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Electric bikes are no longer just at a concept level. People are zooming around on these bikes in urban locations. They blend easily and that is why it is difficult to distinguish between an electric bike and fuel-driven bike based on one glance. Electric bikes are stylish, eco-friendly, and convenient. Ather is a prominent brand that offers electric bikes. If you are interested in it, make sure to buy Ather Bike Insurance. This article will guide you regarding various aspects of a wide-ranging bike insurance policy.
Insurance is beneficial for any asset. Considering your electric bike is an asset, insuring it surely offers a host of benefits. Here’s a list of benefits associated with insuring your Ather Bike.
Accidents can happen anywhere, anytime, and anyhow. Your bike can accidentally affect a third-party as well. For example, if your bike slips and crashes into a pedestrian walking on the footpath, you will end up damaging your bike as well as causing injury to the pedestrian. Similarly, someone’s property can also be damaged. Since you have caused the damage, you will have to pay for it. This is where insurance helps. With a Third-party Bike Insurance Plan, the insurer will take care of such damages.
Your electric bike can be damaged due to flash floods, tree fall or vandalism. It can also be damaged due to fire. Such instances are covered by the Own Damage Cover. Since new, tech-savvy electric bikes are expensive, their repair bills can also be on the higher side. Without insurance, you will end up spending a considerable amount to repair the bike. But with insurance, it won’t be an issue as the insurer will settle the bulk of the payment as per the policy’s inclusions and exclusions.
Knowing that the insurer has your back is a major stress reliever. You can ride without the tension of ‘what if’ scenarios. If things go out of hand, you know that your insurer will support you. Even if there is a major repair work needed, you will not have to fall back on your savings. Your savings can remain untouched as the insurer will fulfil the promise of paying for the bike repairs.
Just as you have choices when it comes to buying an electric bike, you also have choices when it comes to insurance plans for the electric bikes. In India, bike insurance policies can be classified into two sections: Basic Plan and Comprehensive Plan. However, for better understanding, the following sections will highlight three options when it comes to electric bike insurance.
This is a Third-party Liability Plan. Such a plan is designed to offer insurance cover in case of liabilities arising due to a bike accident. Such liabilities can be to compensate for a third-party’s injury or damage to their property caused by the insured two-wheeler.
Without such a plan, you shall be caught up in legal issues. Such policies are not expensive. They come at a nominal price, which is decided by the Insurance Regulatory and Development Authority of India. A major drawback of this basic plan is that damage to the insured bike is not covered.
As the name suggests, this plan offers comprehensive coverage. It not only offers the basic plan’s coverage but also covers its drawback. This plan offers an Own Damage cover. This means that damages to the insured two-wheeler shall also be covered as per the plan’s terms and conditions. Such a plan is costlier than the basic plan due to its extended coverage.
Insurers are free to decide the premium for such a plan. Thus, it is imperative to research and buy such plans. New-age insurers offer such plans at a relatively lower cost without reducing the coverage. They even bundle multiple coverages for better coverage and offer prompt services and support.
This third option offers a tinge of customisation to your bike insurance plan. You can choose from the available add-ons and strengthen your bike insurance cover. These add-ons offer specific coverages and can only be purchased with a Comprehensive Plan. You can choose to opt for one, two, three or more add-ons. However, note that each add-on will increase your overall payable premium. Therefore, buy only those add-ons that will add value.
The inclusions of a bike insurance policy convey the instances where your insurance cover will pitch in and help you out. There is a possibility that the inclusions might differ in case of different policies offered by insurers. Thus, it is better if you check them out by going through the Policy Wordings. The following list of inclusions is for a Comprehensive Plan for Ather two-wheeler insurance.
Coverage in a scenario where the insured two-wheeler injures a third-party.
Coverage in a scenario where the insured two-wheeler damages a third-party’s property.
Coverage in a scenario where the insured two-wheeler is damaged by fire.
Coverage in a scenario where the insured two-wheeler is damaged by human-caused or natural calamities.
Coverage in a scenario where the insured two-wheeler is stolen.
