Electric Scooter Insurance in India- Cost and Companies?

Electric Scooter Insurance in India

In this present scenario where global warming is becoming severe day by day and fuel price is also increasing, the automobile industry has found the best replacement for petrol vehicles. Electric vehicles are the future of the automobile sector and a big step towards a sustainable and green future.

Vehicles that are running on petrol/diesel play a big role in increasing air pollution and global warming and hence electric vehicles will be the best option for regular used petrol/diesel vehicles. 

What is Electric Vehicle Insurance?

Electric vehicle insurance is a type of motor insurance that protects electric vehicles from potential damage and loss, which may occur in the event of an accident, natural disaster, or fire.

What Do We Need Insurance for our Electric Two-Wheelers?

Electric scooters and bikes are becoming a trend, and people have started accepting them as they come to know the fact that they are contributing to nature by replacing Electric Vehicles with ICE Vehicles.

By driving an electric bike, we can save the environment (study proves: that when driving an EV, it does not leave carbon emissions to the environment); Similarly, by purchasing electric bike insurance, we can protect against unforeseen expenses that occur after accidents that have caused damage to the electric scooter & bikes.

There are many companies that provide insurance for your electric scooter and bike. Insurance companies offer a variety of plans and policies and give customers the option to choose the same by explaining the same. These plans have different roles and have different rates of premium.

The customer needs to have a comprehensive idea about the plans so that they can choose what is suitable for them. Now,

How to choose the best Electric Two Wheeler Insurance Company?

To choose the best company, the customer should have detailed knowledge about the company and the policies provided by them and follow certain steps:-

Step 1 – Insurance Coverage 

The main aim of an insurance policy is to minimize financial losses in case of unfortunate events that are covered by the policy. Thus, the coverage aspect of your two-wheeler insurance is number one on the priority list. You need to figure out the kind of coverage you need.  

Step 2 –Insurance Price 

After knowing the kind of coverage, you can search for insurance providers who offer that coverage at a lower price. Different insurance providers provide policies at different costs.

Two Wheeler Third-party Insurance rates are fixed by the Insurance Regulatory and Development Authority of India (IRDAI), the premium charged varies for Comprehensive Insurance policies. 

Step 3 – Electric Two-wheeler Insurance Provider

After selecting the coverage and price bracket in mind, the next step is to select the insurance provider. Every insurance provider has an online presence. To know more detail about the company, you can visit their website and purchase an electric two-wheeler insurance policy.

This process is made in a simple manner like visiting an e-commerce store and buying items from there. An insurance provider’s viability should be based on the pre-purchase and post-purchase support offered.  

Benefits of having Insurance for Electric Scooter and e-bikes

Our Electric Scooter should be insured to meet legal requirements depending upon the bike’s specifications. The main reason to ensure our bike is that it is an asset. And assets can be financially protected against losses (for example, expenses made for repairs) when they are insured. we can raise a claim in case the bike gets damaged and save money on repairs.  

• In case of an unfortunate situation where you have caused an injury to a third-party or damaged third-party property, then your insurance policy will cover such liabilities. 
• The major part of the maintenance and repair bill is covered by the insurance company in case of accidents, natural calamities, riots, and losses due to theft. This means you do not have to pay an expensive repair bill in case of damages. 
• In case of any uncertainties such as accidental death, bodily injuries, or partial/total disabilities due to an accident, you will get complete financial compensation against it.  
• Electrics Bikes run on battery which is costly and has an expiry date and needs replacements of the battery before they stop working properly and this cost will be covered by the insurance company. 

Cost Estimation for Electric Two-Wheeler Insurance 

Cost estimation for Electric two-wheeler insurance has been categorized into different segments. 

Third-Party Bike Insurance Premium Rates

Top Electric Two-Wheeler Insurance Companies in India

Now, what are the top two-wheeler insurance companies in India that you can choose to buy insurance for your electric scooter and an electric bike?

LIBERTY GENERAL

• Starting at ₹ 1,012/-

SBI GENERAL

• Starting at ₹ 1,036/-

• EDELWEISS GENERAL
• Starting at ₹ 1,049/-

UNIVERSAL SOMPO

• Starting at ₹ 1,089/-

Ola S1 Pro Electric Insurance Plan – Cost and Cover Value

The insurance cost is generated with Insurance Dekho, we have inserted the data of the Ola S1 pro electric scooter. and here’s what we got-

Read More:- Electric Car Insurance Cost in India? Pros and Cons