A Quick Car Insurance Guide for Electric Car Owners

Due to the soaring fuel prices and the deteriorating environmental factors, more and more people are switching to electric vehicles. Since these cars are electrically powered, they do not emit dangerous emissions that pollute the environment. India is witnessing an all-electric future when it comes to vehicles, with more and more options being made available in the market. The Indian government aims to reduce its carbon footprint by introducing electric vehicles. The Indian government has also introduced e-AMRIT, a portal that aims to create awareness through electric vehicles in India. If you’re planning to purchase a brand-new electric vehicle, then you should be aware of the insurance plans. You should also know that under the Motor Vehicles Act, the government has made it mandatory for internal combustion (IC) cars to have electric car insurance.

Since there is no specialized insurance cover for electric vehicles, here’s a guide to help you choose the best insurance plan for your electric vehicle.

Type of Insurance Cover

There is no specific insurance plan offered for electric cars. Hence, if you are planning to buy an electric car, you should either purchase a third-party insurance cover or go for a comprehensive insurance plan.

The government has made it mandatory to have a third-party insurance cover. A third-party car insurance cover ensures legal compliance and also offers coverage for any damages or injuries caused to the third-party person. Moreover, it will also cover any legal liability that arises due to an accident where a third-party person is injured or third-party property is threatened.

Comprehensive car insurance plans, on the other hand, provide coverage for both legal liabilities and damages to your car. If your electric car requires any repair, a comprehensive car insurance policy will cover it. You can also enhance your insurance coverage by choosing add-ons over time.

  1. Ensure the right insured declared value (IDV): Insured Declared Value or IDV is the maximum compensation that will be provided by your insurance agency in case of theft or total loss. Hence, you need to ensure that the IDV or maximum compensation decided for your car is right and satisfactory. One can also alter the IDC within a specific range of comprehensive insurance policies. Make sure that you do not set yourself up for future losses by under-insuring your electric car. You will have to bear losses in such cases if your electric car is damaged beyond repair or has faced theft.
  1. Select the right add-ons: If you are looking for a comprehensive car insurance policy, then you will be able to choose suitable add-ons. These add-ons could help you overcome some limitations, such as dedication to depreciation and motor protection coverage. There are many add-on options available. Although you need to identify the right one that can help enhance your policy’s scope.

Why Should You Purchase Car Insurance for Your EV?

A car insurance policy is very important to keep you financially and legally secure. Here are some more reasons why you should buy an insurance plan for your car today!

  •  Legal requirement: The Motor Vehicles act of 1988 has made it mandatory for vehicle owners to at least have a third-party insurance plan. This was legalized since if anyone gets into an accident, the victims will be compensated adequately.
  • Own vehicle damage coverage: On some occasions, it might be the case that the insurance holder is at fault for causing an accident. In such a case, you will be liable to make heavy expenses to repair your car against any damages. You might even get physically injured. If you do not have robust car insurance, you are setting yourself up for future surprise losses. Moreover, electric cars are usually more valuable than fuel-based cars. A car insurance policy will also provide you coverage against theft and damage caused by natural or manmade factors such as floods, earthquakes, or violent riots.

Why are Electric Vehicles Gaining Popularity?

You might have seen a newly electric rickshaw, an electric bike or electric cars emerging on the road in more numbers recently. Electric vehicles are making an entry in many metropolitan cities and gaining popularity. Why and how is an electric car different from a fuel-based car, and why is it a better choice? Here’s why

  • One-time investment: Although electric cars are expensive, it is a one-time investment. You can save money on fuel by buying an electric car since electricity is much cheaper than petroleum or diesel. Moreover, electric cars can also be powered by natural sources. You can now set up solar panels in your house to charge your electric vehicle and bid farewell to expensive fuel refills.
  • Noiseless: An electric car barely makes any noise while it’s being driven. They do not contribute to any noise pollution, and it feels much more peaceful without the constant noise of the engines.
  • Pocket-friendly maintenance: Traditional vehicles require frequent maintenance checks and repairs. Changing engine oil, ensuring unadulterated fuel, etc., takes up too much of your time and money. By switching to an electric car, you need not have to worry about such issues since an electric car runs solely on electricity. The brakes of an electric car also are of high quality and do not need changing, unlike a conventional fuel-powered car. Since the maintenance cost is low, you are less likely to make any insurance claims. This will help you in collecting a no-claim bonus for your car insurance price when you renew your car insurance policy.
  • Environment friendly: Electric cars do not emit any harmful greenhouse gasses and do not contribute to global warming or pollution. An electric car is an environmentally friendly choice.

The bottom line is that electric cars are expected to take over the market. However, there’s no specific car insurance policy designed solely for electric cars, yet. You should at least get a third-party insurance policy or a comprehensive car insurance policy to avail the benefit of add-ons. Save the environment by making a conscious choice. Electric cars will also help you save money and time required for the maintenance and upkeep of a fuel-powered car.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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