Exclusions are the opposite of inclusions. As in, they are situations where the policy shall not cover your losses. You need to read the policy’s exclusions before buying the plan and prior to raising a claim. The instance for which you plan to raise a claim should not be a part of the policy’s list of exclusions. Here are some major exclusions of a Comprehensive Plan.
Zero coverage in a scenario where the policy is expired.
Zero coverage in a scenario where the rider was in a drunken state.
Zero coverage in a scenario where the terms and conditions of the insurance policy are violated.
Zero coverage in a scenario where the necessary documentation is not adhered to in case of a claim.
Zero coverage in a scenario where there is a fraud attempt.
Here’s a list of popular add-ons for your Ather bike.
This add-on is for the person seated behind you on your bike. You can get a Personal Accident Cover for the Pillion Rider by buying this add-on.
Wear and tear of the bike’s parts reduce their value. This is taken into consideration during claim settlement. But with Zero Depreciation for bike, depreciation shall not be factored and you will receive a better claim amount.
This add-on ensures that your accumulated renewal bonus stays unaffected. Thus, if you want to raise a claim, you can and it will not hamper the bonus.
Other options for add-ons include Roadside Assistance, Consumables Cover, Lost Key Cover, etc. You can find the available add-ons on the insurer’s website.
The claim process for an electric bike is like that of a fuel-driven bike. Whether it is a digital insurer or a traditional one, the basics remain the same. The convenience associated with it can vary. For example, in the case of a digital insurer, you can raise a claim online. Whereas in case of a traditional insurer, you might be required to fill forms offline. Here are the basic steps involved in a bike insurance claim settlement process.
Step 1: Get in touch with the insurer and inform the company about the incident for which you plan to raise a claim.
Step 2: The insurer will verify your policy details and check if the policy covers the mentioned incident. For that, they might ask you certain questions and request some documents. Comply with such requests.
Step 3: An executive should be assigned to handle your claim. The executive might inspect the bike for damages at the accident spot, your residence, or at the garage and discuss the repair cost with you and the garage.
Step 4: Depending on whether you have opted for a Cashless or a Reimbursement process, the claim process will move forward.
Step 5: Bike shall be repaired and the repair bill shall be settled as per the chosen claims method and the policy’s terms and conditions.
Yes, the cost of the liability-only policy is standard across insurers. This price is stated by the Insurance Regulatory and Development Authority of India. Since the premium is not a distinguishing factor here, you can compare insurers based on their service quotient.
To know whether your electric bike needs mandatory insurance or not, you can speak directly with the bike dealer or the insurance company. Clearly state your bike model and specifications to avoid any confusion. Irrespective of whether it being mandatory or not, insuring your electric bike is a good way to stay safe against unpredictable financial losses arising out of bike-related mishaps.
Add-ons are not compulsory. You can buy them based on your needs. If you think they will add value to your second-hand bike, include them in your Comprehensive Cover.
Not all claim requests need supporting documentation. However, they are crucial in some cases. For example, a First Information Report and No Trace Report are essential in case of bike theft. If such documents are not submitted, the insurer might not approve the bike claim.
Add-ons are not individual plans. They can only be bought along with a Comprehensive Cover. Thus, you cannot buy add-ons instead of an Own Damage cover.
The insurance company can send help in case of a stranded bike if you have a Roadside Assistance add-on. Some insurers might bundle such services as a part of their Comprehensive Plan as well.
As of now, a 10-year policy is not in place. Besides, rules and regulations keep changing often. Thus, it won’t be wise to pay a 10-year premium in advance. It will also require you to spend a huge amount of money upfront while buying the bike.
No, the regulatory body does not decide the premium for a Comprehensive Plan.
Online bike insurance is easy. You do not need the help of an expert for it. You can go through the features, inclusions, and exclusions and make a purchase decision on your own. If required, you can contact the insurer’s support team for assistance.
Such kind of premium reduction is not possible in a normal policy. Some insurers might offer Pay As You Drive insurance, which is based on the distance covered.