The demand for electric vehicles is increasing rapidly in the country. The biggest reason for this is the rising price of petrol and subsidy on electric vehicles. From Bajaj to Hero, many companies have launched electric scooters in large numbers. Now that electric scooters and bikes have become popular among the masses, the importance of their insurance has also increased manifold.
In such a situation, it has become critical to know what coverage should be taken for one’s electric bikes/scooters. So let’s discuss various aspects of insurance policy for an electric scooter.
An e-scooter is similar to a bicycle in the eyes of the law. You can contact a good insurance agent of your acquaintance. He can tell you about the different types of insurance options available at your disposal. You can get information about road accident and other types of insurance as well. Apart from this, you can also take information from RTO office or insurance agent to add insurance related to third party accident. Notably, some insurers also offer coverage on the battery used in electric scooters.
Electric bikes/scooters can be insured under the same motor insurance plan as for third party or non-electric two wheelers with comprehensive coverage. Under third party insurance, compensation is given for the damage caused to any person or other person traveling on the road or to any property. The legal liabilities arising on the vehicle owner/driver due to any such accident is settled through this policy.
Under comprehensive coverage, you get five years of third party coverage, but only one year of coverage for yourself. Even if the Last Depreciation Value (LDV) of your vehicle is zero, you will still need to get third party insurance. 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.
Under third party insurance, there is no liability for any damage caused to the vehicle owner or the driver. Apart from this, the vehicle from which the accident took place, does not get any compensation for the damage caused.
(Follow Money9 for latest Personal finance stories and Market Updates)
The economy is recovering but GDP is expected to be only slightly larger than it was in pre-pandemic 2019-20.
The NIP will help augment India’s productive capacity, contribute to our overall growth and bring down the logistics costs, improving competitiveness
Diversification is key and should be followed for stable and steady returns in the long run.
There is a need to continuously facilitate trade and industry and provide thrust to the growth promising sectors of Indian economy.