Ola Electric Scooter Insurance

With the revolution in the automobile industry, Ola Electric scooters have embarked on growth with its impressive lineup featuring stylish scooters like the Ola S1 and Ola S1 Pro. If you plan to buy any of these models, you must insure it with the right e-bike insurance policy, which provides extensive coverage and peace of mind. Let us delve into the types of e-bike insurance available for Ola Electric scooters and the benefits of buying it online.

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Types of Ola Electric Scooters Insurance

Look into two types of e-bike insurance policies offered for your Ola Electric scooters:

  1. Third-party Bike Insurance Policy

    The Motor Vehicles Act, 1988 mandates that a third-party bike insurance policy is essential for riding an Ola electric scooter in India. It safeguards you against third-party liabilities arising from damages to their vehicle or property or injury/death caused by your scooter. However, it does not cover damages to your Ola Electric scooter.

  2. Comprehensive Bike Insurance Policy

    A comprehensive bike insurance policy covers both third-party liabilities and damages to your own electric scooter. It covers accidents, man-made or natural calamities, fire, theft, etc. Additionally, it offers various two-wheeler insurance add-ons to enhance coverage by paying a slightly lower premium than usual.

Inclusions of Ola Electric Bike Insurance

Here are the Ola Electric Bike Insurance inclusions for which the insurance company provides coverage:

  • Damages to third-party vehicles or property
  • Damages to the Ola scooter in accidents
  • Coverage for third-party demise or injury
  • Damages due to natural calamities like flooding, earthquakes, etc.
  • Damages from man-made disasters, such as riots, vandalism, etc.
  • Theft of the scooter
  • Irreparable damages (total loss or constructive total loss)

Note: Purchasing the Personal Accident (PA) cover separately is mandatory. This cover offers financial protection to the policyholder in case of accident-induced death or disability.

Exclusions of Ola Electric Bike Insurance

Here are specific exclusions under Ola Electric Bike Insurance for which the insurance company does not compensate:

  • Riding without mandatory documents, such as RC of the vehicle, DL of the policyholder, and valid third-party two-wheeler insurance policy.
  • Damages due to illegal racing, overspeeding, or negligence
  • Loss due to wear and tear over time
  • Riding under the influence of intoxicated substances, such as alcohol, drugs, etc.
  • Damages happened to the Ola electric scooter outside specified geographical limits
  • Loss or damages due to mechanical or electrical failure

Add-ons for Ola Electric Bike Insurance

Here are some of the common add-ons available with your Ola electric scooter insurance:

  1. Zero Depreciation Cover

    With bike insurance policies, depreciation is factored in when settling claims for parts replacement of an electric scooter. However, the depreciation factor does not considered with the zero depreciation add-on. This means you receive the full value of the replaced parts during the claim settlement and save your out-of-pocket expenses.

  2. Roadside Assistance Cover

    A roadside assistance cover in your Ola electric bike insurance offers peace of mind by assisting in case your scooter breaks down while you are on the way. The cover includes services such as towing, battery jump-start, fuel delivery, and minor repairs. Whether you're stranded due to battery issues or a flat tyre, this ensures prompt assistance, allowing you to resume your journey without any worries.

  3. Consumables Cover

    The consumables add-on cover provides coverage the cost of consumable items used during repairs or maintenance of your Ola Electric scooter. This includes items such as nuts & bolts, lubricants, coolant, brake fluid, and more. While these items may seem insignificant, their cost can increase during repairs. Hence, it helps in reducing your out-of-pocket costs during claim settlement.

  4. Key Protection Cover

    Losing or damaging the keys to your Ola Electric scooter can be inconvenient and expensive. The Key Protect Cover add-on covers the cost of replacing lost or damaged keys, including the cost of locksmith services and key replacement. Whether your keys are lost, stolen, or damaged accidentally, this cover ensures you can quickly get back on the road without worrying about potential expenses.

Why Choose Policybazaar.com for Ola Electric Scooter Insurance?

Here are the top reasons why one should choose Policybazaar Insurance Brokers Private Limited for buying Ola e-bike insurance online:

  • Compare & Buy: With Policybazaar.com, you can make your Ola e-bike insurance online purchase seamless, quick, and paperless. Additionally, it gives ample options to choose the best two-wheeler insurance policy for your prized possession. You can compare multiple e-bike insurance plans various insurers offer and choose the one best for you.
  • Affordable Plans: Policybazaar.com offers affordable bike insurance plans with maximum savings through a direct comparison and zero hidden fees.
  • Instant Claim Settlement: Generally, minor claims like dents are settled within hours; however, for major damages, Policybazaar's claim assistance team helps you throughout the process. Simply access your account on the website or mobile app, answer a few questions the claim team asks, and initiate the claim process.

How to Raise Ola Electric Scooter Insurance Claim?

To raise an Ola e-bike insurance claim online, follow the below procedure:

  • Step 1: Inform the insurance provider about the accident.
  • Step 2: A surveyor will assess the damage, design an assessment report, and send it to the insurance provider for review.
  • Step 3:
    • Download the claim form.
    • Fill it out.
    • Sign it.
    • Submit it along with the supporting documents.
  • Step 4: After reviewing the assessment report, duly filed claim form, and supporting documents, the insurance provider approves the repair request.
  • Step 5: In case of cashless repairs, send your damaged Ola electric scooter to the authorized network garage for repairs, and the insurer will settle the bills directly with them. On the other hand, for the reimbursement claims, send them to any of your nearest garages and pay the repair bills right away. Later, the insurer will reimburse the amount to a registered bank account.

Note: You may be required to pay deductibles or any uncovered expenses from your pocket.

Ola Electric Bike Insurance FAQs

  • Q.1 Does Ola Scooter have insurance?

    Ans: If you plan to buy an Ola Scooter, you must insure with the right e-scooter insurance policy to get maximum coverage during any mishap.
  • Q.2 Which insurance is good for the Ola Electric Scooter?

    Ans: According to the Motor Vehicle Act, having at least a third-party bike insurance policy for all two-wheelers in India is compulsory. However, for wide-ranging benefits at affordable pricing, it would be best to buy a comprehensive bike insurance policy, which offers both third-party liability coverage and Own Damage (OD) coverage.
  • Q.3 Can I buy insurance for my brand new OLA Electric Scooter from Policybazaar.com?

    Ans: Yes, you can easily compare and buy the best e-scooter insurance plan from Policybazaar.com. You have to get basic details related to your vehicle and a range of plans. Moreover, the buying process is completely paperless.
Written By: PolicyBazaar

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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