getting an electric scooter in India

 

Introduction

Are you thinking of getting an electric scooter in India? Or are you already the proud owner of one? Make sure to check out our article today on the ins and outs of electric scooter insurance in India, and make sure your vehicle’s covered if it’s time to buy some insurance!

What do I need to look out for when buying an electric scooter in India?

Electric scooters are the newest way to get around, but they're not exempt from accidents and other incidents that can lead to injury or loss. Electric scooters are new enough in India that their use is still unregulated, so buying one without understanding the risks would be unwise.

It's important that you're as prepared as possible when riding your bike and that means understanding your responsibilities and costs associated with owning one.

Insurance may seem like a foreign concept if you've never needed it before - think of it like car insurance, just for e-scooters instead!

What are the different kinds of insurance available while buying an e-scooter

There are two different kinds of e-scooter insurances available on the market: private and third party.

Private cover is when the manufacturer takes responsibility for damage done to your machine due to anything from a natural disaster to negligence by the user themselves or their family members or pets.

With private cover, there is no excess payment or deductible required on top, even if your item was stolen or vandalized, up until it reaches a certain pre-determined price limit,

Third party cover on the other hand is where the owner insures against any accidents that happen while they use their vehicle as they normally would at home or out and about on public property – up until it reaches a certain pre-determined price limit.

What happens if I am involved in a road accident or the vehicle is stolen

What would happen if I am involved in a road accident or the vehicle is stolen?

In the event that the electric scooter is damaged while parked, the buyer has up to 60 days from date of purchase to purchase theft and damage coverage at the time and address of purchase. The cost for theft and damage coverage is Rs 300 per month plus 7% GST.

Electric Scooter Damage Protection covers repair costs and all additional expenses if your cycle gets stolen or damaged due to factors other than wear and tear . There are two parts to this coverage: Theft and Damage Protection (covering repairs)

and Cycle Care Maintenance Insurance (covering regular maintenance).

Do all insurers offer similar packages while insuring e-scooters

It is difficult to compare different packages from different insurers as they offer different plans and benefits. Even though this is the case, most of them do provide indemnity coverage against any third party damage or injury caused by you while riding your e-scooter, with a limit that varies based on the type of policy taken by the insured person.

This could include hospitalization expenses and repairs. An indemnity rider would pay a lump sum amount if you injure yourself while riding the e-scooter, while an accident protection package will give out compensation for permanent disability incurred after being involved in an accident due to riding the vehicle but at a higher premium than those who have chosen indemnity rider for themselves.

How much do I have to pay as premium when insuring my e-scooter

There are two types of premiums that you can pay as a part of your e-scooter insurance policy – a 2-wheeler bike premium and 4-wheeler car premium. For example, if your total purchase price is below Rs 25,000, then your e-scooter would fall under the category for a 2-wheeler bike which would require payment of Rs 1,800 as annual premium.

If your purchase price is between Rs 25,000 and Rs 50,000 then the premium would be set at Rs 6300 (Rs 800 for every thousand). For e-scooters falling in the category that has a purchase price more than or equal to Rs 50,000 then the yearly premium would be fixed at rs 10900 . When looking at renewal premiums, they're slightly different depending on how long the tenure is.

You'll find that renewal rates tend to go up by around 3% annually with every year you extend your cover. What does this mean for me: Ultimately it means that if you're going to get a new e-scooter soon, then it may be worth considering waiting another year before taking out a policy on it so that you'll get better coverage when your new model comes out.

Why should I buy e-scooter insurance as soon as possible

The question is not just should I buy it? but how soon should I buy it? It is vitally important that you have some form of coverage as soon as possible, if not right away. Let me tell you why:

If the worst happens and your e-scooter has been stolen or wrecked, and at the same time there isn't any collision cover with your insurer, then it would come down to a cash payout claim- which could be quite costly considering that new e-scooters cost around $3,000! Even if you were lucky enough to find another one for sale, remember that you will still have the monthly payments on your old one until it is paid off.

For this reason alone, e-scooter insurance in India can really save the day when something goes wrong.