Insurance for Electric Vehicle (EV) In India

EVs are environmentally friendly as they reduce air and noise pollution. They protect the environment and hence we shall protect them as well. This article will help you protect your EV with insurance, understand its importance, what it covers, and how to purchase one.

These days EVs have become a lot more common due to the rising prices of petrol and diesel. Due to these rising prices, people prefer to switch to EVs and hence it is important to know about EV insurance as well.

What is an EV Insurance?

EV insurance is a tailor-made policy that considers the unique needs and risks of EVs. The EV insurance provides financial protection to your vehicle against common risks and damages. Below is the list of inclusions and exclusions in an EV vehicle.

Inclusions

• Battery Cover: EV insurance often provides coverage for any damage or problem with the battery. This is important as the batteries are an expensive element of the EV design.
• Charging Infrastructure: Charging EVs is simple but has its own risks. Certain things can go wrong while charging your car such as power surges which can cause damage to the charging station. The EV insurance covers the damage caused to the charging station in case of damage.
• Third-party Liability: This cover provides financial protection in case of damage to any third party ( vehicle, person, or property) due to an accident. Third-party liability cover is mandatory as per the government. 
• Comprehensive coverage: This cover protects your vehicle financially against risks including theft, damages caused due to accidents, damages due to natural hazards such as floods or cyclones, or man-made risks like vandalism and riots. Moreover, it includes all the third-party liability covers as well. 

On top of these, EV insurances come with many options in the face of add-on covers which allow you to add extra features enabling you to customise the policy based on your requirements.

Exclusions

There are certain scenarios where claims get rejected and it is due to the agreement which clearly states that under few circumstances there will be no claim. Below mentioned are the most common events where the claim is rejected by the agencies.

• If the driver was driving under the influence of drugs or alcohol and had an accident the claim will be rejected
• Normal wear and tear is not covered
• Any damage caused while the driver was driving without a valid driving licence
• Damage caused due to carelessness of the driver (overspeeding, breaking traffic rules, exceeding the people capacity of the car, etc.)
• Any damage caused outside the geographical area as decided in the agreement

Note: Before signing the agreement, you must always discuss the inclusions and exclusions in detail.

Why Purchase EV Insurance?

Electric cars are a new segment introduced in the market and they come with their differences and uniqueness from traditional petrol/diesel cars. Electric cars mainly rely on batteries which are expensive to repair or replace. Having EV insurance is always beneficial when it comes to repairing/replacing the battery in an EV as it provides you a financial cushion.

Moreover, getting insurance does not only provide financial protection against damages or repairs but also in case of an accident that causes death or permanent disability you can make a claim and expect a cash-out.

What to Consider Before Buying an EV Insurance?

The following are the factors to consider when buying EV Insurance:

• IDV: IDV is the maximum cost you can claim in case your car is stolen or damaged beyond repair. IDV should be carefully considered before purchasing insurance.
  Market value plays a huge role in defining the IDV, some insurance companies offer different IDV options based on depreciation over time. Also one should consider IDV-related add-ons like zero depreciation.
• Add-on Covers: Several add-on covers can be beneficial to you. The most popular is Personal Accident Cover which is mandatory as well. This policy provides compensation in case of permanent disability or loss of life due to an accident.
• Passenger Cover: Another such add-on is the Passenger Cover which extends the benefits of personal accident cover to passengers as well. Moreover, the Zero-depreciation add-on rules out the depreciation factor for claims for the first few years of the policy (depending on the insurance company).

How to Buy from InsuranceDekho?

You are already at the right place as “Insurance Dekho” is daily helping lakhs of people to select and purchase Insurance online. So far, we have insured over 50 lakh people with motor (car and bike) insurance.

Before you plan on purchasing a car insurance policy, make sure to keep the following documents handy: 

• Your registered mobile number on which you will be receiving an OTP for verification
• Your KYC details
• In some cases a scanned copy of your passport size photograph or a physical passport size photograph 

Once you have all the documents in place, follow these steps to buy your Car Insurance. 

Online Process 

Buying your car insurance policy online is simple and easy through InsuranceDekho. Follow these steps and buy your policy today: 

Step 1: Visit InsuranceDekho’s Website 

Visit the homepage for Car Insurance on InsuranceDekho. You will find a form on the page as soon as you land. 

