Electric automobiles are an environment-friendly alternative to conventional vehicles. There can be many advantages to driving an electric vehicle (EV) in the long run, including saving. While the cost of insurance for an electric vehicle may be a tad bit higher than that of a conventional gas vehicle, you should purchase electric car insurance for complete protection of your EV.
Due to our country’s early stage of electric vehicle adoption, finding affordable car insurance for one can be challenging.
Why is insurance required for an electric car?
Your financial security can be the primary objective of insurance for electric vehicles. It may be helpful in an accident, if a natural or man-made disaster damages your electric vehicle, or if it gets stolen. *
Every vehicle requires third-party liability insurance by law in every state, thanks to the Motor Vehicles Act of 1988. You may be covered if your electric car gets involved in an accident and someone else is hurt or their property is damaged. *
How much does insurance for an electric vehicle cost?
A current third-party insurance policy for an electric vehicle with a power output of over 65 KW (Kilowatt) might likely set you back around Rs. 6,707. Vehicles between 30-65 kilowatts (KW) might be priced at Rs. 2,738, while those under KW might cost Rs. 1,761. *
Different insurers charge varying premiums for comprehensive insurance coverage, depending on the selected model and add-ons.
Tips for purchasing electric vehicle insurance
Consider the following tips if you’re looking into purchasing insurance for an electric vehicle:
- Check the appropriate IDV: Its “Insured Declared Value,” or IDV, can be the most an insurer may pay out if there is total loss or theft. So, check your policy to make sure it has the right IDV. *
IDV can be changed within certain bounds for all-inclusive policies. Do not compromise on insurance for your electric vehicle, or you might be responsible for the loss in the event of theft or irreparable damage. *
- Choose the type of protection: As a vehicle owner, you can obtain a comprehensive plan or third-party insurance. In addition to ensuring legal compliance, third-party insurance provides coverage for third-party damages. *
Comprehensive insurance, in contrast to third-party plans, covers your vehicle and legal obligations. Hence, it may be vital to determine which form of electric vehicle insurance to get. *
- Add-ons to purchase: In addition to acquiring a comprehensive policy for your electric vehicle, there would be numerous accessible add-ons. Choosing only the correct ones as per need would likely expand your insurance policy’s coverage in the right manner. *
What does electric car insurance cover?
Usually, insurance for an electric vehicle may cover the following costs:
- Accidents: Damages and losses caused by crashes and other mishaps. *
- Fire: Damages or losses arising due to accidental fire. *
- Natural disasters: If your electric car gets damaged by floods, earthquakes, cyclones, etc., your insurance could pay for it. *
- Theft: This type of insurance pays for your losses if your car gets stolen. *
- Third-Party losses: Pays for any damage or loss you cause to a third party’s person or property. *
- Personal accident: If an electric car owner breathes his last in an unfortunate event or gets hurt in an accident, the insurance would pay for it. *
Although there may be a few challenges for electric vehicles in India, there may be no doubt that demand for electric vehicles may continue to rise. Even if you take the time to find the best electric car on the market, you should not overlook getting car insurance for it. Knowing the ins and outs of your electric car insurance policy may help you choose the right policy and avoid financial hardship.
* Standard T&C Apply
‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale. ‘