The automotive industry is in a transition phase of adapting electric technology for vehicles. Further, as reported in Financial Express, the penetration of the electric two-wheeler market is expected to reach 25% to 30% by the year 2030.
Among the different corporations that are leading the innovation in this electric vehicle space, Ola has created a buzz by launching Ola S1 and Ola S1 Pro starting just under a lakh. The range for both these scooters is over 120 km as per ARAI certification which tackles the range-anxiety concern for most buyers. If you are someone who has made up their mind to reserve one such Ola electric scooter, you also need to keep in mind the insurance requirements for it.
Despite it being an electric scooter, you need to register it with an RTO as well as purchase a two wheeler insurance
cover. This comes under the regulatory compliance associated with the Motor Vehicles Act of 1988, where all vehicles in the country must have at least a third-party insurance cover.
Third party bike insurance
ensures legal compliance and provides financial protection against liabilities that may arise on the policyholder. These liabilities may be as a result of death or bodily injury to a third person or even property damage. In all three situations, a third-party policy comes to the rescue. It compensates up to ₹7.5 lakhs for property damage, whereas the compensation in case of injury or death is decided by the tribunal. The only limitation in coverage that a third-party policy has is for the damages to your vehicle. Thus, a comprehensive policy is recommended in most cases.
A comprehensive plan provides coverage for legal liabilities as well as protection against own damage. During an accident, it isn’t only a third person that suffers damages and injuries. The rider also faces the same. With the help of a comprehensive insurance plan, these damages are covered by the insurance company. The damages can be due to flood, lightning, cyclone and other natural calamities, alongside human-induced events like riots, vandalism, and even theft.
Moreover, comprehensive plans also provide the facility to customise the coverage of your electric vehicle insurance, using add-on features:
- Zero-depreciation add-on is a popular cover that eliminates the impact of depreciation, which reduces the compensation during a claim.
- Another nifty add-on to consider is the 24X7 roadside assistance cover that can aid in times of vehicle breakdowns.
- NCB protection add-on is something you must consider to protect the no-claim bonus of your insurance plan.
- A return to invoice cover is where the invoice value of your vehicle will be compensated in the event of total loss or theft.
- Lastly, as electric vehicles are expensive, choosing an engine protection add-on can help with any issues that arise in the engine too.
* Standard T&C Apply
One thing you need to remember when buying a comprehensive insurance policy with add-ons is that it impacts the two wheeler insurance price
. So, make sure to keep in mind your budget and balance the features of the insurance cover. 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.