Key differences to consider between an Electric & traditional bike insurance
Having a traditional bike insurance policy is not only a necessity but also mandatory as per Indian traffic laws. Since it is a sure-shot way of protecting yourself against any damages and financial losses that could come up unexpectedly, it should be treated as a necessity by all bike owners.
As per the Motor Vehicle Act of 1988, regardless of the kind of two-wheeler you own (electric or traditional), you must possess at least a valid third-party bike insurance policy.
One can never predict or know an upcoming on-road tragedy, but one can surely safeguard oneself against it as much as possible. A bike insurance policy is meant to cover any financial expenses that may be incurred due to damage caused to any life or property during a road accident. It is not only limited to on-road adversities but also in case of vehicle theft.
If you are planning to purchase or already have an electric bike, you might be wondering how an electric bike insurance policy is different from a traditional bike insurance policy. Well, continue reading to find out more!
There is not much difference between electric bike insurance and traditional bike insurance since the main purpose of both policies is to offer financial coverage against any losses that the vehicle owner and/or any third party might face.
And with this aim, an electric bike insurance policy shall simply be purchased by those who own an e-bike. Indeed, there are certain benefits provided under electric bike insurance that are specially designed for e-bikes.
Purchasing an electric bike insurance policy instead of a traditional bike insurance policy can provide you with the following benefits:
Comprehensive protection: Depending upon your choice of the plan that suits your needs, your electric bike insurance policy shall not only offer you financial protection in case your vehicle is damaged but also in case there are any third-party liabilities. There are many add on covers available with different insurance providers that you can choose from according to your requirements and budget.
Cost efficiency on digital platforms: You can buy bike insurance online to make your purchase more cost-efficient. Buying electric bike insurance is usually available on all digital platforms providing insurance. These shall also provide you with discounts, and you might be able to save a good amount on your premium bills.
Compliance with legal norms: It is mandated by the law that every electric vehicle is insured with third-party electric motor insurance. So, if you own an e-bike, you must have third-party electric bike insurance for it as well. If ever stuck in an unfortunate circumstance with the traffic police, you will be required to show bike insurance for your electric two-wheeler. Failure to do so can result in a fine of INR 4,000/- being levied or even jail possibly.
Whichever kind of two-wheeler you own, make sure to have it insured before you travel on Indian roads to avoid any legal troubles!