Electric scooter insurance: India is on the verge of an EV revolution, including the two-wheeler market, with several new and veteran companies already in the game. According to KPMG-CII research, electric two-wheeler penetration in India is anticipated to reach 25-35 percent by 2030.
Ola, a ride-hailing service company, recently made a stir by revealing a sneak glimpse of its Made in India electric scooters. Registrations for this two-wheeler have begun, although it has not yet been publicly introduced. Several electric scooters produced by businesses such as Hero, Honda, Ather Energy, Bajaj, and others are fast garnering client attention before Ola.
eVehicles are viewed as the country’s future, and most major automotive manufacturers are trying to improve their products. According to research conducted by the Centre of Energy Finance (CEEW), the Indian Electric Automobile sector would be valued at $206 billion by the end of 2030.
Electric bike/scooter insurance plans
According to Mahyavanshi, all types of electric motorcycles and scooters may generally be insured under the same motor insurance policies available for ordinary non-electric two-wheelers for a third party or comprehensive coverage.
Because third-party coverage is legally required under the Motor Vehicles Act of 1988, it covers third-party financial responsibilities incurred in the following situations –
- If an individual is involved in the death of an electric two-wheeler
- If a third person is injured as a result of the insured two-wheeler
- If the electric bike/scooter causes property damage to a third party
Coverage
According to Mahyavanshi, third-party coverage for a new electric bike or scooter should be purchased for a minimum of 5 years. Property damage is covered up to Rs 7.5 lakh under third-party insurance. However, coverage for death and bodily harm is limitless.
However, given the coverage provided, a comprehensive plan is suggested for electric bikes/scooters since it includes mandatory third-party liability as required by the Act, as well as:
- Damages to the two-wheeler caused by natural disasters such as flood, lightning, earthquake, hurricane, cyclone, and so on.
- Damages incurred as a result of man-made disasters such as fire, explosion, rioting, malicious actions, and so on.
- The car was stolen.
- Damages sustained when traveling by road, rail, air, or water.
Extras
There are also a variety of add-ons available with complete insurance for all-around protection of the two-wheeler. According to Mahyavanshi, popular add-ons include the following:
- Add-on that removes the applicable depreciation at the time of claim and increases the claim pay-out.
- Roadside assistance (RSA) is an add-on that provides 24-hour help in the event of a breakdown.
- The NCB Protection add-on protects the no-claim discount even if there is a claim.
- Return to invoice (RTI) is an add-on that pays the two-invoice wheeler’s value in the event of total loss or theft.
- Engine and gear-box protection add-on cover any damage to your electric bike’s engine and gearbox caused by rainfall and floods.
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