Electric Scooter Insurance
Electric scooters have become more and more popular as a practical, economical, and environmentally responsible form of transportation in recent times. More commuters are choosing electric scooters as a solution to the traffic jams, pollution, and growing expense of petrol that urban regions face. These cars are a great option for people who care about the environment because they are silent, emit no emissions, require no maintenance, and run on electric batteries.
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What Is Electric Scooter Insurance?
A financial product called electric scooter insurance has been made to protect electric scooters from a variety of hazards. It offers financial protection to the owner against losses resulting from theft, accidents, or damage to the scooter, much like traditional scooter insurance does. But because electric scooters are different from other types of vehicles and have parts (such as motors and batteries) that are exclusive to them, insurance coverage for these kinds of vehicles is designed with their needs in mind.
The following is what most electric scooter insurance policies cover:
- Third-party Liability: Required by law, Third-party Liability insurance shields you from responsibility in the event that an electric scooter is used to injure, kill, or damage property to a third party.
Engine Cubic Capacity (cc) of -scooter
Third Party e-scooter Insurance Premiums
Upto 3 KW
Rs. 457 / year
Between 3 - 7 KW
Rs. 607 / year
Between 7 - 16 KW
Rs. 1,161 / year
Greater than 16 KW
Rs. 2,383 / year
2. Comprehensive Coverage: This more extensive insurance protects against damages to your scooter from theft, vandalism, natural disasters, and accidents, as well as third-party liabilities.
3. Own Damage Insurance: Insurance specifically intended to cover losses to the insured E-scooter without the involvement of a third party is known as standalone own-damage insurance. For people who currently have third-party insurance and wish to safeguard their own e-scooter against possible harm, this coverage can be helpful. This cover is available till first 5 years from the date of purchase of the scooter since when you buy a new scooter you have to buy a 5 years Third Party policy as mandated by law
4. Personal Accident Cover: An essential part that protects the owner-driver in the event of an accident resulting in harm or death when operating an electric scooter.
5. Add-on Covers: To expand the coverage of your insurance, insurers provide a range of extra covers that you can choose from, including roadside assistance, zero depreciation cover, and accessory cover.
Advantages of Getting Insurance for Electric Scooters
There are many advantages that electric scooter insurance provides. As a result, it’s not just lawful to get one, but also smart. The following are the benefits:
- Financial Protection: If your electric scooter is stolen, damaged, or involved in an accident, insurance will protect you from having to shoulder the entire cost.
- Third-Party Liability Coverage: The insurance coverage pays for the costs and legal responsibilities in the event that a third party is hurt in an accident or has property damage, giving much-needed financial security.
- Personal Accident Coverage: This coverage protects the scooter owner-driver from any collisions while using the vehicle and pays for any necessary medical expenses or, in the worst-case scenario, death benefits.
- Comfort: Having insurance on your electric scooter protects you from unforeseen expenses pertaining to your car, which in turn provides comfort.
- Add-On Covers: You can tailor your policy to meet your needs by adding different add-ons, like as zero depreciation cover, roadside assistance, or accessory cover, to strengthen the protection of your base policy.
- Legal Compliance: In order to ensure that you comply with the law, all cars operating on Indian roads are required to carry at least third-party insurance.
- No-Claim Bonus (NCB): This is a discount on your subsequent premium that you receive if you maintain your policy without filing a claim throughout the policy's term. It is intended to incentivize safe driving.
What Does Insurance for Electric Scooters Cover?
Wide-ranging coverage is provided by electric scooter insurance to accommodate different needs:
- Liabilities under the law for harm or death to a third party.
- Payment for property damage incurred by third parties.
Own Damage Protection:
- Safeguard against damages brought on by collisions, flipping, or accidents.
- Insurance against losses brought on by calamities such as cyclones, earthquakes, and floods.
- Theft, vandalism, rioting, and acts of terrorism are examples of man-made damages that are covered.
Insurance for Personal Accidents for Owner-Drivers:
Offers a lump sum payment in the event that the owner-driver is killed in an electric scooter accident or suffers a permanent complete disability.
- Get the entire claim amount without depreciation deduction with zero depreciation coverage.
