Buyers’ thoughts toward electric vehicles (EVs) are beginning to shift in India due to an increase in the number of companies offering them for sale. Every month, more electric cars are sold, which raises the question of what kind of electric car insurance policy should be purchased. The following answers cover most inquiries received regarding insurance for electric vehicles.
Does the cost of insuring an electric vehicle increase?
The answer is yes; comprehensive insurance premiums for electric vehicles are significantly more expensive than gasoline or diesel-powered cars. The cost of battery replacement and higher servicing costs are the primary contributors to the increased price of electric vehicles (EVs) or electric car conversion india. The higher repair costs directly result from the advanced technologies integrated into EVs.
If you drive an electric vehicle, do you qualify for any rewards on your insurance premium?
It has been mandated by the IRDAI (Insurance Regulatory and Development Authority of India) that insurance companies provide a reward of 15% on third-party motor premiums for electric vehicles.
What types of coverage are recommended for an electric vehicle (EV) insurance policy?
It is highly recommended to purchase a comprehensive insurance policy that adequately covers electric vehicles due to the higher costs of parts and service charges associated with them.
Which add-ons is one supposed to purchase?
Add-ons are supplemental benefits that may be included in an insurance policy in exchange for a higher monthly premium payment.
Protection against third-party liabilities and other own damages (OD) covers are part of a comprehensive insurance policy’s coverage. In natural disasters, riots, fires, accidents, theft losses, etc.,OD coverage can assist with paying expensive repair bills.
A zero-depreciation cover is another valuable add-on for EV policy india. Because of this, the claim amount made due to depreciation will not be paid out, but the total damages will be paid out. In the event of an accident, having personal accident cover will ensure that you are protected financially. It helps in the event of bodily injuries, partial or complete incapacity as a result of an accident, as well as accidental demise.
In addition, it is recommended that you bring additional covers for specialised components like the battery. Different insurers can charge different premiums for a variety of additional add-ons.
Is it required for owners of electric vehicles to have full coverage automobile insurance?
According to the law, a comprehensive plan is optional in any way. Nevertheless, it is an excellent choice because it shields the policyholder from various financial responsibilities that may arise from accidental damage. In addition to this, it includes everything that is included in a separate plan.
How can one gain rewards on the insurance for their electric car?
Do not file any claims, even if they seem insignificant, because doing so will hurt your chances of receiving a “no claim bonus.” It is highly recommended that you pay for the repairs of any minor damage.
Use the accumulated no-claims bonus from your previous automobile insurance policy, provided it is available. Installing a device that prevents theft can earn you a further reward from your electric car insurance provider.
* Standard T&C Apply
# Visit the official website of IRDAI for further details.
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.