Electric Car Insurance

Electric Vehicle Insurance

A formal agreement between the insurer and the owner of an electric vehicle governs electric car insurance. It shields the owner of an electric vehicle from unforeseen events that could cause harm. It is suggested to acquire comprehensive electric car insurance for wider coverage, as it is required to purchase a third-party EV insurance policy.

The next big thing is going to be electric automobiles, and as more of them hit the market, more people will need insurance for their electric cars. Therefore, the purpose of electric car insurance is to offer financial support in the event that an insured person’s electric vehicle is damaged or lost unexpectedly.

BENEFITS OF BUYING ELECTRIC CAR INSURANCE

Even while you are already contributing to the reduction of pollution, it is still crucial to safeguard yourself against any unanticipated losses or harm. The following are some advantages of getting your electric four-wheeler covered by an EV insurance policy:

• Financial Security: You may feel secure about your finances by getting insurance coverage for an electric car because the insurer will cover any losses or damages to the vehicle on your behalf.
• Coverage Enhanced: Although purchasing a complete insurance coverage is up to the car owner, third party insurance is required. To obtain better coverage, it is advised that the owner of a car purchase a comprehensive insurance policy.
• Quick Damage Recovery: Insurance for electric vehicles allows you to get repairs done more quickly than usual. Because there are instances when you cannot pay the expense of repairs, having insurance can be quite helpful.
• Abiding by Law: The Motor Vehicle Act of 1988 mandates that all Indians have auto insurance. Hence, you stay above the law if you have an EV insurance policy.
• Peach of Mind: You can feel more at ease knowing that you won’t have to worry about unanticipated costs following a car accident when you get an electric car insurance.

HOW TO BUY INSURANCE FOR ELECTRIC VEHICLES ONLINE?

1. Visit the insurance broker website or download or install the mobile application.
2. Enter your vehicle’s registration number or select it from the car selector option.
3. Select your EV’s variant type and share a few details related to you and your previous policy.
4. Choose the plan and optional add-on covers that suit your requirements.
5. Pay the premium online and get the policy instantly into your inbox.

LIST OF ELECTRIC VEHICLE INSURANCE PLANS IN INDIA:

• Third-Party Car Insurance Policy: It is required by the Motor Vehicles Act of 1988 to insure your EV with this kind of coverage. You will be protected by this plan from legal responsibility for injuries or property damage to third parties brought on by your electric car. Be aware that this policy does not cover unintentional damage to your car.
• Comprehensive Car Insurance Policy: For your electric vehicle, this is the perfect auto insurance coverage. It provides Own Damage (OD) as well as Third-Party (TP) coverage. If riots, vandalism, floods, storms, accidents, etc. cause damage to your car, the insurance broker will cover the cost of repairs in accordance with the terms and conditions of the policy.

WHAT IS COVERED UNDER THE NEW E-VEHICLE COMPREHENSIVE POLICY?

Numerous features and advantages are included with comprehensive electric car insurance. The following circumstances are covered by the Comprehensive Plan in terms of losses or damages.

• Harm to another person or destruction of their property.
• Accidental damage to your vehicle.
• Damages to the car in fire or explosion.
• Accidental death or injury of the owner-driver.
• Natural disasters such as earthquakes, floods, storms, etc.
• Man-made disasters such as riots, vandalism, etc.
• Losses due to the theft of the vehicle.

WHAT IS NOT COVERED UNDER THE NEW E-VEHICLE COMPREHENSIVE POLICY?

• Damages due to electrical/mechanical failure.
• Damages due to regular wear and tear.
• Damages due to reckless driving.
• Driving your EV without a valid driving license.
• Driving your EV under the influence of alcohol or other intoxicating substances.

INSURANCE PREMIUM FOR THIRD-PARTY CAR INSURANCE POLICY

The highest authority overseeing the insurance industry in India is the Insurance Regulatory and Development Authority of India (IRDAI). For India’s legally required Third-Party Electric Car Insurance, IRDAI determines and publishes the prices for electric vehicle insurance.

The IRDAI has mandated a 15% reduction in third-party insurance premium prices for electric vehicles (EVs) in comparison to vehicles powered by gasoline and diesel. The cost of Third-Party Vehicle Insurance for private electric vehicles is displayed in the table below for both a one-year and three-year coverage.

