Thinking of buying an Ola electric scooter? Know which insurance policy you should buy for comprehensive protection


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Insurance for electric scooters: India is on the cusp of an electric vehicle (EV) revolution, including the two-wheeler segment with several new and old players already in the fray. According to a report by KPMG in association with CII, the penetration of electric two-wheelers in India is expected to reach 25-35% by 2030.

Recently, rideshare service provider Ola created a buzz by giving a preview of their Made in India electric scooters. While this two-wheeler has yet to be officially launched, registrations have started. Before Ola, several electric scooters launched by companies like Hero, Honda, Ather Energy, Bajaj, etc. quickly generate customer interest.

Electric vehicles are seen as the future of the country and most of the major automakers are striving to improve their offerings. A study by the Center of Energy Finance (CEEW) estimates that India’s electric automobile industry will reach $ 206 billion by the end of 2030. The government is also focusing on improving charging facilities across the country. country to give the necessary impetus to this environment. friendly transport.

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As scooters and e-bikes gain traction, insuring them has also grown in importance. Dhirendra Mahyavanshi, co-founder of Turtlemint (An InsurTech Company), said insurance plans for electric bikes / scooters were designed to provide comprehensive coverage, including the battery, which is an important part of the bike.

What are the insurance policies for electric bicycles / scooters?

Mahyavanshi told FE Online that generally all types of electric bikes and scooters can be insured under the same car insurance plans that are available for regular non-electric two-wheelers for one-third or full coverage. .

Since third party coverage is legally compulsory under the Motor Vehicle Act 1988, it covers third party financial liabilities incurred in the following cases:

  • If the electric two-wheeler causes the death of an individual
  • If the insured two-wheeler causes bodily injury to a third party
  • If the electric bicycle / scooter causes property damage to third parties

Full coverage

According to Mahyavanshi, for a new electric bicycle or scooter, third-party coverage should be taken for a mandatory period of 5 years.

Coverage under third party coverage is up to Rs 7.5 lakh for property damage. In the event of death and personal injury, however, coverage is unlimited.

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However, a comprehensive plan is recommended for e-bikes / scooters for the coverage offered as it covers mandatory liability as required by law as well as:

  • Damage to the two-wheeler due to natural disasters such as flood, lightning, earthquake, hurricane, cyclone, etc.
  • Damage suffered due to man-made calamities like fire, explosion, riots, malicious acts, etc.
  • Vehicle theft
  • Damage sustained during road, rail, air or sea transport


There is also a range of add-ons that you can opt for for the comprehensive two-wheeler protection policy. Mahyavanshi said popular add-ons include the following:

  • Non-amortization addition that eliminates the applicable amortization at the time of the claim and improves the payment of the claim
  • Roadside Assistance Supplement (RSA) which provides 24/7 assistance in the event of a breakdown
  • NCB protection supplement that protects the delivery without claim even in the event of a claim
  • Return on Invoice (RTI) add-on that pays the invoice value of the two-wheeler in the event of total loss or theft
  • The motor and gearbox protection add-on module covers all damage including rain and flood damage to the motor and gearbox of your e-bike.
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“If you go for full bundled coverage for a new electric two-wheeler, damages coverage would be available for one year, but third-party coverage would be 5 years. While the third party coverage would last 5 years, non-stop, you will need to renew your own damage coverage each year to enjoy uninterrupted coverage, ”said the co-founder of Turtlemint for comprehensive protection.

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