Planning to Buy An Electric Bike? Consider These 5 Coverages
By TOI Staff May 3, 2023 Update on : May 5, 2023
Electric bikes are in trend. They are environmentally friendly and have a relatively much lower carbon footprint than traditional fuel-run bikes. Also, they are cost-effective as you do not have to spend on fuel like petrol and diesel. It is imperative to keep your electric bikes protected, which is why you must get a wide coverage offering electric bike insurance.
The law mandates that every bike owner must have at least a third-party two wheeler insurance, and if anybody is caught riding without valid bike insurance, he/she can be jailed or fined. You can extend the coverage by switching or buying a comprehensive bike insurance plan. In addition, you can buy additional coverages called riders or add-ons for your electric bike along with comprehensive bike insurance.
In this blog, we will discuss 5 coverages that you should buy with your electric bike insurance.
5 coverages for your electric bike
Two wheeler insurance helps protect the bike from mishaps like damage to third-party vehicles, property, or life, damage to your vehicle or yourself, and many more. However, even with a comprehensive bike insurance policy, there are certain advantages that you are missing out on. Thus, the insurance providers offer additional coverages to enhance the benefits and safeguard your bike in any unfortunate situation.
Below are five coverages that you can buy with comprehensive electric bike insurance –
Zero Depreciation Cover:
Depreciation is the decreasing value of your electric bike which is caused due to regular wear and tear. So, the worth of your electric bike keeps coming down as your bike gets old. Here, having a zero depreciation cover along with your electric bike insurance can help you get the right value of your bike, as no depreciation amount will be deducted when you raise a claim. New drivers, people with luxury bikes, and people living in accident-prone areas should usually opt for a zero-depreciation cover. A zero-depreciation cover enhances the basic two wheeler insurance and reduces your expenses almost to zero. Also, any repair costs are covered without counting in the depreciation charges.
Roadside Assistance Cover:
Roadside assistance is a cover that assists you if your bike has collapsed in the middle of nowhere. This two wheeler insurance add-on promises round-the-clock assistance such as emergency service, refuelling, towing, resolving technical issues, etc. Once you contact the insurance providers about the situation, they will send help wherever you are. The insurer will also arrange a pickup-drop service, where the broken-down bike will be taken to the nearest network garage.
They will also arrange a taxi if you are stranded in an unknown area and cannot return home. The insurance provider will cover the taxi charges. Also, the insurance provider will cover the accommodation charges if you are far away from home. However, you won’t be covered under the following circumstances –
- If the vehicle was involved in any illegal activities
- If the rider uses the bike beyond the owner’s manual
- If you do not inform the insurance provider immediately
Engine Protect Cover:
The engine is one of the most important parts of the bike. Thus, it is very expensive to get it repaired or replaced. So, you will need an engine protection cover to provide financial aid for repairing and replacing the bike engine. Hence, no matter if you have an engine failure or physical damage to the engine, you will be reimbursed by your insurance provider under an engine protection electric bike insurance cover. However, there are a few things that are not covered under the coverage –
- Driving without a valid license or insurance paper
- Driving under the influence of drugs
- Regular wear and tear to the engine
- Not informing the insurance provider about the accident sooner
- If the policy lapses
Consumable cover pays for consumable items that are completely used, such as lubricants, nuts and bolts, screws, batteries, etc. The consumable parts and oil depend on the bike. For example, if you own a Ducati Harley Davidson, the cost of the consumable parts would be higher. Thus, a consumable cover can help you curb that financial dent. The insurance provider will pay you the amount whenever you file a claim. Though consumable parts are not very costly, you might need to change or service them regularly, where the cumulative cost might become a huge amount.
Return to Invoice:
Invoice protection over or return-to-invoice is a cover that is beneficial in the case of a total loss of the bike. This cover helps you bridge the gap between the IDV (Insured Declared Value) and additional charges that you pay at the time of bike purchase, such as road tax, registration charges, and many more. This means if your bike is stolen, lost, or damaged beyond repair, the insurance provider will pay the invoice value of the bike and recover almost the entire bike cost, which includes registration and road tax.
If your bike is stolen or damaged completely, you can claim a maximum of the IDV, essentially the approximate current market value. The RTI cover helps you get your bike’s on-the-road price, eliminating the depreciation factor. However, you cannot file for an RTI under the following circumstances –
- If your bike is recovered within 90 days of the theft
- You have not issued an FIR at the local police station
- Driving without a valid driving license
- The insured vehicle is being used for illegal purpose
Electric bike insurance is very important for the protection of your bike, no matter if it is old or new. This is because electric bikes are very costly, and the expenses related to your e-bike can be more costly, which might cause a financial dent in your bank account. However, buying additional coverage is equally important, along with comprehensive two wheeler insurance. These coverages protect you from certain expenses which are usually not covered even under comprehensive bike insurance.
Disclaimer – The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the salesRelated Articles: Planning to Buy An Electric Bike? Consider These 5 Coverages