ADD-ONS FOR ELECTRIC CAR INSURANCE

The Standard Comprehensive Plan’s coverage is improved by add-on covers. This is a list of common insurance add-ons for electric vehicles.

• • ROADSIDE ASSISTANCE COVER: Obtain emergency assistance services, including simple repairs, spare key retrieval, flat tire repair, and emergency towing.
  • ZERO DEPRECIATION COVER: Not take into account the parts’ depreciation when replacing them while settling claims related to the coverage.
  • RETURN TO INVOICE COVER: In the event that the EV is stolen or completely lost, the insurance broker will pay the vehicle’s invoice value rather than its insured declared value (IDV).
  • NO CLAIM BONUS PROTECTION COVER: The No Claim Bonus discount is safeguarded even in the event that you file a claim within the policy period. This implies that when you renew your policy, the premium amount will be discounted for you.
  • CONSUMABLES COVER: This add-on cover pays for the cost of replacing consumables like as engine and gearbox oil, screws, nuts, and bolts that aren’t covered by the Standard Comprehensive Plan.
  • KEY REPLACEMENT COVER: If the car key is lost, stolen, or broken, the insurance broker will replace it or cover the expense to have the lock set or key repaired.

• PERSONAL ACCIDENT COVER FOR PASSENGERS: In the event that your loved one passes away or is permanently disabled as a result of an unfortunate accident, the insurance broker will make up the difference.

HOW TO FILE A CLAIM FOR AN ELECTRIC VEHICLE?

STEP 1: Vist Insurance broker’s website or download the mobile app to access the account.

STEP 2: Answer a few questions about the damages and upload the photos of the damaged vehicle.

STEP 3: For minor damages, receive instant claim settlement in the form of on-account payment. For major damages, our team will pick your EV, repair it at a professional network garage and deliver it back to you in three days.

Frequently Asked Questions (FAQs) about Electric Vehicle Insurance:

Q1. What is electric car insurance, and why do I need it?
A1. Electric car insurance is a type of insurance specifically tailored to cover damages or losses associated with electric vehicles. It provides financial protection against unforeseen events like accidents or theft.

Q2. What types of insurance policies are available for electric vehicles?
A2. There are mainly two types: third-party car insurance, which is mandatory by law, and comprehensive car insurance, which offers wider coverage including damages to your own vehicle.

Q3. What does a comprehensive electric car insurance policy cover?
A3. Comprehensive insurance typically covers damages to your vehicle from accidents, fire, theft, natural disasters, and more. It may also include personal accident cover for passengers and roadside assistance.

Q4. What is not covered under an electric car insurance policy?
A4. Exclusions may vary, but generally, damages due to mechanical failures, regular wear and tear, reckless driving, driving without a valid license, or under the influence of intoxicating substances are not covered.

Q5. How can I purchase insurance for my electric vehicle online?
A5. You can visit insurance broker websites or use their mobile apps, enter your vehicle details, select a plan, add-on covers if needed, pay the premium online, and receive the policy instantly in your inbox.

Q6. Are there any discounts or benefits for electric vehicle insurance?
A6. In some cases, premiums for third-party insurance policies for electric vehicles may be lower than those for gasoline or diesel-powered vehicles, as mandated by regulatory authorities.

Q7. What are add-on covers, and why should I consider them for my electric car insurance?
A7. Add-on covers enhance the standard comprehensive plan by providing additional benefits such as roadside assistance, zero depreciation cover, return to invoice cover, and more, tailored to suit your needs.

Q8. How do I file a claim for damages to my electric vehicle?
A8. You can file a claim by visiting the insurance broker’s website or using their mobile app, answering questions about the damages, and uploading photos. Depending on the severity of the damage, you may receive instant settlement or have your vehicle repaired at a network garage.

Q9. What should I consider when choosing an insurance plan for my electric vehicle?
A9. Factors to consider include the coverage offered, premium costs, add-on covers available, the reputation of the insurance provider, and their claim settlement process.

Q10. Is it mandatory to have insurance for my electric vehicle?
A10. Yes, as per the Motor Vehicles Act of 1988, it is mandatory to have at least third-party insurance for all vehicles, including electric ones, to protect against legal liability for injuries or property damage to third parties.