Everything About Car Insurance for Electric Vehicles
Updated On Oct 17, 2023
Electric vehicles are emerging to be a reliable vehicle of transportation and travel in Indian markets. They possess multiple benefits like less noise, low maintenance, convenient driving, avoiding fuel prices hike, better environment. Rather than obtaining energy via fuels like petrol or diesel, the eclectic cars run on batteries. The government supports the purchase of electric cars and the car insurance is necessary for electric vehicles just like any other vehicle. Read the article below to find out more about insurance for electric vehicles.
Electric cars work on batteries rather than fuels like diesel, petrol, or CNG. Electric cars have one or more electric motors which receive power through batteries. The batteries used in electric cars are rechargeable. The main vehicles that run on batteries in India are electric cars, e-bikes, e-bus, e-autos, e-pick up, and e-motorcycles. Electric cars can save up to 7 times the cost of conventional cars. In addition, these cars are environmentally friendly as they are known for their zero contribution to air pollution and cause no harmful emissions. The insurance of electric cars is as compulsory as any other motor vehicle. Electric vehicles have 3 basic categories:
Types of Electric Vehicles
Conventional Hybrids- These types of cars have an engine that runs on petrol along with an electric motor that runs on rechargeable batteries. Here the engine uses the gasoline to recharge the batteries of the car which increases its overall fuel economy.
Plug-in Hybrids- These types of electric cars are also known to run on both types of energy. However, the plugin hybrid type has a larger and more powerful battery which charges from an external source.
Battery-Electric Vehicles- This type of vehicle runs only on electricity and has no alternative source of power. This makes these types of vehicles the most eco-friendly, however, it only runs for a shorter distance.
Need for Electric Vehicle Insurance
Car insurance is necessary for all vehicles whether electric or fuel-based vehicles. The insurance covers you from all the liabilities arising due to an accident that involves your car. The need for electric vehicle insurance is discussed below-
Indian citizens are legally bound to hold third-party car insurance to be able to drive on public roads. This compulsion is under the Motor Vehicle Act, 1988. Driving without insurance is considered to be a violation of the law and the driver of the vehicle is liable to pay a penalty or fine.
Covers own damages
An accident can lead to serious damages to the car and the repairs are expensive nowadays. Having a car insurance policy can offer the maximum financial help in such hours of contingency. The insurance covers you against damages caused by accident, act of violence, natural calamities, etc. A comprehensive insurance policy also safeguards your vehicle from any theft.
Just like with all regular car insurance policies, your electric car insurance policy is entitled to get third-party insurance, which is mandated by law. You can also opt to buy third-party insurance separately if you are not willing to buy a comprehensive car insurance policy covering all emergencies. Third-party insurance safeguards the damages occurred to the third-party vehicle, personal injury, or personal property.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.