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4.4
Customer RatingsElectric Bike Insurance
Electric bikes insurance will safeguard your expenses that might incur from electric vehicle (EV) damage due to unforeseen events. Electric bikes are gradually becoming quite important – thanks to their positive impact on the environment and also for being an economical ride. However, if any repair cost for EV bike arises due to floods, fire, earthquakes, collision, etc., it will lead to huge repair cost. If you have e-bike insurance, the insurer will take care of such losses.
An electric bike insurance plan is a must for electric bikes as per the provisions of the Motor Vehicles Act, 1988. The Act mandates a valid third-party cover on electric bikes before they are driven on Indian roads. So, if you buy an electric bike, you need an electric bike insurance cover too. In addition to this, you can also customise your electric bike insurance plan with specific EV related add-ons like protection for battery charger, electric motor cover, etc.
Benefits of Purchasing Electric Bike Insurance
The benefits of having an electric bike insurance policy can be enumerated in the following points –
| Key Features | Benefits |
| Coverage against liabilities | The electric bike insurance policy covers liabilities like injuries / damage to third party person/property. It will compensates the injured individual on your behalf. |
| Coverage against theft | If your bike is stolen, you get covered under a comprehensive electric bike insurance policy. |
| Fulfilment of legal provisions | Since bike insurance is mandatory as per law, this plan helps you fulfil the legal requirements when riding on Indian roads. |
| Financial security | It covers financial losses arising from unforeseen events like fire and natural calamities like floods, earthquakes, etc. |
Types of Plans for Electric Bike Insurance
HDFC Ergo offers 4 types of electric bike insurance plan - Comprehensive insurance, Third Party insurance, Standalone own damage car, and cover for a brand new bike. You can further enhance the protection of your bike by adding add-on covers to your comprehensive bike insurance.
COMPREHENSIVE TWO WHEELER INSURANCE
Third Party Cover
Standalone Own Damage Cover
Cover for brand new bikes
Your electric two-wheeler will be protected against theft, fire, natural or manmade disasters and more with a comprehensive bike insurance policy. Additionally, you can use the cashless repair option at our 2000+ network garages in India.
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Accident, theft, fire etc.
Personal accident cover
Natural calamities
Third party liability
Choice of add-ons
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What is Covered/Not Covered under E-Bike Insurance?
Electric bike insurance coverage consists of the following –
Accidental damages
If your bike gets damaged in an accident, the cost of repairing the damage would be covered by the policy.
Damage while in transit
If your bike is in transit and it is damaged, such damages would be covered.
Theft of the bike
If your bike is stolen, the insurer pays for the financial loss that you might suffer due to the theft.
Natural Calamities
Earthquakes, floods, hurricanes, lightning and other natural calamities might damage your electric bike. In such damages, the financial loss suffered would be covered.
Personal accident cover for owner/driver
There is also a personal accident cover for the owner or driver of the bike. In the case of accidental death or disablement, the cover would pay a lump sum benefit.
Third Party Liability
Third-party liability means the financial liability that you suffer if you harm an individual physically or damage their property. In such cases, the e-bike motorcycle insurance policy compensates the third party for the loss suffered.
Though an e-bike insurance policy provides a comprehensive scope of coverage, there are instances when the cover is not applicable. Such instances are called exclusions which are detailed in the policy wordings. Some of the common exclusions in e-bike insurance plans, however, include the following instances of claims –
Depreciation
Generally the wear and tear of vehicle and its depreciation cost is not covered under electric bike insurance. If you do not buy zero dep cover then this deprecation value will be deducted from the compensation amount.
Electrical & Mechanical Breakdown
Any type of electric and mechanical breakdown of the vehicle where engine seizes due to riders negligency is not covered under electric bike insurance.
Illegal Driving
If the insured has an accident and is found not obeying traffic rules, like not having a valid driving license or riding just after alcohol or drug consumption, they will not get any coverage.
Why Do You Need Electric Bike Insurance?
An electric motorbike insurance policy is needed because of the following reasons –
To drive your bike legally, you need a third-party cover. As such, the bike insurance policy also allows you to comply with the legal norms and avoid possible penalties.
E-bike Insurance Add-On Covers
Add-ons are additional coverage features that are available with comprehensive electric bike insurance plans. You can choose these coverage benefits at an additional premium.
