Electric bikes are gaining popularity as a mode of transport in India. Not only are they environmentally friendly, but they are also cost-effective as well. As it is legally required to have third-party bike insurance for electric bikes as well, you need to protect your electric bike with the right insurance coverage. In fact, the sales of insurance policies for electric bikes have skyrocketed in the last year alone, reflecting the growing awareness of insurance benefits during the Covid-19 pandemic.

Here’s How to Buy the Right Electric Bike Insurance:

Step 1: Understand the types of insurance policies available

When insuring your electric bike, there are two main types of insurance policies to consider. Knowing the differences between these two types of policies will help you make an informed decision about the coverage you need.

  • Third-party bike insurance policy: This policy covers financial and legal liabilities from damage caused to third-party individuals, vehicles, or property due to an accident involving your bike. *
  • Comprehensive bike insurance policy: This policy not only covers third-party liabilities but also provides coverage for damage to your own bike. *

Step 2: Opt for an online purchase

Buying a bike insurance online offers convenience and lets you compare different policies from various providers. Online platforms allow you to explore multiple options, review policy details, and choose the one that best suits your needs. Avoid relying solely on unprofessional advice or making in-person visits, as these methods may limit your choices and may not fulfill your specific requirements. *

Step 3: Research the insurance company's history

Before finalizing your insurance provider, it's essential to research their reputation and claims history. Check online review platforms and customer testimonials to gauge customer satisfaction levels and understand the company's credibility. Additionally, consider the Claim Settlement Ratio (CSR), which reveals the number of claims the company has successfully settled. Shortlist insurers with a CSR above 90% for a smoother claims process. *

Step 4: Familiarize yourself with policy exclusions

Thoroughly review the policy document to understand the exclusions of your chosen insurance policy. This will help you identify situations and circumstances that may not be covered. Some common exclusions to electric two-wheeler insurance include driving under the influence, contributory negligence, and driving without a valid license or insurance document. Being aware of these exclusions will help manage expectations and avoid surprises during claims. *

Step 5: Determine the coverage provided

Carefully examine your policy document to understand the coverage offered by the insurance policy. Typical coverage for electric bike insurance includes protection against theft and accident damage, and third-party legal liability. Ensure that the policy covers the specific risks and situations you anticipate for your electric bike. *

Step 6: Set the appropriate Insured Declared Value (IDV)

The Insured Declared Value (IDV) is the current market value of your electric bike, which determines the premium for your insurance policy. Accurately estimate the IDV based on the market value of your vehicle at the time of purchase. Setting the right IDV ensures that you are adequately covered in case of damage or loss. *


Insurance is a crucial aspect of owning an electric bike, providing financial protection against unforeseen circumstances. By following these six essential steps, you can make an informed decision when purchasing insurance for your electric bike. Remember, insurance is the subject matter of solicitation, and it is important to read the sales brochure/policy wording carefully before concluding a sale. Choose the right insurance coverage for your electric bike and ride with peace of mind.

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

Disclaimer: The information provided in this guide is for illustrative purposes only. For the most up-to-date details and specific policy information, please visit the official websites of insurance providers and refer to the policy documents and brochures.