Car Insurance For EVs
Updated On Oct 18, 2023
Car Insurance For EVs
Table of Contents
In India, the market for electric vehicles (EVs) is beginning to pick up speed. They may also be cheaper and easier to maintain over time than gasoline and diesel vehicles, in addition to just being greener options. India's EV industry is still expanding, therefore, prospective buyers could be apprehensive about how to locate adequate insurance for electric vehicles. To meet the diverse demands of individual purchasers, automakers are creating several types of EVs to keep up with the expanding demand. To find out more on car insurance for EVs, read on.
What Is The Need For Car Insurance For EVs?
Following are the factors that emphasise on the need for insurance for EVs -
- Fines - You will be shielded from fines for failing to maintain the required Third-Party Liability Cover under the Comprehensive Plan.
- Repair Costs - The Comprehensive Cover covers a significant portion of the repair costs in case of any unforeseen event. This implies that in the event of plan-covered damages, you will not be responsible for paying a high repair fee.
- Personal Accident Cover - With the legally mandated Personal Accident Coverage (PA), you obtain complete monetary compensation for unexpected events resulting from an accident. Please be aware that this must be purchased individually with the Comprehensive Plan or the Third-Party Insurance Plan.
What Are The Types Of Insurance Plans Available For EVs?
Following are the types of Insurance plans available for EVs -
- Third-Party Insurance - The 1988 Motor Vehicles Act stipulates that you have this coverage in place for your EV insurance. You will be protected with this coverage against legal regulations arising either of property damage or third-party injuries caused by your electric vehicle. Also, it’s important to note that this coverage does not cover car damages caused by accidents.
- Comprehensive Car Insurance - This is the perfect auto insurance plan for your electric car. Your insurance company will cover the price of repairs if your car is damaged in unexpected events. In accordance with the terms and conditions of your policy.
What Kind Of Add-Ons Are Available For EVs?
Following are the types of add-ons available for EVs -
- Roadside Assistance Cover - Get services like urgent tow, tire puncture repairs, small maintenance, key recovery, etc. for emergencies.
- Outstation Emergency Cover - Your insurance company will pay the sum specified in the add-on policy in the event that a breakdown or accident occurs outside of a 100 km range of your home and the repairs require longer than 12 hours.
- Consumables Cover - This add-on insurance pays for the cost of replacing car consumable components that aren't covered by the Standard Comprehensive Plan.
What Are The Benefits Of Buying Car Insurance For EVs?
Following are some of the benefits of buying car insurance for EVs -
- Financial Coverage - Buying an electric vehicle insurance coverage will give you financial coverage since the insurer will cover any loss or damage to the vehicle that occurs on your behalf.
- Enhanced Coverage - Third-party insurance must be purchased, however the decision to get comprehensive insurance is up to the automobile owner. To gain greater coverage, it is advised that the automobile owner get such a comprehensive insurance policy. You may always increase the coverage by purchasing add-ons from the insurer, but you will need to increase your premium.
- Damage Recovery - One can have the damages repaired more quickly than normal if you have electric vehicle insurance. There are occasions when the expense of repairs exceeds your ability to pay, and that's when an insurance plan steps in to rescue the day.
Electric cars (EVs) have substantially caught up in sales as a result of the Green India Mission's efforts to increase awareness of the environmental effects of conventional vehicle use. These cars are thus becoming more prevalent on the roadways gradually but progressively.