The e-bike insurance add-ons offered by HDFC ERGO are as follows –
Also called the roadside assistance cover, you get 24/7 assistance from the insurance company if your vehicle breaks down on the road
How to Calculate Electric Bike Insurance Premium?
While buying or renewing electric bike insurance policy, it is necessary to know how its premium is calculated. Here’s a step-by-step guide for calculating your electric bike insurance premium
● Step 1 – Visit the HDFC ERGO website
● Step 2 - Enter your electric bike registration number and proceed by clicking on get a quotel.
● Step 3- You will have to enter your electric bike make and model.
● Step 4 – You must choose between a third party bike insurance and a comprehensive bike insurance plan.
● Step 5 – Give details about your last insurance policy- Date of Expiry, No Claim Bonus Earned and Claims Made. Enter your mobile number and email ID.
● Step 6 - You can now view your electric bike insurance premium. If you have chosen a comprehensive plan, you can customise your plan further by selecting add-ons like zero depreciation, emergency assistance, downtime protection, etc.
Factors Affecting Electric Bike Insurance Premium
Different factors affect the premium for insurance for electric motorbike. These factors and their impact on the e-bike insurance quote are as follows –
A higher IDV in bike insurance entails a higher premium and vice-versa. So, if the policy has a high IDV the premium would be high
Factors Affecting Electric Bike Insurance Premium
Different factors affect the premium for insurance for electric motorbike. These factors and their impact on the e-bike insurance quote are as follows –
A higher IDV in bike insurance entails a higher premium and vice-versa. So, if the policy has a high IDV the premium would be high
How to Reduce Insurance Premiums for E-bikes
● Choose appropriate add-ons as per your requirement and avoid choosing unnecessary ones.
● Go for installation of a safety device such as an anti-theft device for a possible discount on the electric bike insurance premium.
● Avoid filing unnecessary claims to keep the No claim bonus intact. Your NCB bonus accumulates to 50% if you don’t file claims for five consecutive years.
● Buy electric bike insurance policy directly through HDFC ERGO website. Avoid purchasing it through middlemen or agent.
Why Purchase Electric Bike Insurance from HDFC Ergo?
Here are some reasons which make HDFC ERGO the right choice for buying insurance for e-bikes policy –
How to Buy Electric Bike Insurance from HDFC ERGO?
Step 1: Visit HDFC ERGO website and click on bike insurance. Fill in the details, including your ELECTRIC bike registration number and then click on get quote.
Step 2: Choose between comprehensive and third party liability cover for your electric bike insurance.
Step 3: You can also add personal accident cover for passenger and paid driver. Furthermore, you can customise the policy by choosing add-on like emergency roadside assistance cover, zero depreciation for the battery charger, etc
Step 4: Give details about your last ebike insurance policy. E.g. Previous policy type(comprehensive or third party, policy expiry date, details of your claims made, if any)
Step 5: You can now view your electric bike insurance cost. Pay the premium via a secured payment gateway.
The electric bike insurance policy will be sent to your registered email address or via WhatsApp.
How To Raise A Claim Under Electric Bike Insurance?
When you suffer a claim in your electric bike insurance policy inform us instantly of the claim. We would register the claim and provide you with a claim registration number that you can use for future reference. Thereafter, the e-bike motorbike insurance claim process is as follows –
Offline Procedure
● AWhen you take your bike to the specified garage, our surveyor would pay a visit to assess the damages suffered
● After the assessment, the surveyor would prepare a claim report estimating the claim
amount and submit the same to HDFC ERGO
● Based on the report, the company would approve your cashless repairs after which the repair would begin
●Once the repair is completed, you can settle the unpaid bill amount and take
delivery of your e-bike.
Online Procedure
● You would have to arrange for a surveyor’s visit for damage assessment
●After the damages are surveyed, get the bike repaired at the garage and pay the bills
from your pocket.
● Submit your claim form and supporting documents on HDFC ERGO claim status tracker app. HDFC ERGO would reimburse you for the costs that are admissible. You can check the status of approval and payment on the app itself.
