Aspects of Choosing Best Electric Bike Insurance Company

Electric bikes are the future of the automobile industry. TIn recent times, people have started leaning towards electric vehicles. The bad air quality and increase in global warming have made people realize the necessity of electric bikes. Observing the change in people’s choice of vehicles, various insurers have also started offering electric bike insurance policies.

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Points To Keep In Mind While Choosing Right Insurance Company

When it comes to choosing the right insurance company from which you can purchase electric bike insurance you have to be very keen on the kind of choice you make.

Purchase Insurance Policy Online

The first thing that you need to do is to purchase the electric bike insurance policy online instead of offline. It is because when you choose to purchase the policy offline, you have to either directly visit the insurance company’s office or rely on their insurance agents. However, when you choose to purchase the e-bike insurance online then you get to choose from the several options available online without relying on any third person.

Check Desired Company’s History

Since the information is available online, it is suggested to check the history of your desired insurance company. You can sort out a few desired plans by comparing them online as per your requirement. Now you are required to check the history of claim settled, customer’s reviews, etc. You can check the claim settlement ratio of any general insurance providing company on the official website of the Insurance Regulatory and Development Authority of India.

How Big The Company Is?

The size of the company matters because you expect to get your claim settled and it is very important to know if the insurance company can pay out for it. Check out their total assets, how are they performing in the market, growth ratio, market share, etc. If the graph seems to be constantly increasing then you can go for it.

Insured Declared Value

The insurance companies offer different kinds of plans at different price ranges and different sets of coverages. Insured declared value is the amount you opt for while purchasing the insurance plan which is the maximum amount of financial coverage you get when you raise a claim. Since there are many electric insurance providing companies out there, so go for the company that provides higher IDV with the best kind of coverage.

Coverage & Add-ons

While purchasing the electric vehicle insurance policy, make sure that you go through the inclusions of the plan. It is to learn about the kind of coverage that insurance company provides under that particular plan such as own damage, theft, personal accident cover, etc. And it is equally important to know about the things that are not covered under the plan so that you are aware of the perils for which the company will not provide any kind of coverage.

Apart from this, the insurance companies offer different kinds of add-ons that you can purchase to enhance your coverage. You just have to pay an extra amount added to your premium amount.

Ease of Doing Business

When you choose to purchase electric bike insurance online, it opens many other doors that you can choose to make it easier for you to interact with the insurer. Make sure that the insurer accepts claims online, provides 24*7 customer service, easily reachable, solves different problems online, etc. as these things would help you in the future as the policyholder.

Quality of Service

When choosing the insurance company to purchase the e-bike insurance from, you must take a call on the kind of service that the insurance company provides. Whether the insurer is being patient with you when you raise any kind of query. Are they available anytime to answer any of your questions? These are some of the things you need to research about the company.

Well, these were some of the things that you can keep in mind while choosing the right insurance company.

Bonus! How To Reduce E-bike Insurance Premium?

Here are some tips that you can follow to reduce the insurance premium:

  • Install an anti-theft device. It is because when you purchase the e-bike insurance, the insurance company considers the anti-theft device while calculating the premium and decrease it as per the specified limit.
  • No claim bonus is a type of bonus that you get for not raising claim during the policy tenure. Starting from 1 year to 5 years, the percentage of bonus increases from 20% to 50%. For instance, you do not raise a claim during the first year of your insurance policy, the insurer reduces the consecutive year’s premium amount accordingly.
  • Do not opt for unnecessary add-ons, choose and purchase the add-on you think would be right.

Conclusion

Since you have purchased an e-bike you are already doing a favour for society whereas purchasing electric bike insurance is like a favour you do for yourself. It is because you get financial aid when your e-bike gets damaged in an unfortunate accident. To get the right coverage it is important to choose the right insurer and you can keep the points mentioned above while choosing the right insurance company to purchase e-bike insurance.

Written By: PolicyBazaar - Updated: 08 February 2022
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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