Employ These Tips While Buying Car Insurance For Electric Vehicles

Buyers’ attitudes toward electric vehicles (EVs) are beginning to shift in India due to an increase in the number of companies offering them for resale. 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 expenses are the primary contributors to the increased price of electric vehicles (EVs). The higher repair costs directly result from the advanced technologies integrated into EVs. 

Can you qualify for rewards on your insurance premium if you drive an electric vehicle? 

It has been mandated by the IRDAI (Insurance Regulatory and Development Authority of India) that insurance companies provide a reward on third-party motor premiums for electric vehicles. # 

What kind of coverage is recommended for an electric vehicle (EV) insurance policy? 

It is highly suggested to purchase a comprehensive insurance policy that sufficiently covers electric vehicles due to the more significant cost of parts and service charges associated with these vehicles. 

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. 
  • A comprehensive car insurance policy includes protection against third-party liabilities and other own damages (OD) cover. In the event of natural disasters, riots, fires, accidents, theft losses, etc., OD coverage can assist with paying hefty repair fees. 
  • A 0% depreciation cover is another valuable add-on for electric vehicles. Because of this, the claim amount made due to depreciation cannot be paid out, but the total damages may be paid out. 
  • In the event of an accident, having a personal accident policy can ensure that you are protected financially. It helps in the event of bodily damage, partial or complete incapacity as a result of an accident, as well as accidental demise. 
  • In addition, it is recommended that you bring additional coverings for specialised components like the battery. Various insurers can charge varying premiums for a variety of different add-ons. *

Is it required for owners of electric vehicles to have full coverage automobile insurance? 

According to the law, a comprehensive electric vehicle insurance 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 I get a reward on the insurance for my electric car? 

  • Do not file any claims, even if they seem insignificant, because doing so may hurt your chances of receiving a “no claim bonus.” It is highly recommended that you pay for the repairs of any minor damage. 
  • Please use the accrued no-claims bonus from your previous electric car insurance, provided it is available. 
  • Installing a gadget that prevents theft can earn you a further reward from your insurance provider. *

 * Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

# Visit the official website of IRDAI for further details.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. 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.