- Coverage for roadside assistance in the event of an accident or breakdown, including towing and small repairs.
- Provides cover for any electrical or electric add-ons installed on the scooter.
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What are the exclusions of e-scooter insurance?
Even though insurance for electric scooters offers comprehensive coverage, there are some specific exclusions you should be aware of:
- Normal Wear and Tear: The electric scooter is not insured for damages brought on by normal wear and tear or ageing.
- Mechanical or Electrical Breakdown: The coverage does not cover malfunctions or breaks resulting from the scooter's mechanical or electrical components.
- Damages from Nuclear or War Risks: Damages from nuclear explosions, invasions, and other warlike actions are not covered by insurance plans.
- Driving Without a Valid Licence: The insurance claim may be denied if the person operating the scooter at the time of the collision did not possess a valid driver's licence.
- Driving While Intoxicated: This policy does not cover damage that occurs while a rider is impaired by drugs, alcohol, or other substances.
- Breaking Traffic Laws: Any harm or mishap that results from breaking traffic laws is not covered.
- Usage Outside of Geographical Boundaries: Any damages or accidents incurred when using the scooter outside of the policy's geographical boundaries will not be covered.
- Claims Made Outside of the Active Policy Period: Claims for any incidents that take place outside of the active policy period are not accepted.
How Is the Premium for Electric scooter Insurance Calculated?
A number of criteria are taken into account when determining the rate for insurance on Electric scooters, including:
- IDV: The insured declared value, or IDV, is the maximum amount that the insurer will guarantee against theft or complete loss. It's basically the E-scooter's current market value. Generally speaking, a greater IDV equals a larger premium.
- Type and Model of the E-scooter: The type, model, and variant of the E-scooter can affect the premiums. Premiums for high-end models may be greater because of part costs and probable repair costs.
- Age of the E-scooter: Due to depreciation, older E-scooters may have a lower IDV and thus a lower premium.
- Geography: A higher premium may apply to areas that are more likely to experience accidents or thefts. For example, because of greater traffic congestion, premiums in metropolitan locations may be higher than in rural ones.
- Add-Ons Selected: Since each add-on adds extra coverage, the more add-ons selected, the higher the premium.
- Claim History: You may be eligible for a No Claim Bonus (NCB), which can drastically lower your premium if you filed no claims during the prior policy year.
- Type of Coverage: Compared to third-party-only plans, comprehensive policies typically have higher rates due to their broader coverage.
- Power and Capacity of the E-scooter's Battery: The E-scooter's power and battery type can affect the premium. High-performance E-scooters may cost a little more.
It is essential to use online premium calculators and compare different E-scooter insurance policies in order to get a better idea of the potential cost of your Electric scooter insurance.
Comprehensive Insurance for E-scooters
E-scooter comprehensive insurance is a comprehensive policy that offers broad coverage, guaranteeing defence against a wide range of possible hazards and threats:
- Coverage Scope: As the name implies, comprehensive insurance provides protection against both third-party liability and harm to the covered E-scooter. The complete policy covers you whether the damage is caused by theft, vandalism, natural disasters, or man-made disasters.
- Flexibility to Add-Ons: Choosing comprehensive insurance has several benefits, including the ability to improve the coverage with different add-ons. You can modify the coverage to meet your needs, whether they are for roadside assistance, 0% depreciation, or battery protection.
- Theft Protection: A complete policy makes sure you get paid for your stolen E-scooter based on its insured declared value (IDV).
- Personal Accident Coverage: This type of coverage is usually included by default with the policy and offers a lump sum payment in the event that the rider is killed or becomes permanently disabled as a result of an accident involving the insured E-scooter.
- Peace of Mind: You can ride your E-scooter with more serenity knowing that you're covered against a variety of potential disasters if you have extensive coverage.
Even while comprehensive insurance provides a wide range of coverage, the cost is typically higher than that of basic third-party liability insurance. But many think it to be value for money given the broad protection it offers.
How Do I File an Insurance Claim for an Electric Scooter?
Generally speaking, filing a claim with your insurance for an electric scooter is simple:
- Immediately Notify: As soon as an accident, theft, or damage occurs, notify your insurance company. For this purpose, the majority of insurers have online portals or toll-free phones.
