Even the most careful riders can find themselves in a bad situation on the road. So, taking an insurance policy for bikes is a good way to get financial coverage in case of unforeseen events. Also, buying third-party two-wheeler insurance for e-bikes is mandatory by law. So, you need to buy a policy to get coverage for all third-party liability expenses.
However, if you happen to meet with an accident and your bike gets damaged, a third-party insurance policy will not cover the expenses of bike repair. You need a comprehensive or own damage cover in bike insurance to manage this financial loss.
What is Covered under Third-Party Insurance?
Third-party insurance offers coverage against the expenses of third-party liability. It includes the following:
Third-party vehicle damage: If your bike damages a third-party vehicle, a bike insurance third-party plan will cover the financial burden incurred due to the damages.
Third-party bodily injury: If an accident caused by you injures a person travelling in another vehicle, standing, or walking on the road, this insurance will cover the expenses.
Third-party property damage: If your scooter damages any third-party property due to an accident, a third-party two-wheeler insurance will cover the financial loss.
Legal expenses: Third-party vehicle insurance covers you against legal expenses that you get dragged in due to an accident.
Personal accident cover: You also get a personal accidental benefit under all third-party bike insurance coverage.
Limitations of Third-Party Bike Insurance
Third-party insurance is a must for riding an e-bike. However, it may not provide you with enough coverage that you desire from an insurance policy. Let us explore what limitations a third-party insurance policy for bikes comes with.
Limited Coverage
A two-wheeler bike insurance only covers the financial loss caused to a third party. So, if your own e-bike gets damaged due to an accident, the insurance policy will not cover the losses due to repair or replacement of parts.
No Coverage for Theft or Natural Disasters
Third-party two-wheeler insurance does not cover financial losses caused due to bike theft. It also doesn’t cover damages to your bike due to natural disasters.
No Add-Ons
Third-party bike insurance does not allow you add-on benefits. It means that in case your e-bike breaks down while riding, your insurance will not cover roadside assistance.
Why Should You Go for Comprehensive Bike Insurance Your for E-bike
A comprehensive bike insurance plan comes with a lot of benefits. Let us explore some of them.
Extensive Coverage
A comprehensive bike insurance policy offers coverage for damages or injuries to third-party as well as your own e-bike. You will not be required to bear the burden of financial expenses due to accidental damage.
Coverage for Theft and Natural Disasters
Comprehensive bike insurance covers your financial loss caused due to e-bike theft or damages caused because of natural disasters. So, you can have peace of mind knowing that your e-bike is protected.
Personal Accident Cover
Comprehensive two-wheeler insurance also covers your medical expenses caused due to bike accidents. You will not need to pay for the medical bills on your own. It will be paid via the bike insurance policy.
Add-Ons for Extra Protection
A comprehensive bike insurance plan also allows you to buy add-on plans to ensure extra protection. You may choose to have roadside assistance, zero depreciation cover, or personal accidental cover.
What to Consider Before Buying Insurance for Your E-bike
Before you buy third-party two-wheeler insurance, you must consider a few aspects to ensure maximum benefits from your policy. Let us explore them.
Age of Your E-bike
If you purchase a new e-bike, then opting for comprehensive bike insurance will ensure adequate protection for your e-bike. However, if your e-bike is a few years old, then you may simply go for third-party insurance.
Usage of Your E-bike
If you use your e-bike for a regular commute, then choosing a comprehensive insurance policy is a good choice. You will get adequate coverage in case of an accident or injuries while riding the e-bike.
Budget
Know your budget before choosing a 2-wheeler insurance online. You may also visit the office of the insurance provider to buy a plan. You should be comfortable paying the premium of the insurance so that you do not end up being a defaulter.
Conclusion
Buying a third-party bike insurance policy is necessary for riding your e-bike as it is mandatory for legal compliance. However, it may not offer you the required coverage. In this case, you may go for comprehensive bike insurance or own damage bike insurance to ensure sufficient coverage from damage or financial loss.
