Gone are the days when owning electric cars was too bizarre for Indians. After the price hike of petrol and diesel, many find electric cars highly beneficial. However, the first and foremost thing that concerns electric car buyers after their purchase is car insurance.
Suitable car insurance is necessary to ensure its protection against unfortunate events. It covers the cost of damages and accidents related to the car in exchange for regular premiums. Having car insurance is a must regardless of the kind of vehicle it is, personal or commercial. There are two types of car insurance in India: third–party liability insurance cover and comprehensive car insurance cover.
Third-party car insurance covers the cost incurred due to the damages done to the third party's vehicle, person, or property. On the other hand, comprehensive car insurance covers the damages done to the insured car and any third-party car insurance.
Let's look at the benefits of purchasing car insurance for electric cars.
Benefits of e-car Insurance
E-cars are becoming quite popular in India as they’re not only environment-friendly but will also save you a lot of money otherwise spent on fuel. Therefore, getting car insurance for your e-car is a must if you want the utmost security. Below are some of the top car insurance benefits you need to know.
Third-party Liability Protection
If an accident occurs where the car owner has caused damage to the third-party property or injury to a person, the car insurance will have the liabilities covered.
Third-party e-car insurance is mandated under the law. This means you can avoid penalties while riding by getting the insurance policy for your e-car.
Protection Against Personal Accidents
If you get the personal accident (PA) cover along with your e-car insurance, you will get a comprehensive cover during accidents resulting in bodily injuries, total/partial disabilities, and even death. You will find this in the ‘add-on’ covers while choosing your car insurance plan online. Remember, you must buy this PA with your car insurance plan to get all the benefits.
Avoid Expensive Repair Bills
If you opt for comprehensive car insurance, you will get more benefits than third-party car insurance. The comprehensive insurance includes cover for own damage (OD), meaning that if you ever face accidents due to natural calamities, fire, riots and even theft, the insurance will have you covered to an extent. You will not have to pay expensive repair bills if you opt for comprehensive insurance for your e-car.
Long-term Policy Saves You from Hassles
After deciding whether to buy a comprehensive or third-party car insurance policy, you may determine the policy term. Generally, car owners purchase policies with one-year validity. However, you can buy a 3-year long-term e-car insurance policy online.
A long-term car insurance policy reduces your liabilities since you do not have to remember to renew your policy every year. Moreover, you can get handsome discounts on long-term policies.
Read more - Factors to Consider Before Choosing a Long-term Comprehensive Policy
Things to Consider Before Purchasing an e-Car Insurance Policy
While the benefits of car insurance for electric vehicles are too many, you must evaluate the following factors to get the best deal:
Insured Declared Value (IDV)
IDV in car insurance is the maximum amount the insurer pays if a vehicle gets stolen or damaged in an accident, natural or man-made calamities. Since the purchase price of electric vehicles is usually higher than petrol or diesel vehicles, the IDV must be enough to cover your car’s value if something unfortunate happens.
Insurers generally provide many feature-rich add-ons with standalone and comprehensive e-car insurance policies. Some car insurance add-ons you may consider are the roadside assistance cover, zero depreciation cover, no-claim bonus protection cover, etc.
Check whether your insurer provides a cashless facility or not. The cashless facility ensures you don’t have to pay anything from your pocket if you need to repair your vehicle. This facility is, however, available only at the network garage of the car insurance company. Check the list of such garages online or on your policy manual you may have received offline and visit the nearest one should a vehicle damage claim arise.
Electric cars are slowly making their way in India, and more and more car enthusiasts are moving towards electric cars now that the fuel rates are increasing. Plus, electric cars are much more environmentally friendly, so, in a way, the owners will be contributing to a greater cause by investing in an e-car.
To get the best car insurance in India, experts highly recommend purchasing car insurance online for electric cars. On Paytm Insurance's official website, you can calculate the premium rates using the car insurance premium calculator.
Read more - All You Need to Know About Electric Car Insurance