In India, the market for electric vehicles (EVs) is picking up speed. In addition to being environmentally friendly alternatives to petrol and diesel cars, they might also be less expensive to maintain over time. Interested buyers may be concerned about where they can acquire adequate electric car insurance, given that the EV industry is still expanding in India.
To meet the diverse demands of individual buyers, manufacturers are creating several kinds of electric vehicles to keep up with the increasing demand. Several car insurance companies provide vehicle insurance for electric cars in response to the increased popularity of Electric Vehicles.
The electric car insurance policy provides financial protection for your vehicle against obligations such as accidental damage, fire, calamities, violent protests, robbery of the insured vehicle, and third-party incidents or damages to their property. This is similar to the car insurance policy for petrol and diesel vehicles. You may prevent out-of-pocket costs by selecting the appropriate protection for your electric vehicle.
How does Electric Car Insurance Work?
Electric vehicles are vulnerable to various possible losses and damages, such as those that may occur in the event of accidents, natural or man-made disasters, etc. Electric car insurance is a sort of motor insurance capable of protecting against these risks.
Electric vehicles are growing in popularity as they are affordable and eco-friendly. These automobiles are charged with electricity, much like your phone or laptop, in the same manner, that regular cars need gasoline or diesel as fuel.
Why Do Electric Vehicles Need Car Insurance?
The Motor Vehicles Act, 1988, mandates that any vehicle running on Indian roads must have third-party liability car insurance at the very least. The guidelines remain constant for electric vehicles as well. Here are some benefits of getting a comprehensive car insurance policy for your electric vehicle.
Prevent Liabilities to Third Parties
Your car insurance coverage will cover these responsibilities if an unfortunate circumstance arises in which you injure a third person or damage his/her property.
Steer Clear of Legal Sanctions
You won't face any legal hassle from the affected third party due to an accident involving your insured four-wheeler.
Reduce Costly Repair Bills
As the comprehensive cover includes own damage (OD) coverage, it covers a significant amount of the repair costs in the event of accidents, fires, natural disasters, riots, and theft-related losses. This implies that in case of these covered events, the car insurance company will pay for the losses.
Obtain Personal Accident Insurance
You get total financial compensation for unforeseen events like accidental death, physical injuries, or partial or whole impairments resulting from an accident with the legally required personal accident (PA) coverage.
You need to purchase this separately from a comprehensive plan, standalone own damage policy, or the third-party car insurance plan.
Interesting Thing About Electric Car Insurance
The IRDAI recently recommended the promotion of electric cars via incentives. This implies that third-party car insurance for electric vehicle owners in India will be 15% less expensive than other private vehicles. Additionally, several state governments have offered comparable tax benefits for the enrollment of electric or hybrid vehicles.
There aren't any specific car insurance plans for electric vehicles. But soon, specialized rules tailored to the growing demands for electric vehicles may come into force.
What are Electric Car Insurance Add-ons Available?
There are no unique car insurance add-ons for electric automobiles, just as with the other coverage. Except for the engine protection cover, all other car insurance add-ons are available that a standard car insurance policy may provide. These add-ons come at an additional premium.
How are Electric Vehicle Insurance Premiums Calculated?
You may get car insurance for two different forms of coverage. When it comes to own damage coverage, several variables are considered when determining the premium, and when it comes to third-party car insurance, the vehicle's cubic capacity.
Despite having no engine, EVs are classified into cc divisions for convenience. So, apply for a comprehensive car insurance policy that conveniently covers third-party liability and own damage expenses.
Conclusion
To summarize, electric vehicles are still a relatively new trend in the Indian automotive industry. Conventional hybrids, plug-in hybrids, and battery-operated electric cars are the three primary categories of electric vehicles (EVs). They are eco-friendly and provide several advantages. EV car insurance is required in India, just as for any other vehicle.
Additionally, there is no specific car insurance for electric vehicles. Nowadays, buying car insurance is relatively straightforward. You can analyze many car insurance providers, get quotations, figure out prices, get a new car insurance policy or renew your current policy with only a few clicks.
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