- File an FIR: Report theft or a major accident involving harm to third parties to the closest police station.
- Get the Documents: Collect all required documentation, including the insurance policy, registration certificate, driver's licence, and any other pertinent paperwork. A copy of the FIR may also be required.
- Submission of the Claim Form: Complete the claim form that the insurance has given you and affix the necessary paperwork. You can process this faster by doing it online most of the time.
- Surveyor Appointment: In order to determine the extent of damage and determine the cost of repairs, the insurance company may choose a surveyor.
- Claim Approval: The insurance company will proceed to settle your claim when it has been verified and approved. They will make a straight payment to the workshop for cashless claims. When filing a reimbursement claim, the insurer will reimburse you only after you have made payment.
How Can Electric Scooter Insurance Be Renewed?
Renewing your insurance for an electric scooter is a quick and easy process that usually involves these steps:
- Go to the Portal or Website of Your Insurer: Most insurance companies offer online tools that make it simple for you to renew your coverage. Alternatively, you can visit insurance comparative websites such as InsuranceDekho.
- Add Policy Information: Enter the details and policy number you currently have. Your policy information may need to be explicitly entered, or it may be retrieved by the site automatically.
- Evaluate and Update Coverage: Examine your present coverage and make any required modifications, such as modifying the amount insured, removing or adding add-ons, or updating your personal information.
- A renewal quotation will be sent to you by the insurer based on the information you have provided. Take a close look at this to comprehend your coverage and price.
- Make Payment: Use safe online payment methods, such as digital wallets, credit/debit cards, or net banking, to pay the renewal premium.
- Policy Document Received: You will receive an email with the updated policy document following payment. It is advised that you check it for accuracy and retain a copy for your documentation.
To keep your coverage continuous and to adhere to legal regulations, don't forget to renew your insurance before it expires.
Why Purchase from Insurance Dekho?
Picking an Insurance Dekho offers various benefits when it comes to electric scooter insurance:
- Numerous alternatives: Insurance Dekho collaborates with top insurance providers to provide a range of electric scooter insurance policy alternatives, letting you select the one that best fits your requirements and price range.
- Simple Comparison: The website makes it simple to compare various policies based on their features, premiums, inclusions, exclusions, and customer reviews, which helps users make well-informed decisions.
- Instant Quotes: Save time and effort by submitting the most basic information about your electric scooter to receive instant quotes from several insurers.
- Open Process: There are never any additional costs or hidden fees when using Insurance Dekho. The platform helps you fully grasp your insurance by offering information that is easy to understand and succinct.
- Safe Transactions: Your sensitive financial information is protected by the portal, which guarantees a safe and secure online transaction experience.
- Professional Guidance: Insurance Dekho's staff of knowledgeable experts is here to help you choose, buy, renew, or file a claim for your electric scooter insurance.
- Customer Service: Insurance Dekho provides timely, attentive customer service to answer your questions and concerns, making the insurance process simple.
- Paperless and Quick: The entire procedure is paperless and conducted online, saving users time and convenience from policy selection through purchase or renewal.
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Why is insurance required for my electric scooter?
The law requires you to have insurance on your electric scooter. It offers peace of mind when using the scooter by offering financial protection against losses brought on by theft, accidents, or natural disasters. It also covers third-party liabilities and personal accidents.
What distinguishes comprehensive electric scooter insurance from third-party coverage?
The only obligations covered by third-party insurance are those related to harm or damages brought on by a third party. Greater protection is offered by comprehensive insurance, which also covers damages to your own scooter and the owner-driver's personal accident.
With my insurance policy for an electric scooter, what extras can I select?
To improve the protection provided by your policy, you can choose from a variety of add-ons, such as zero depreciation coverage, roadside assistance, passenger personal accident coverage, accessory coverage, and more.
How is the insurance premium for electric scooters determined?
A number of factors affect the premium, such as the age, value, location, make and model of the scooter, the add-ons that are chosen, the coverage type picked, and the owner's past history of claims.
Could I have my insurance for an electric scooter renewed online?
Yes, the majority of insurance companies have an online portal where you may quickly and simply renew your coverage for electric scooters by providing your policy information and completing an online payment.
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