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Home / Two-wheeler Insurance / Electric Bike Insurance: Insurance for Electric Bikes

What is an electric bike insurance?

Electric two wheeler insurance is just like regular bike insurance. Its primary objective is to cover you financially against damage or loss arising from third-party liabilities and damage to e bikes. The electric scooter insurance also protects you against theft, natural/manmade calamities and total loss.

Suppose you plan to buy a brand new electric motorcycle or scooter or looking for a new insurer to renew your e bike insurance, you can visit our website or mobile app to get an instant e bike insurance quote. Alternatively, you can reach us at [email protected] or call us at 1800 266 2256 (toll-free).

You can also use the bike insurance premium calculator to know the cost of an electric two-wheeler insurance plan.

Benefits of insuring an electric bike

Here is why insuring an electric scooter or bike is vital, and why it is beneficial when you buy insurance for electric bikes online.

1. Cost-efficient

ACKO operates on a digital platform. There are no middlemen involved resulting in lower operating costs. The savings are then passed on to the customers through low-cost electric bike insurance.

2. Complying with legal norms

It is mandatory to insure an e bike or scooter with the Third-party electric bike insurance. Failure to insure your electric two wheeler leads to penalties of up to Rs. 4,000 or even imprisonment based on the severity of the situation.

3. Financial protection

Whether it is a third-party liability or damages to e bikes, the Comprehensive Bike Insurance Plan provides financial security during such situations based on the policy’s terms and conditions.

4. Quick claim settlement

You can raise a claim for minor damages (dents, broken mirrors, etc.) through the online platform. If the claim is approved, ACKO shall settle the claim within a few hours of you filing the claim. For extensive damages, our support team shall guide you through the process.

5. Peace of mind

You can rest assured knowing your electric motorcycle or scooter is insured, and you are financially protected against accidental damage or third-party losses.

6. Scope to enhance the coverage

When you insure your electric two wheeler with the Comprehensive Bike Insurance Plan or Own Damage (OD) cover, you have access to buy add-on covers that enhance the policy coverage, subject to availability.

Inclusions

Exclusions

What’s covered in electric bike insurance?

Here are the coverage details of the Comprehensive Insurance for EV bikes.

✅ Road accidents: In case your e bike is damaged due to a road accident; the Comprehensive Bike Insurance Plan shall provide financial protection for repairs or replacements after considering the required depreciation and deductibles.

✅ Vehicle theft: If your electric two-wheeler is stolen and the police issue a Non-traceable Certificate, the insurance for electric bikes covers your losses after considering the required deductibles and depreciation.

✅ Fire: Damages or losses incurred by your electric scooter or e bike in case of an accidental fire shall be covered.

✅ Natural/manmade calamities: Damages or losses arising from floods, earthquakes, riots, vandalism, and such natural and manmade calamities shall be covered.

✅ Personal Accident (PA) Cover: Provides financial aid in case you are injured in an accident, or it leads to your demise. Please note that the mandatory PA cover for bike must be bought separately when you buy or renew your e bike insurance policy.

✅ Third-party losses: Suppose a third person’s property or a vehicle is damaged due to an accident caused by the insured e bike, the damages or losses are covered by electric bike insurance.

What’s not covered in electric bike insurance?

Here are the exclusions under the Comprehensive Bike Insurance Plan for electric motorcycles and scooters.

❌ Own damage to the insured e bike: If you have insured your electric bike with the Third-party Bike Insurance Plan, you shall not receive financial protection against damage to the insured bike.

❌ Riding without valid documents: If you were found riding the e bike without valid documents such as an active Driving Licence, ACKO shall not provide financial support for the damages or losses.

❌ Riding under intoxicating substances: If you are riding the e bike under the influence of intoxicating substances, ACKO shall not cover damages or losses incurred during the accident.

❌ Consequential damages: Damages or losses that are not directly attributable to the accident shall not be covered. For instance, if your e bike is misused and the electric motor or the battery pack gets damaged.

❌ Intentional damages: If your electric bike is damaged in an accident, and you continue to use the e-bike and neglect the damages that may lead to severe damages, then such losses or damages are not covered under the insurance for electric bikes.

❌ Add-on covers that are not included: Some of the damages or losses are covered under add-ons. Hence, if you do not buy add-ons that cover such types of damages or losses, then such situations shall not be covered by the policy.

