Insurance for electric scooters: The demand for electric vehicles is increasing rapidly in the country and many new companies including established companies are also coming forward in this segment. Talking about two-wheeler electric vehicles, according to a report by CII-KPMG, by 2030, 25-35 percent of two-wheelers across the country will be electric. Recently Ola has introduced Made in India Electric Scooter. Its formal launch is yet to come but the registration for it has started. Before Ola, companies like Hero, Honda, Ather Energy, Bajaj have already launched electric vehicles and people are also liking them. With the increasing attraction of people towards electric scooters and bikes, the importance of their insurance has also increased. In such a situation, it has become very important to know what coverage should be taken for electric bikes/scooters.
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Insurance similar to non-electric vehicles
According to Dhirendra Mahayavanshi, co-founder of insurtech company Turtlemint, all electric bikes/scooters can be insured under the same motor insurance plan as for third party or non-electric two-wheelers with comprehensive coverage. Third Party Coverage is required to provide coverage for the death, injury or damage to the property of a third party under the Motor Vehicles Act, 1988. Keep in mind here that under Comprehensive Coverage, five years third party coverage is available but only one year coverage is available for itself i.e. third party coverage will continue for five years but every year for any of its losses. The policy will have to be renewed.
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- According to Mahayavanshi, when you buy a new electric bike/scooter, take third party coverage for at least five years, which is also mandatory. Under third party, a cover of Rs 7.5 lakh is available for property damage. However, unlimited coverage is available for death and bodily damage.
- According to Mahayavanshi, customers should take a comprehensive plan so that in addition to third party coverage, electric bikes/scooters can be covered by natural calamities like flood, earthquake, cyclone, hurricane or fire; humanitarian calamities like explosions, riots; Coverage can be obtained against theft of the vehicle and any damage caused during transportation by road, train, air or water.
Apart from the comprehensive plan, Mahayavanshi has also suggested some add ons which will help the e-vehicle to get better coverage.
- Zero Depreciation Add-on: Under this, depreciation is not done at the time of claim and the claim pay-out increases.
- Roadside Assistance Add-on: Under this, 24*7 help will be available at any time i.e. in case of any problem in the vehicle.
NCB Protection Add-on: Under this, even after taking a claim, no claim discount will be available.
- Return to Invoice (RTI) Add-on: Under this, the invoice value will be paid in case of complete loss or theft of the vehicle.
- Engine and Gear Box Protection Add-ons: Under this, damage to the engine or gear box is covered due to reasons like flood or rain.
E-automobile industry to be 15.3 lakh crore by 2030
E-vehicles are now the future of the country and most of the country’s leading auto companies are working on it. According to the estimates of the Center of Energy Finance (CEEW), the Indian electric automobile industry will be worth $ 20600 million (Rs 15.3 lakh crore) by the end of 2030. The government is also serious about this and is improving the charging infrastructure across the country to promote environment-friendly transport.
(Article: Rajeev Kumar)