For Third Party Claim
●If you suffer a third-party claim, immediately file a police FIR
● The third party claim would be transferred to the Motor Accidents Claim Tribunal (MACT). The tribunal would judge the
losses and specify the liability towards the third party. Based on the tribunal’s ruling, HDFC ERGO would compensate the third party for the loss suffered
If E Bike is Stolen
● If your E Bike is stolen,
inform the police and file a FIR detailing the theft
●The police would try and locate your bike. If they fail, they would issue a non-traceable certificate
●File your claim form and submit the claim documents along with the non-traceable report on HDFC ERGO claim status tracker
app
●The company would compensate you for the loss that you have suffered.
Documents Required for E-bike Insurance Claim at HDFC ERGO
As stated above, you would need a set of relevant documents to get a settlement on your claim for insurance on e-bikes. These documents are as follows –
● Claim form, filled and signed by the policyholder
● Identity proof of the policyholder
● Copy of the policy bond or insurance certificate
● Copy of the registration certificate (RC Book)
● Copy of the road tax paid
● Copy of the driving license
● Police FIR if the e-bike is stolen or if there is a third-party claim
● Non-traceable report issued by the police in the case of a theft claim
● Original invoices of repairs for reimbursement claims
● Any other document that HDFC ERGO might require you to submit.
How to Renew Electric Bike Insurance from HDFC ERGO?
•Step 1 – Visit the HDFC ERGO website and click on bike/scooter insurance. If your existing policy with HDFC ERGO has expired, you can proceed without entering your bike registration number by clicking on renew HDFC ERGO bike insurance policy.
• Step 2 – You must choose between a third party bike insurance and a comprehensive bike insurance plan..
• Step 3 – Give details about your last insurance policy- Date of Expiry, No Claim Bonus Earned and Claims Made. Enter your mobile number and email ID.
• Step 4 - You can now view your two wheeler insurance premium. If you have chosen a comprehensive plan, you can customise your plan further by selecting add-ons like zero depreciation, emergency assistance, return to invoice and more.
If your policy has lapsed, renewal would require an inspection of the bike. Get in touch with HDFC ERGO to get your E Bike inspected after which you can renew the policy.
Why Does Insurance for E-bikes Cost More?
The electric bike industry in India is still in its development stage. Manufacturing an electric bike is expensive in comparison to producing a petrol-powered two-wheeler. EV bikes and scooters are available at a price higher than their petrol counterparts in India. Since the e-bike insurance cost is based on the cost of the vehicle, the insurance for e-bikes is higher. However, the cost of third party insurance for electric scooters or bikes is lower than petrol-powered bikes. The IRDAI has notified the premium rates for electric bikes at a 15% discount compared to the petrol-powered two-wheelers.
Popular Electric Bikes & Scooters in India
Here’s a list of some of the popular electric bikes and scooters in India – (Source: https://www.businessinsider.in/business/auto/news/top-electric-scooters-and-electric-bikes-in-india-in-january/articleshow/73658940.cms and https://www.bikedekho.com/electric-bikes)
| Name of the bike | Ex-showroom price range | Top speed | Range |
| Ather 450X | Rs.1.19 lakhs to Rs.1.38 lakhs | 80 kmph | 60 to 85 kms |
| Ola S1 Pro | Rs.85,099 to Rs.1.30 lakhs | 115 kmph | 130 to 180 kms |
| TVS iQube Electric | Rs.1.61 lakhs to Rs.1.66 lakhs | 78 kmph | 75 kms |
| Hero Photon 48V | Rs.80,790 | 45 kmph | 80 to 110 kms |
| Bajaj Chetak | Rs.1.48 lakhs | 78 kmph | 80 to 90 kms |
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FAQs About Electric Bike Insurance
● Standalone third-party cover which would cover only third-party liabilities
● Standalone own damage cover which would cover only the damages suffered by your bike. However, this cover is available only when you have an existing third-party cover
● Annual comprehensive policy which covers both third-party liabilities and the damages suffered by the bike for one year
● Long-term comprehensive plan which covers both third-party liabilities and the damages suffered by the bike for two or three continuous years
● Long-term third-party plan which offers third party coverage for 5 continuous years. This plan is, however, available only for new bikes
● Bundled policy offers 5-year third-party coverage and annual own damage coverage.
● The most inclusive coverage benefits
● The most competitive rates of premiums
● A range of add-ons at competitive rates
● The maximum possible discounts
● The easiest claim settlement process.
HDFC ERGO offers e-bike insurance plans that provide all the aforementioned features so that you can get the best e-bike insurance policy.
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