Electric Car Insurance : A Comprehensive Guide

Everything You Need to Know About Electric Car Insurance:

Electric Car Insurance: A Comprehensive Guide

Introduction:

Flaunting an electric vehicle has become a new trend worldwide, and India is no exception. Electric cars are gaining significant momentum in the market, thanks to their numerous benefits. These vehicles are not only low maintenance and easy to drive but also noiseless and cost-effective, especially considering the rising fuel prices.

Moreover, electric cars contribute positively to the environment. However, once you purchase an electric car, it’s crucial to consider its insurance.

In this comprehensive guide, we will provide an overview of everything you need to know about electric car insurance.

Understanding Electric Car Insurance:

As the demand for electric vehicles continues to grow at an unprecedented rate, automobile manufacturers are introducing various types of EVs to cater to different buyer requirements. With different models come different insurance options.

Similar to motor insurance policies for diesel and petrol vehicles, electric car insurance policies offer exceptional financial protection for your car against all liabilities. By selecting the appropriate coverage for your electric car, you can prevent unforeseen expenses. This is the essence of electric car insurance.

>> Know more : Student Credit Cards: #1 Comprehensive Guide.

Types of Electric Car Insurance Plans

In India, there are generally two types of insurance policies available for electric cars:

a) Third-Party Car Insurance Policy:
According to the 1988 Motor Vehicles Act, it is mandatory to hold electric car insurance under this policy. The third-party policy provides insurance coverage against liabilities incurred due to third-party damage, injuries, or damage to their property caused by your electric vehicle.

It’s important to note that accidental injuries and damages are not covered under this policy.

b) Comprehensive Car Insurance Policy:
This insurance policy is an excellent choice for any individual. It offers both own damage (OD) cover and third-party (TP) cover. In the event of damage to your vehicle due to collisions, floods, accidents, riots, storms, or vandalism, your car will be covered under the comprehensive policy.

Advantages of Electric Car Insurance:

Here are five key advantages of insuring your electric car with a comprehensive insurance policy:

a) Safeguard against Third-Party Liabilities:
Your insurance policy covers liabilities in situations where you are responsible for injury or damage to third-party property. The policy covers the costs incurred for repairs.

b) Prevention of Law-Mandated Penalties:
The comprehensive policy includes the mandatory liability cover stipulated by the law, protecting individuals against non-compliance penalties related to car insurance.

c) Avoidance of Hefty Repair Bills:
The comprehensive cover includes own damage (OD) facility, which covers a significant portion of repair bills. This means that individuals do not have to bear substantial expenses for repairs covered by the policy.

d) Obtain Personal Accident Cover:
With the optional personal accident (PA) cover, you can receive financial compensation for bodily injuries, accidental death, total/partial disabilities, and other uncertainties resulting from an accident. It is important to note that this add-on must be purchased separately from the chosen insurance plan.

>> Know more : Star Health Insurance Reviews: Perfect Review

e) Coverage under the Electric Vehicle Comprehensive Policy:
The comprehensive car insurance policy provides coverage for the following circumstances:

Damages to your vehicle in an accident
Third-party injuries
Damage to third-party property
Damage to the car in case of explosion and fire
Natural calamities, including storms, floods, earthquakes, etc.
Injury of the owner and accidental death
Losses incurred due to theft
Man-made disasters such as vandalism and riots

Cost of Electric Vehicle Insurance:

Generally, the cost of electric vehicle insurance is slightly higher compared to conventional petrol and diesel vehicles. This is primarily because the insurance price is based on the value of the vehicle, and electric vehicles have higher price tags than internal combustion engine-powered cars.

Conclusion:

In conclusion, it is essential to consider various factors, terms, and conditions of an insurance policy before making a decision. Remember that different companies offer different insurance benefits, costs, and features. Therefore, it is important not to solely focus on the cheapest premium available.

Cheaper premiums may not provide the desired level of policy coverage, such as personal accident cover, breakdown cover, legal cover, or the level of voluntary excess. It is crucial to make well-informed and wise decisions when selecting an insurance company for your electric car.

We hope this article has helped you find the perfect information. I think you got an answer of your question related “EV Car insurance“. If you have any questions or feedback, please feel free to leave a comment below. Don’t forget to share with your loving one, for their reference.

Happy infolipsing!

>> Know more: Student Credit Cards: #1 Comprehensive Guide.