Read this blog to know about the necessity of purchasing e-bike insurance from one of the best two-wheeler insurance companies.
According to research, the electric bike market is poised for exponential growth, expanding at a CAGR of 42.95 per cent between fiscal years 2020 and 2024. Despite government encouragement to purchase e-bikes, buyers have insufficient knowledge about electric bike purchases and the appropriate bike insurance for them. If one wishes to make e-bikes a wise investment, having the proper bike insurance is essential.
A common misconception about buying bike insurance for an electric bike is that it is expensive and has little utility. An electric bike insurance quote, on the other hand, is extremely cost-effective, especially when purchased online, and there is no predicting an unfavorable outcome when you hit the road. Furthermore, because your e-bike has an expensive mechanism, the cost of repair and replacement in the event of an accident is high, making comprehensive bike insurance a necessity.
The following article will walk you through the process of purchasing an electric bike, so you won't have to deal with any surprises.
Why is it Necessary to Insure your Electric Bikes?
In India, the risks associated with electric two-wheelers are limited because they provide comparable controlled speed and performance to motor vehicles. However, it is critical to ensure your e-bike against a variety of damages and losses that may occur to the vehicle as a result of a variety of incidents.
The vast majority of people in India do not consider two-wheeler insurance to be important because they rarely use them. In reality, they can never predict when or how a tragedy will strike. Such incidents may result in physical injuries as well as vehicle damage or loss. In the absence of a two-wheeler insurance policy, all such losses and expenses must be borne by the vehicle's owner. And these costs can quickly add up. All of these risks are covered by an e-bike insurance policy. In addition, the Motor Vehicles Act of 1988 made two-wheeler insurance mandatory.
Points to Keep in Mind while Choosing the Right Insurance Company:
When it comes to selecting the right bike insurance company from which to purchase electric bike insurance, you must exercise extreme caution.
1. Purchase Insurance Policy Online
The first step is to purchase the electric bike insurance policy online rather than in person. This is due to the fact that if you choose to purchase the policy offline, you must either visit the insurance company's office directly or rely on their insurance agents. However, if you choose to buy e-bike insurance online, you will be able to select from a variety of options without relying on a third party.
2. Check Desired Company’s History
Because the information is readily available online, it is recommended that you investigate the history of your preferred insurance company. You can select a few desired plans by comparing them online based on your needs. You must now check the history of claims settled, customer reviews, and so on. On the official website of the Insurance Regulatory and Development Authority of India, you can check the claim settlement ratio of any general insurance provider.
3. How Big is the Company?
The size of the company is important because you expect your claim to be settled and it is critical to know if the insurance company can payout for it. Examine their total assets, market performance, growth ratio, market share, and so on. You can go for it if the graph appears to be constantly increasing.
4. Insured Declared Value (IDV)
Insurance companies provide various types of plans at various price points and with various sets of coverages. The insured declared value is the amount you choose when purchasing the insurance policy, and it is the maximum amount of financial coverage you receive when filing a claim. Because there are many electric insurance providers out there, choose the one that offers a higher IDV with the best type of coverage.
5. Coverage and Add-ons
When purchasing an electric vehicle insurance policy, make sure to read the plan's inclusions. It is to learn about the types of coverage provided by the insurance company under that specific plan, such as own damage, theft, personal accident cover, and so on. It is also critical to understand what is not covered by the plan so that you are aware of the risks for which the company will not provide coverage.
6. Ease of Doing Business
When you choose to purchase electric bike insurance online, you open up a slew of other options for interacting with the insurer. Make certain that the insurer accepts claims online, offers 24*7 customer service, is easily accessible, solves various problems online, and so on, as these features will benefit you as a policyholder in the future.
7. Quality of Service
When selecting an insurance company from which to purchase e-bike insurance, you must consider the type of service that the insurance company offers. When you have a question, see if the insurer is patient with you. Are they available to answer your questions at any time? These are some of the facts you should learn about the company.
These are some of the considerations you should make when selecting the right insurance.
How to Save Money While Purchasing Your Electric Bike/Two-Wheeler?
Electric bikes and scooters are more expensive than standard two-wheelers. This is due to their contemporary features and accessories. The main difference is that an e-bike is made up of an electric powertrain and a battery pack. The following is a buying guide for electric bikes that will help you save money when purchasing your electric bike or two-wheeler:
Cost of registration and insurance:
To comply with government regulations, every two-wheeler must be insured. Due to its limited speed, a slower speed electric scooter does not require any of the above. They usually keep to the speed limit on the road. As a result, if you buy an electric scooter, you can ignore the charge for both.
Government agencies will provide incentives for purchasing e-bikes. You can also benefit from tax breaks because the sales tax on EVs is lower than that on diesel or gasoline vehicles. As a result, before purchasing, research the tax benefits available in the market and make an informed decision.
E-bikes are both expensive and environmentally friendly. This can be a good motivation to control the growing environmental damage. Despite the fact that the market has a limited number of options, you can still purchase one of them. While purchasing an e-bike can be a great decision, it is critical to keep it in good condition. You can get bike insurance to protect your vehicle from damage and yourself from financial stress. To get the right coverage, you must select the right insurer, and you can keep the points mentioned above in mind when selecting the right insurance company to purchase e-bike insurance.