Understanding Third-party Bike Insurance Policy for Your E-bike
Let's understand the basics before exploring whether a third-party bike insurance policy adequately covers your e-bike.
Third-party bike insurance is mandatory coverage for e-bike owners, as it covers any damage or injury caused to third parties by the insured e-bike an accident. If you do not hold a third-party bike policy, you are liable to pay hefty fines to the traffic authorities and have to face legal consequences.
Under this policy, your insurance company compensates for third-party damages in an accident caused by the insured electric two-wheeler. However, the compensation amount depends on several factors, such as the age of the 3rd party, severities of injuries, and occupation & income of the third party.
While it fulfils legal requirements, relying solely on third-party bike insurance may expose you to risks that could significantly affect your wallet.
Is Third-party Bike Insurance Plan Enough?
Imagine your brand-new e-bike getting damaged in an accident. Now you would bear the entire financial burden of repairing or replacing your electric bike's parts (which are quite expensive), as you don't have an own-damage insurance policy. Hence, an own-damage cover in e-bike insurance steps in to bridge this gap, providing coverage for damages to your e-bike caused by accidents, theft, vandalism, or natural calamities.
Let us understand this with the help of another example. Suppose your e-bike is damaged due to the force of nature like hail or floods. In such cases, own damage bike insurance ensures that your repair or replacement costs are covered. This layer of protection allows you to enjoy your rides without worrying about potential repair or replacement expenses.
While own damage cover can be purchased with the mandatory third-party bike insurance cover, comprehensive bike insurance encompasses coverage for third-party liabilities and own damage protection in a single policy. It also allows you to enhance your policy coverage by purchasing several bike insurance add-ons.
Let's say your e-bike is stolen from a public place – a scenario, unfortunately, is not so uncommon. A comprehensive bike insurance policy would come to your rescue, providing compensation for the loss and allowing you to get the right IDV in case of the theft of your prized possession.
Need of Valuable Add-on Cover: 24x7-Roadside Assistance Cover
In the world of advanced technology, you might explore new terrains with your e-bike. In this, the significance of roadside assistance must be addressed. It's more than just about towing your bike to the nearest garage. It is about having coverage that ensures you are not stranded in the middle of nowhere.
Comprehensive bike insurance allows you to include valuable add-ons, such as 24x7-roadside assistance cover, offering peace of mind. Whether it is a flat tyre, a drained battery, or any other breakdown, having this cover ensures you can quickly get back on track in your journey.
A comprehensive e-bike insurance covers third-party liabilities and provides a safety net for repair or replacement costs in case of damages. Hence, it adds an extra layer of protection, covering theft & fire damages to your own vehicle and offers valuable add-ons like roadside assistance cover.
People also read Top Benefits of Bike Insurance Renewal Online
In a Nutshell
Ultimately, it is about finding adequate coverage and tailoring the policy to your unique needs. As an e-bike owner, do not just settle for the bare minimum; explore the options available at Policybazaar.com. Here, you compare multiple bike insurance plans and choose one as per your budget & preferences. Ride confidently and protect your prized possession with the comprehensive e-bike insurance policy.
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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.
^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.
#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.
*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)
#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.
*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis