Have you bought a new electric vehicle? Here’s a quick guide to electric car insurance!

0

Electric cars are gaining traction due to their cheaper and environmentally friendly nature. While buying an electric car brings tons of benefits, you should also consider getting electric car insurance to protect your electric vehicle against a number of potential losses and damages.

Since the adoption of electric cars is still in its infancy in India, getting electric car insurance can be a bit tricky. This article explains how to get car insurance for your brand new electric vehicle. For more information, keep reading.

Why do you need insurance for your electric car?

Your financial security is the primary goal of electric car insurance coverage. It will come in handy in the event of an accident, if your electric car is destroyed by a natural or man-made disaster, or even if it is stolen.

Additionally, the Motor Vehicles Act 1988 states that any car you buy must be covered by insurance, specifically liability insurance. With this insurance, you are protected in the event that an accident involving your electric car causes damage to the person or property of a third party.

How much does electric car insurance cost?

Currently, a liability insurance policy for an electric car over 65 KW (Kilo Watt) costs around Rs. 6,707. It costs Rs. 2,738 for vehicles between 30 and 65 KW and Rs. which have less than 30 KW. Depending on the model and add-ons chosen, different insurers charge different premiums for comprehensive insurance policies.

Tips for getting electric car insurance

If you want to purchase electric car insurance, you may consider following the tips below:

The maximum compensation an insurance company will offer in the event of total loss or theft is known as the “Insured Declared Value” or IDV. Therefore, it is crucial to confirm that your insurance policy has the correct IDV set.

For full fonts, the IDV can be changed up to a predetermined limit. Don’t underinsure your electric car as this will force you to face loss in the event of theft or irreparable damage.

You must take out multi-risk insurance or civil liability insurance as a buyer. Liability insurance covers damage to third parties in addition to ensuring legal compliance. Comprehensive insurance, unlike third-party plans, provides coverage for both damage to your car and legal liabilities. Therefore, it is necessary to decide what type of electric car insurance you should purchase.

  • What add-ons should you take?

You can choose suitable add-ons that bypass some of the restrictions, such as capital cost allowance and engine protection coverage, in addition to purchasing a comprehensive policy for your electric car. While there are many add-ons available, good add-ons expand your insurance policy coverage.

  • How to save on electric car insurance?

Do not attempt to make small claims as this may affect your chances of getting a “No Claim Bonus”. In case of minor damages, you can consider paying for them out of your own pocket. You can also install an anti-theft device in your electric car as this will earn you an additional discount from the insurance company.

What does electric car insurance cover?

Electric car insurance essentially covers the following expenses:

  • Accidents: Damage and loss resulting from collisions and accidents.
  • Fire: Damage or loss resulting from accidental fire.
  • Natural disasters: If your car is damaged due to a natural calamity, such as floods, earthquakes, cyclones, etc., your electric car insurance will cover it.
  • Flight: Covers losses when your car is unfortunately stolen.
  • Third party losses: Covers loss and damage caused to any person or property of third parties.
  • Personal accident: In the event of a car accident resulting in the death or disability of the owner, the latter will be covered by electric car insurance.

The essential

The market for electric vehicles undoubtedly continues to grow. It’s important to research the best electric car available, but it’s equally important not to overlook insurance coverage for one. The appropriate insurance plan for your electric car should be chosen to avoid financial loss with the help of a thorough understanding of the policy.

Disclaimer: This article is a paid publication and does not involve any journalistic/editorial involvement of the Hindustan Times. Hindustan Times does not endorse/endorse the content(s) of the article/advertisement and/or opinions expressed herein. Hindustan Times shall not be in any way responsible and/or liable in any way whatsoever for anything stated in the article and/or also with respect to the view(s), opinion(s) ), announcement(s), statement(s), affirmation(s) etc., stated/presented in the same.

Catch all the trade news, market news, breaking news and latest updates on Live Mint. Download the Mint News app to get daily market updates.

More less

To subscribe to Mint Bulletins

* Enter a valid email

* Thank you for subscribing to our newsletter.

Post your comment

Share.

Comments are closed.