Electric Bike Insurance Add-ons
With the surge in electric mobility across India, EV two-wheelers have become a popular choice due to their low maintenance costs, zero fuel expenses, and eco-friendly performance. However, electric bikes come with advanced and expensive components such as battery packs, electric motors, and personal charging equipment, which are not always fully covered under a standard e-bike insurance policy. To obtain comprehensive protection against EV-specific risks, insurance companies offer add-ons for EV bike insurance. These are optional covers that enhance your base policy and provide extended coverage tailored for electric scooters and bikes.
Here are 4 must-have e-bike insurance add-ons that can be bought with your policy to enhance the coverage of the basic policy, and why they are essential for every electric two-wheeler owner in India.
Why Should You Buy Electric Bike Insurance Add-ons?
Electric bike insurance add-ons are optional coverage benefits that can be purchased along with your comprehensive bike insurance policy. They safeguard electronic components and charging equipment that face a higher risk of failure or costly damage.
Here are the reasons why EV bike insurance add-ons are essential in many ways:
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EV components are expensive to repair or replace
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Frequent exposure to weather and electrical elements
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Higher risk of degradation and short-circuit issues
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Financial protection from charger theft and damage
Popular Electric Two-Wheeler Insurance Add-ons
Add-ons play a crucial role in enhancing bike insurance policy coverage at a minimal additional cost. Below are the most recommended and valuable EV add-ons available in the market to protect your e-bike/e-scooter:
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EV Shield Cover
The EV shield add-on cover is a specialised protection benefit available with electric bike insurance, designed to safeguard crucial EV components that face higher risks of damage. While a standard bike insurance plan covers basic events such as accidents, fire, and theft, the EV Shield add-on offers extended protection for electrical failures, consequential short circuits, and accidental external impacts that affect vital parts. -
EV Battery Protection Cover
The EV battery protection cover is an essential add-on for electric two-wheeler owners, offering dedicated financial protection for the battery, which is the most expensive and crucial component of an EV. This add-on provides comprehensive coverage to the battery against accidental damage, fire, explosion, water ingression, electrical surge, and overcharging issues. It also safeguards against performance degradation within the insurer's permissible limits. -
EV Electric Motor Protection Cover
The EV electric motor protection cover is an add-on designed to safeguard the electric motor, which is the core component responsible for smooth acceleration and efficient performance. It offers financial protection against accidental damage, overheating or burnout, short circuits, and water exposure caused by rain, floods, or moisture buildup. It ensures that if the motor suffers any mechanical or electrical breakdown due to a covered incident, the insurer will compensate for the repair or replacement expenses. -
EV Charger Cover
The EV charger cover is an add-on offering protection to the charging equipment of your electric bike or scooter, whether it is a portable charger or a fixed wall-mounted unit. Since chargers are essential for daily charging and are often exposed to risks like accidental impact, fire, power surges, and even theft, this cover ensures you are financially protected against such losses. It provides compensation for repair or replacement costs in the event of physical damage, electrical faults caused by power fluctuations, or theft of the charger or charging cable.
Cost of Electric Two-Wheeler Insurance Add-ons
The premium for EV add-ons is calculated based on several key factors, which are explained below:
- Value of EV Components: A higher cost of batteries and motors means a higher policy premium.
- Type of Add-ons Selected: Each add-on is priced separately; choosing more add-ons increases the total premium cost.
- Insured Declared Value (IDV): The overall current market value of your EV influences the coverage cost.
- Make, Model & Variant: The e-bike insurance premium varies depending on the technology and specifications of the EV.
- Age of the Vehicle: The older EVs may attract higher premiums due to increased breakdown risks.
- Battery Capacity & Technology: Lithium-ion and high-capacity batteries cost more to insure.
- Claim History: A history of frequent claims may result in a higher premium for additional coverage.
- Geographical Location: In India, areas which are prone to theft, flooding, or waterlogging may have higher add-on pricing.
- Usage & Riding Conditions: Daily usage and high-risk terrains may raise the cost of bike insurance add-on covers.
How to Choose the Right e-Bike Insurance Add-On Covers?
With the help of the tips below, you can make a purchase worth it:
- Prioritise High-Value Components: Always focus on those add-ons that protect the most expensive components of your EV, such as the battery and electric motor. Any damage here can result in to significant repair or replacement costs, so securing them ensures foremost financial safety.
- Consider Your Local Risks and Environment: If you reside in areas prone to waterlogging, heavy rains, or high theft rates, add-ons like an EV shield cover are essential.
- Evaluate Your Daily Usage: This point is essential for riders who depend on their EV for regular commuting, as they should choose covers that minimise downtime caused by breakdowns. EV motor protection cover and battery protection cover are ideal to ensure uninterrupted performance.
- Review Manufacturer Warranty Coverage: Sometimes, the warranty may already include specific protection for mechanical or electrical components. That is why select add-ons that complement your warranty so you avoid paying for duplicate coverage.
Who Should Buy These EV Add-ons?
These add-ons are highly beneficial for the following entities:
Things to Remember Before Buying EV Add-ons
Here are a few tips that you need to keep in mind when you have to buy EV add-ons for a bike:
- Add-ons slightly increase the premium but provide significantly greater financial protection.
- Available only with comprehensive insurance policies
- Read inclusions and exclusions carefully
- Check the claim process and depreciation terms
Why Buy Electric Bike Insurance Add-ons from Policybazaar?
Policybazaar.com makes it quick and convenient to stay legally compliant. Here are the reasons why you should buy third-party bike insurance online from us:
FAQs – e-Bike Insurance Add-ons
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Q. What are EV bike insurance add-ons?
Ans: EV add-ons are optional coverage benefits that enhance your standard bike insurance by protecting key EV components like the battery, motor, and charger. -
Q. Are EV add-ons compulsory?
Ans: No, they are optional. But they are highly recommended to avoid high repair costs for expensive EV parts. -
Q. Which are the best add-ons for electric two-wheelers?
Ans: The EV shield cover, battery protection cover, electric motor protection cover, and EV charger cover are the top choices for complete protection. -
Q. Do EV add-ons increase the premium?
Ans: Yes, slightly. But the extra cost is much lower compared to the repair or replacement costs of high-value components. -
Q. Can I buy EV add-ons with third-party e-bike insurance?
Ans: No. EV add-ons can only be purchased with a comprehensive or standalone own-damage policy. -
Q. Can I add or remove add-ons during the renewal period?
Ans: Yes, you can modify your add-ons while renewing your electric bike insurance policy. -
Q. Does battery protection cover normal wear and tear?
Ans: No, only damages caused by covered events, such as water ingression or electrical failure, are included, as per the policy terms. -
Q.Does the EV Charger Cover include theft?
Ans: Yes, it typically covers theft of the portable charger or charging cable, as well as damage caused by fire or electrical surges.
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