Electric cars are more environmentally friendly and cost-efficient. The Indian government has launched many programmes to encourage the production and use of electric cars in the nation. A motoring revolution of this magnitude cannot occur overnight, and more people will soon be purchasing and using electric vehicles in India. Already, car makers are putting great effort into creating this totally new generation of vehicles representing the future!
What is Electric Car Insurance
The Electric vehicle insurance policy provides financial protection for your car against accidental damage, fire, natural calamities, riots, theft of the insured vehicle, and third-party injuries or damages to their property. This is similar to the motor insurance policy for petrol and diesel vehicles. Obtaining insurance coverage for an electric car might be a little bit tricky as they are not yet extremely popular in India. So in this article, we will provide you with all the relevant information.
Why Buy Electric Car Insurance
What may happen to your priceless electric car is impossible to foresee. These vehicles contain intricate technological and mechanical components that make them function well but can malfunction anytime. Having electric vehicle insurance may guarantee you drive your vehicle without any concerns and provide financial protection in the case of unintentional damage, fire, and theft. In India, obtaining third-party auto insurance is a must.
Benefits of Buying Electric Car Insurance
Let us discuss the benefits that EV insurance offers:
- Your insurance coverage will cover third-party responsibilities if an unfortunate circumstance arises in which you injure a third person or damage their property.
- You will get total financial compensation in the event of any unforeseen circumstances, including accidental death, physical injuries, or partial or whole impairments as a result of an accident.
- In fires, natural disasters, riots, and theft-related losses, the insurance provider will often pay a significant portion of the repair costs. This implies that you won't have to foot a high repair fee in the event of damage.
Coverage Under Electric Car Insurance
Electric car insurance comes with a few options that you can get entirely by buying a comprehensive car insurance policy. Before you buy any policy, take a look at the coverage options.
- Accidents: Losses and damages that may result from crashes and accidents.
- Theft: The complete loss provision of the EV car insurance policy will give coverage if a car is stolen.
- Fire: The insurance company will pay for necessary repairs if the automobile sustains damage from a fire accident. However, the EV vehicle insurance plan's complete loss provision will kick in if the automobile sustains greater than 70% damage.
- Natural Calamity: losses and damages to your vehicle due to natural disasters like floods, cyclones, etc., will be covered just like in a standard car insurance policy.
- Third-Party Losses: In situations where your vehicle causes losses and harm to another person's property or vehicle, it will also be covered.
Electric Insurance Premium
Electric car insurance premiums are higher for several reasons. Let us look at those reasons:
- An expensive battery with an expiration date powers an electric car, so the owner must replace it before it stops functioning correctly.
- Due to their weight, electric vehicles are more likely to crash and do more damage.
- Because of the high level of technology, maintenance and labour costs are high, which makes the electric vehicle premium expensive.
Electric Insurance Premium Calculator
Private electric vehicle insurance premium rates are determined by various elements, including kilowatt capacity, manufacture, model, and age. Take a look at the table below for more information.
Vehicle Type (Battery Power)
Premium for 1-Year Policy
Premium for 3-Year Policy
Less Than 30 kW
More Than 30 kW Less Than 65 kW
More Than 65 kW
How to Raise a Claim Under Electric Car Insurance
You may have peace of mind when you acquire an electric vehicle coverage since you won't have to worry about unanticipated costs that could occur as a result of a traffic accident. So how will you raise a claim if anything happens? Let us go step by step.
Step 1: First and foremost, let your insurer know about the event and the car's damage.
Step 2: You may take images of the wrecked car on your phone. This can be kept as evidence for later use.
Step 3: Start collecting the documentation you will need to submit with the claim form as soon as you tell the insurance company.
Step 4: The insurance company will send an inspector to compare the cost of repairs to the damages after contacting the insurance. Post inspection, the insured electric car will be sent to the network garage for repair.
Step 5: The insurance will immediately pay for repairing or replacing the electric car's damaged portion to the network garage after the claims procedure has started. In the event of a reimbursement claim, you will receive your money back following the repairs.
The government's vigorous efforts through its numerous implementation agencies has led to a fast expansion in the deployment of public EV charging infrastructure. So buying an electric vehicle and then ensuring the exact vehicle is important.
Question: - Can I get insurance for an electric car in India?
Answer: - Electric vehicles can be insured in India. Electric cars must have at least the legally required Third-Party Insurance Plan.
Question: - How do electric vehicles operate?
Answer: - Electric cars that run on rechargeable batteries, rather than petrol or diesel fuel, power electric automobiles and vans, often known as EVs. A charging cable hooked into a power outlet at home, or a public charging station can be used to charge them.
Question: - How much does insurance for electric vehicles cost?
Answer: - Aside from factors like location, model variation, and EV age, the cost of the vehicle determines the cost of all motor insurance plans. You may assess the cost of insurance for electric vehicles by using the auto insurance premium calculator for additional information.
Question: - How can I find the right insurance company for my EV car?
Answer: - You must evaluate the services offered by the insurer and how quickly it can resolve claims if you want to cover your electric car with the best insurance provider.
Question: - Which type of insurance is best for your electric car?
Answer: - A comprehensive car insurance is typically advised since it offers wider coverage. Additionally, because electric vehicles are a little more expensive, it is advised that you choose insurance that will thoroughly cover it.