People have begun to make environmentally friendly decisions worldwide by shifting to electric scooters. Although the interest for electric vehicles is relatively low in India and but the consciousness is gaining momentum. Now, with growing knowledge about electric vehicles, there is a need for understanding the corresponding insurance as well. Insurance is crucial to protect your financial requirements regardless of the vehicle. The right two wheeler insurance is vital when you invest in e-electric scooters.
Despite government incentives, consumers lack a basic understanding of the costs of electric scooters and the right insurance for them. An electric scooter insurance quote is quite affordable, mainly if you buy it online. A comprehensive bike insurance policy can help you stay protected against the repair and replacement costs which can be quite high for electric scooters.
Why is insurance for electric scooters necessary?
Conducting a comprehensive electric vehicle risk analysis is crucial, especially as electric two-wheelers offer comparable regulated performance and speed to traditional motor vehicles, minimizing associated risks the risks connected with them are minimal. But it is essential to protect your e-scooter from various losses and damages that might happen due to multiple accidents. Your best bet against such risk is buying a comprehensive bike insurance.
If you do not get an insurance plan, you will have to cover all damages and costs from your own pocket. And these expenses might pile up very rapidly. Such occurrences might lead to total loss, damage, and bodily harm of your electric scooter. An e- scooter insurance coverage will protect you against all of these hazards. In addition, the Motor Vehicles Act of 1988 also mandated purchasing two-wheeler insurance.
So, let us know what to consider when purchasing your new electric vehicle insurance.
Points to consider while buying the electric bike insurance
Be sure to take into account the following things when purchasing a two-wheeler insurance policy:
- Policy type: For electric scooter insurance, there are two options—electric scooter insurance for third parties or comprehensive bike insurance. Choose the kind that best fits your requirements by doing some research beforehand. Only losses or harm to third parties are covered in the third-party coverage. Complete coverage, however, will protect your electric scooter and any third parties from liability. To identify the precise differences, you may compare bike insurance online. It is advised to get a comprehensive bike insurance plan as it gives a 360° coverage in the event of an accident.
- IDV the electric scooter: Based on the vehicle’s actual value, insurance should be purchased. For example, the electric scooter’s IDV will determine the insurance coverage. The IDV of the electric scooter should be used to determine insurance rates, not a lower one. You should also confirm that the insurance amount is enough to minimise your financial responsibility in any mishap.
- Credibility of the insurance company: You must get two-wheeler insurance from a reputable insurer. When filing claims, this will be useful. If the return time, services, etc., fall short of expectations, you will be in a frustrating scenario when you most need them. As a result, choose your electric insurance scooter wisely.
- Sufficient coverage: As opposed to diesel or petrol automobiles, electric vehicles work considerably differently. They take around 5 hours to fully charge and have a 200 to 300 km range before entirely discharging. Therefore, the battery and the recharging unit are two essential parts of an electric scooter. To mitigate the risk, any mechanical, electrical, or electric failure of these parts must be covered under an insurance. Therefore, you must confirm that the policy covers these spares before purchasing any two-wheeler insurance coverage. The most typical EV coverage is for battery maintenance or replacement. Since the battery is a crucial component of the electric scooter, any repairs might be expensive.
- Read the policy document: You should read the plan’s features before buying insurance coverage for electric vehicles. First, it is to learn more about the coverage offered under that particular plan, like own damage, theft, etc. Understanding the plan’s exclusions is essential to inform you of the risks for which the business will not offer coverage.
- Add-ons: Complete insurance coverage for your EV comes with several add-on policies that are optional extras. Depending on their needs, you can access these options. They influence the total premium cost since they are optional. You may use a two-wheeler insurance premium calculator, a free tool most insurance firms provide, to choose which add-ons to select. Add-ons significantly improve the coverage of your insurance. Therefore, taking add-ons with comprehensive bike insurance for situations the insurance plan would not cover initially is beneficial.
Even though they are more costly than conventional bikes, electric vehicles have potential long-term benefits. However, because buying an electric vehicle may be an expensive one-time investment, you should consider getting insurance. It will protect your bike and you from any financial damages in the case of an accident involving the covered vehicle. Unfortunately, we are unable to foresee how or when a tragedy may occur. Accidents may result in physical harm, property damage, financial loss, or even fatalities. Without two-wheeler insurance, you would be liable for any damages or losses, which would be very costly. Insurance that shields you from financial difficulties may cover them.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.