The demand for electric vehicles (EVs) is slowly increasing in India. As well as being an environmentally friendly alternative to petrol and diesel vehicles, they can also be cheaper to run in the long run. As the electric vehicle market continues to grow in India, potential buyers may have doubts as to where they can find the Best Insurance for EV Cars.
Best Insurance for EV Cars
To meet the growing demand, car manufacturers are developing different types of electric vehicles to meet the different needs of private buyers. With the wider adoption of electric vehicles, new-age insurance companies are offering car insurance for electric cars.
Similar to the car insurance policies for gasoline and diesel vehicles, the Electric Vehicle car insurance policy provides financial protection for your vehicle against liability such as accidental damage, fire, natural disasters, riots, theft of the insured vehicle, and injury or damage to third parties. Property By choosing the right coverage for your electric vehicle, you can avoid out-of-pocket expenses.
Why There Is Insurance For The Electric Cars?
Here are the benefits of looking at your electric car with a full insurance policy.
1. Protect Against Third-Party Liabilities
In the event of an unfortunate situation where you have caused injury to a third party or damage to third-party property, your insurance policy will cover these liabilities.
2. Avoid Law-Mandated Penalties
As the comprehensive plan includes legal liability coverage, you will be protected against auto insurance non-compliance penalties.
3. Avoid Expensive Repair Bills
Since comprehensive coverage provides personal damage (OD) coverage, it covers a large portion of your repair bill in the event of an accident, fire, natural disaster, riot, and loss due to theft. This means you don’t have to pay a costly repair bill if there’s damage covered by the plan.
4. Get a Personal Accident Cover
With the statutory Personal Injury (PA) coverage, you get full financial compensation against the uncertainties such as accidental death, bodily injury, or partial or total disability due to an accident. Please note that this must be purchased separately with the liability insurance plan or the comprehensive plan.
List Of Electric Vehicle Insurance Plans In India
There are especially 2 types of insurance policies currently available in the market of India.
1. Third-Party Car Insurance Policy
The Motor Vehicle Act 1988 makes it compulsory to ensure your electric vehicle with this policy. With this plan, you will be insured against liability arising from injuries to third parties or damage to their property caused by your electric vehicle. Please note that accidental damage to your vehicle is not covered by this policy.
2. Comprehensive Car Insurance Policy
This is an ideal car insurance policy for your electric vehicle. Offers both Third Party Damage (TP) and Personal Damage (OD) coverage. In the event that your vehicle is damaged due to riots, vandalism, floods, storms, accidents, etc., they will bear the repair costs according to the terms and conditions of the policy.
What is Covered Under the Comprehensive Policy?
Comprehensive electric car insurance includes many features and benefits. The comprehensive plan covers damage or loss resulting from the following situations.
- Injury to third parties or damage to their property.
- Damage to your car in an accident.
- Damage to the car in the event of fire or explosion.
- Accidental death or injury of owner-driver.
- Natural disasters such as earthquakes, floods, storms, etc.
- Manmade disasters such as riots, vandalism, etc.
- Losses due to the theft of the vehicle.
What is Not Covered Under the Comprehensive Policy?
1. Damage due to an electrical or mechanical failure.
2. Damage due to normal wear and tear.
3. Damage due to careless driving.
4. Driving an electric vehicle without a valid license.
5. Driving your electric Vehicle under any influence of alcohol or other intoxicating substances.
Need For Electric Car Insurance Policy
Here are some of the major reasons why you must buy a car insurance policy at the earliest if you do not already have one.
- Legal Mandate: The Motor Vehicle Act governs the laws relating to motor vehicles The law requires all vehicles to have auto insurance to be driven legally on public roads. If you do not do this, the traffic police can punish you with heavy fines. A more recent amendment to the law now requires a three-year liability policy for every new car purchased.
- Third-Party Liability: Auto insurance almost always consists of minimum liability In the event of an accident involving other drivers, pedestrians, or property, you will have to pay for the injuries or damages out of your own pocket. However, with liability insurance, you don’t have to worry about any financial or legal liability.
- Protection Against Damages: In the event of an accident, your car could also be at the end of an Anyone with some experience in the auto repair business knows that they don’t come cheap. If the damage to your car is due to your mistake or someone else’s mistake, a car insurance policy will pay for the repairs.
- Personal Accident Cover: Car insurance regulations additionally provide private coincidence cover for the insured. This factor comes into the picture if the insured passes away after a coincidence or incurs permanent The nominees of the coverage will get hold of the sum confident that may provide a few financial helps to the family.
Best Insurance for EV Cars is essential whether you drive a gasoline, diesel, methane, or electric car. For a small additional fee, you can purchase Future Incident Protection. To help consumers choose electric vehicles, IRDAI has updated the country’s electric vehicle policy premium. A liability policy for an electric vehicle will now have a 15% discount on similar cars to non-electric vehicles.
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This post was originally published on September 29, 2022.