Step 2: Enter your vehicle number e.g. DLXXABXXXX 

Fill out the form on your screen with your vehicle number, and check out the listed plans.

Step 3: Compare All Car Insurance Plans to Choose 

Compare all the plans mentioned on the Compare Plan Page, and select the desired Car Insurance from the menu as per your requirement.

Optional Step: Connect with An InsuranceDekho Advisor 

In case you have any queries or doubts regarding the car insurance plans listed or you want to know more details about a car insurer of your choice, you can choose the “Request a Call Back” option. An InsuranceDekho advisor will connect with you to proceed further. 

Step 5: Make Payment 

After you have made the selection, you can make the payment to purchase your car insurance policy. Note that an InsuranceDekho agent might get in touch with you post-policy purchase to check your overall experience and clear your queries if any. 

Purchase via Insurer Website 

Alternatively, you can also buy your car insurance from company websites. The process will remain similar to what’s mentioned in the steps above. 

Offline Process 

In case you are not comfortable with buying a car insurance policy online, you can also choose to buy the policy offline by contacting an InsuranceDekho advisor on call. Additionally, in case you require a home visit, we can send our relationship manager to help you in the buying process in the comfort of your home

Why InsuranceDekho?

InsuranceDekho is a bridge between you and the insurance company. We make sure all the information you need is easily accessible to you at the ease of your fingertips. We make your insurance purchase journey relaxing with our smooth online process making the application process more time-saving.

At InsuranceDekho we believe that serving our customers is the only priority we have and here is why we can deliver on our belief statement and give the best insurance solutions assistance to our customers:

•  Certified Broker: InsuranceDekho is an IRDAI-certified broker and has been working in the space of Insurance for 8+ years.
• Trusted Brand: We are a trusted brand from the house of CarDekho Group that has been in the space of motor and auto tech for more than 15 years.
• Comprehensive Offerings: We offer a comprehensive set of insurance ranging from motor, health, life & term, travel, investment, shops, etc.
• Vehicles Insured: We have insured over 50 lakh vehicles till now and respond to you promptly as our insurance advisors and relationship managers are there to assist you 24*7.
• Quick Assistance: We assist you in getting all your queries resolved from the insurers faster.
• Dedicated Claim Support: We have our dedicated claim support team to help you in your entire claim settlement journey and a dedicated team member will be assigned to you when you come on board.

Not only do we help you purchase insurance but, we will be there with you when you are looking to make a claim, renew your policy, and select or choose another policy. Our dedicated customer support team will act as a medium of communication between the insurer and you and be there until the claim decision is made.

The Nutshell Version

Electrical Vehicles also known as EVs are the latest on-road revolution we are witnessing. They have a tailored insurance called Electrical Vehicle Insurance which includes the basic coverage of third-party and comprehensive insurance policy which includes protection against theft and damages caused to third party or own vehicles due to multiple reasons but also has coverage which includes damage to batteries and charging stations.

Getting insurance online benefits you as it saves your time travelling, allows you to compare different policies and bundles at your comfort, and simplifies the overall process of your purchase.

FAQ’s

Ques. Is EV insurance different from car insurance?

Ans. No, but EV insurance does include covers that are necessary for an EV like covers for battery and charging station.

Ques. Is EV insurance expensive?

Ans. The cost of insurance depends on the IDV of your vehicle, the type of coverage you choose, and your driving history.

Ques. What is IDV?

Ans. IDV stands for Insured Declared Value. This determines the maximum amount that the insurance company will pay you if your car is stolen or damaged beyond repair. The premium is likely to be higher for a higher IDV, but the claim will also be much higher.

Ques. How is IDV calculated?

Ans. Many factors are taken into account in calculating a car's IDV such as its current market price, age, model, and condition.

Ques. How can I get an EV insurance quote?

Ans. InsuranceDekho provides you with all types of quotes online for you to compare and identify which one fits your expectations.

Ques. What is an Insurance quote?

Ans. Insurance quote is an estimated amount the company provides to be paid yearly for specific insurance.