Types of e-bike insurance policies

Similar to the petrol-powered two-wheelers, the electric bike insurance cover for EV bikes is of three types.

1. Third-party Insurance

Provides financial protection against demise or injury to a third person due to an accident caused by your electric bike. And it also covers damages to their property or vehicle. However, it does not provide financial security against damages or losses incurred by your e-bike.

2. Own Damage Cover

Provides financial protection only against damages or losses incurred by your e-bike. It includes coverage against damages caused by fire, road accidents, manmade or natural causes, theft and total loss. However, the e bike insurance does not cover third-party losses.

3. Comprehensive Insurance

It is a combination of Third-party Insurance and Own Damage cover. Hence, it is the most suitable bike insurance plan for our electric scooter or bike. Like the Own Damage Bike Insurance Cover, you also have the option to include add-ons to enhance the coverage in this plan. Add-ons are subject to availability.

How is electric bike insurance premium calculated

The bike insurance premium is based on important factors of the two-wheeler. Here is how the electric bike insurance premium is calculated.

Third-party Insurance

Third-party Two-wheeler Insurance is a mandatory requirement for all bike and scooter owners. Hence, the Insurance Regulatory and Development Authority of India (IRDAI) regulates third-party bike insurance premiums.

Third-party electric bike insurance premium

The regulator considers the electric bike motor’s kilowatt capacity (kW) for calculating the premium for third-party insurance for electric bikes. Here are the third-party electric bike insurance premiums.

Two-wheelers with kilowatt capacity (kW)	Premium rate for 1-year policy	Premium rate for long-term policy (5-year)
Less than 3 kW	Rs. 457	Rs. 2,466
More than 3 kW but less than 7 kW	Rs. 607	Rs. 3,273
More than 7 kW but less than 16 kW	Rs. 1,161	Rs. 6,260
More than 16 kW	Rs. 2,383	Rs. 12,849

Comprehensive Insurance

The Comprehensive Insurance includes both the Third-party Insurance and Own Damage (OD) cover component. The OD cover provides financial protection against damages or losses to the insured e bike. Unlike the IRDAI regulating the Third-party bike insurance for electric two-wheelers, the Own Damage component of the Comprehensive Insurance is calculated by the insurer, in this case, ACKO. Here are the factors used to calculate the Comprehensive Bike Insurance premium for EV bikes or scooters.

Model and make:

Expensive e bikes or scooters mean a higher financial liability for the insurer. Hence, the electric bike insurance cost is higher for premium electric vehicles.

Year of manufacture:

All vehicles depreciate over the years; hence, the market value decreases accordingly. Therefore, the IDV of the e-bike also decreases. The older the bike, the lower the cost. Therefore, premium decreases for older EV bikes and new bikes attract higher premiums.

Deductibles:

There are two types of deductibles: voluntary and compulsory. If you opt for a voluntary deductible, the premium reduces, but you must pay more during bike insurance claims.

No Claim Bonus:

The NCB is a discount on the renewal for not filing claims during the previous policy period. You can get up to 50% of a discount if you do not file claims for five consecutive years. Hence, the premium is directly proportional to the percentage of NCB you have earned.

Installation of safety device:

If you have taken the effort to secure your e bike with an anti-theft device, the insurer may consider offering a discount on the bike insurance premium.

How to raise an electric bike insurance claim

Raising a claim at ACKO’s website or mobile app is a simple procedure. It does not require physical documentation or paperwork. Our online platform lets you file an electric bike insurance claim almost instantly. Here is how you can submit a cashless claim for an e-bike at ACKO.

Step 1: Visit our website or mobile app and access your account.
Step 2: Select the policy for your electric bike and click on “Claim”.
Step 3: Answer a few questions about the damages, and upload the pictures and documents to raise your claim.

Claims for minor damages shall be settled within a few hours, while claims for severe damages may take a few days.

How to renew electric bike insurance

Similar to the simple procedure of raising a claim, the procedure for renewing insurance for e bikes is also hassle-free. Follow the steps below to renew electric scooter insurance online.

