Why are Insurers not ready for E-bikes? What's the Solution?
What can you do to Insure your E-bike?
Electric Bikes are the future due to growing awareness of the need to save the environment. In India, this new segment has been introduced. A lot of people aren't aware of the regulations governing the Insurance of E-bikes.
At the time when I'm writing, the situation is so poor that most insurance companies and most dealerships are unaware of the details. The largest insurance web-aggregator in India does not include most of the E-bike models.
Let's learn about the Sector and then look at solutions.
E-bikes:
Two-wheelers that operate on electricity are known as electric bikes or electric two-wheelers.
Insurance for Electric Two-wheeler:
Most E-bikes available in the high-end Indian market need to be insured as per legal guidelines.
Listed below are the Third-Party Only Rates on the IRDA's Website. The proposed rates have not been implemented as of August 2021. Two-wheeler insurance rates for E-bikes are around 15% less than those for conventional Fuel-powered two-wheelers.
Why aren't Insurance Companies ready for it? What are your options?
Many state-owned insurers (PSUs) lack knowledge on how to underwrite the same. It is because most of these offices receive very few inquiries about it.
It has always been the case that only a few products are underwritten aggressively by Private Insurers. It is also the reason that Car Showrooms get frequent visits from representatives from Insurance Companies and that E-bike dealers rarely get to see them. Therefore, there is little or no help from dealers when it comes to Insuring your E-bike. Since the opening of the Insurance industry 20 years ago, most insurance companies have not been able to look beyond motor and now health insurance.
However, there is good news. Several Private Insurance companies have a good deal of experience in this sector & are ready to Insure your E-bike. Hence, if you reached this blog frustrated, please share your details with us at: hi@theinsuranceguys.in & we will get in touch with you.
Links:
DISCLAIMER: