The EV revolution is certainly catching some traction, especially when it comes to two-wheelers in India! Top brands such as Ola Electric, Ather Energy, TVS iQube, and Bajaj Chetak Electric are hitting the shelves everywhere, prompting more riders than ever to say bye-bye to petrol and hello to eco-friendly, thrifty EV bikes.
But there’s one important question that most new EV owners overlook:
"At the end of the day, is your bike insurance truly covering EV-specific risks?
And if you're going electric in 2025, then now is when you need to understand why electric bike insurance cover is so important.
Unique Risks EV Bike Owners Face
Electric two-wheelers, unlike traditional petrol bikes, have been equipped with high-tech components and high cost components such as:
- Lithium-ion Batteries
- Battery Management Systems (BMS)
- Electric Motors and Controllers
- Onboard Electronics
- Charging Ports and Accessories
These are some of the parts that expose your EV to the risks that a typical two wheeler insurance may not cover:
- Battery failure or degradation
- Short circuits leading to fires
- Charger-related damages
- Water ingress affecting electric components
- Software malfunctions causing breakdowns
Must-Have Specialized Covers for Your EV Bike Insurance
When purchasing or renewing your insurance for an EV bike – and especially when you do so through a naive or ignorant broker – check it contains these essential covers:
- Battery Protection Cover: Covers the cost to repair or replace clothing damaged by electrical malfunctions, water damage, or accidents.
- Charger & Accessories Cover: This secures your home charging unit, portable chargers and cables from accidental damage, theft and fire.
- Open Circuit and Short Circuit Cover: Offers protection against electrical failures resulting from a defect or directly due to a defect of internal Electric Vehicle components.
- Own Damage Cover with EV Component Add on: Conventional OD policies can also exclude critical EV components. Make sure you get your policy specifically on motor, controller, BMS and all electronics.
- Roadside Assistance for EVs: Essential for EV riders! Receive services such as charging at the scene, towing to the nearest charging station or jump-start your battery.
- Consumable Cover for EV Bikes: Pays for costs related to, among other things, coolant, nuts and bolts, lubricants, filters, commonly utilized for the purposes of EV repairs.
Why EV-Specific Insurance is Gaining Popularity
As per industry data, almost 40% of new EV two-wheeler customers in metro and Tier-1 cities are currently choosing EV-exclusive covers.
- Public awareness of EV repair bills
- Increase in insurance claims for EV battery and electronics failures
- More insurance companies such as Bajaj Allianz, HDFC ERGO, Acko, ICICI Lombard etc operational with tailor-made EV plans
Benefits of Specialized EV Bike Insurance
- Peace of Mind: Guards against expensive battery or electrical system damage
- Better Claim Settlements: Quick sensible evaluation of claims for EV-specific damage(tuple)
- Save Money: Lowers out-of-pocket costs for components failures or charging accidents
- Comprehensive Coverage: Covers newly emerging risks associated with electrical vehicles.
Pro Tips Before Buying EV Bike Insurance
- Compare policies online through aggregators such as Policybazaar, Coverfox or Insurancedekho
- See if your insurance covers batteries as standard or as an extra
- Choose insurance firms that know the EV claims process_HELPER.
- Check policy wordings carefully for cover inclusions and exclusions on EV components
Final Words: Ride Electric, Insure Smart
Switching to electric is a major step in sustainable mobility. But don’t allow your green decision to become a money drain.
Before you put rubber on the road, you will also need to make sure your bike insurance covers the unique EV risks that people who’ve stuck with petrol-powered bikes don’t need to worry about.
Switching to electric? Insure smart and ride safe!