New to ACKO:	Existing customers:
✅ Step 1: Visit our webpage or mobile app.	✅ Step 1: Access your ACKO account via our website or mobile app.
✅ Step 2: Answer a few questions about your e bike.	✅ Step 2: Select the e bike insurance policy to renew and review the plan and if required make the required changes.
✅ Step 3: Select the plan, pay the premium online and receive the policy document instantly.	✅ Step 3: Pay the premium online and receive the policy document instantly.

How to compare and buy electric bike insurance

Buying electric two-wheeler insurance for your vehicle is not cumbersome if you opt for the online method. It lets you compare bike insurance and buy the most suitable one for your e bike. When shopping for bike insurance for your e-bike online, consider the following vital factors.

Ensure you purchase the mandatory Third-party Bike Insurance to cover yourself against third party liabilities.
Buy a policy that offers exhaustive coverage at an affordable cost.
Consider buying electric bike insurance online from digital insurers such as ACKO, which operates on a direct-to-customer model without the need for middlemen.
Compare the e-bike insurance cost based on the coverage and services.
Understand the inclusions and exclusions of the e bike insurance.

Add-ons for your electric bike insurance

Electric bike insurance add-ons are specific bike insurance plans that cover certain damage or loss that the standard plan does not cover. Here are the electric bike insurance add-ons that you can include when you purchase the Comprehensive Insurance for the e-bike. Please note, that these add-ons are subject to availability.

Roadside Assistance Cover
Zero Depreciation Cover
Personal Belongings Cover - Damage/Theft
Key Protect Cover
Consumables Cover
Outstation Emergency Cover

Why does insurance for e bikes cost more?

The electric bike industry in India is still in its nascent stage. Developing and manufacturing an electric bike can be expensive compared to producing a petrol-powered two-wheeler. EV bikes and scooters continue to command a higher price tag compared to their petrol counterparts in India.

Since the bike insurance cost is based on the cost of the vehicle, the insurance cost for e-bikes is higher. However, the cost of Third-party insurance for electric scooters or bikes is much lower compared to petrol-powered bikes. The IRDAI has notified the premium rates for electric bikes at a 15% discount compared to the petrol-powered two-wheelers.

How to reduce insurance premiums for e-bikes

Following are some suggestions to decrease the cost of insurance for electric bikes.

Consider buying it from digital insurers such as ACKO, which operates on a direct-to-customer model without the need for middlemen.
Pick and choose the right add-ons to reduce additional costs.
Install a certified safety device such as an anti-theft device for a possible discount on the premium.
Avoid filing claims for minor damages to keep the NCB intact. You can get a discount of up to 50% if you don’t file claims for five consecutive years.

Frequently asked questions

Here are some common questions related to insuring electric bikes in India.

I want to purchase bike insurance for my electric scooter online but do not know how to go about it. What should I do?

We offer two-wheeler insurance for brand new bikes and old electric bikes and scooters. You can scroll up to the top of this page to get a quote for your e-bike. Provide a few details about your bike, and you get to choose a plan and insure your e-bike instantly.

Is it mandatory to buy insurance for electronic bikes?

Presently, e bikes that have a power of less than 250W and a top speed of 25 km/h are exempted from mandatory third-party insurance. That being said, electric motorcycles and scooters are expensive in India. Considering e bikes are not immune to road accidents. It is better to insure it with a comprehensive electric bike insurance policy.

Is it possible to buy two-wheeler insurance for my electric bike directly from the insurance company instead of the dealer?

Yes, you can buy electric scooter insurance online through our website or mobile app. Provide the details of your e bike, select the plan and pay the premium online to ensure your bike instantly.

Can I buy only the Roadside Assistance add-on without any policy for e bikes?

Add-on covers are available when you buy the Own Damage cover or the Comprehensive Bike Insurance Policy for e bike insurance. Add-on covers for bike insurance are subject to availability.

Is there a different EV insurance policy, or do petrol and diesel-powered and EV have the same bike insurance policies?

EVs don’t have a separate bike insurance policy. Currently, both fuel-powered vehicles and EVs have the same insurance plan. However, the Third-party Bike Insurance premiums for electric bikes are different as the IRDAI prescribes them. You can refer to the section above to check the e-bike third-party insurance premiums based on the kilowatt of the electric motor.

What are the documents needed for electric scooter insurance online?

At ACKO, there is no paperwork involved while purchasing insurance for your e-bike. Visit our webpage or mobile app, and provide a few details of your e bike to insure the vehicle without documents.