occurring due to the injury or damage sustained by a third party in an accident involving the policyholder’s bike. You need at least a third-party coverage is required to ride on the road.
Comprehensive bike insurance policy: A comprehensive bike insurance policy offers protection to the owner of a bike against any damage or injury caused to themselves, their bike, and any affected third party in the event of an accident, a natural calamity, acts of vandalism/riots etc. Therefore, a comprehensive policy is a much wider safety net for any bike owner as compared to a third-party liability cover.
You must invest in a comprehensive insurance policy for your e-bike. Although e-bikes have a significantly lower highest attainable speed in comparison with conventional bikes, they are still vulnerable to accidents on the road, particularly ones caused by another vehicle capable of reaching a higher speed. Furthermore, since e-bikes are environmentally friendly and adhere to new technology, they are relatively more expensive than conventional bikes.
Several two-wheeler manufacturers in India have started manufacturing and selling e-bikes. Most e-bikes are for sale at a price exceeding ₹ 90,000. For instance, the TVS iQube Electric has an ex-showroom price of ₹ 1 lakh and the Bajaj Chetak has a similar price. Since the decision to invest in an e-bike involves a substantial financial cost, you must not settle for a third-party liability cover alone for your e-bike.
In the event of an accident or theft affecting your e-bike, the extent of your financial recovery would depend on the type of bike insurance policy that you have subscribed to. Therefore, it is advisable to opt for a comprehensive bike insurance policy for your e-bike. Furthermore, some e-bikes are equipped with a higher speed than is usually associated with an e-bike, making them as prone to an accident as a conventional bike. Further, since e-bikes are a relatively new innovation and yet to become as popular as conventional bikes, there is a limited number of service centres that cater to the repairs and replacements associated with an e-bike. If any component of your e-bike malfunctions and requires replacing, you may have to spend a considerable amount of money. Therefore, you must carefully choose a two-wheeler insurance policy for your e-bike.
Benefits of an e-bike
An e-bike has several distinct features that provide additional benefits to its owners, some of which have been discussed below.
- Reduction of the adverse effects of a vehicle on the environment
- A low highest speed, leading to safer and more responsible driving
- The utilisation of an alternative form of energy, that is, electricity, and reducing one’s carbon footprint
- The adoption of the latest technologies in the components and functioning of the bike
- Adoption of a mode of transport in alignment with the need of the hour
The adoption of e-bikes has been gaining prominence in India, albeit at a slow pace. However, it is only a matter of time before e-bikes start getting more attention and demand, particularly in India where fuel prices are consistently reaching new highs. If you decide to purchase an e-bike, you must remember to buy a suitable bike insurance policy for it.