Keep These Factors In Mind Before Buying Your First EV Insurance

Keep These Factors In Mind Before Buying Your First EV Insurance

Electric vehicles are now more common on our roads than ever before, especially as the EV policy India is to make the country a major electric vehicle market by 2030. Industry analysts predict that as consumer awareness rises and stronger pollution laws are put in place, the popularity of e-vehicles will continue to grow.

Despite being more expensive than ICE vehicles, electric vehicles have many advantages. E-cars, for instance, make no noise and do not pollute the environment. Most importantly, they enable fuel and diesel cost savings. However, as the cost of the car increases, so do the costs associated with protecting an electric vehicle. Let us read on to know more about electric car insurance.

Important things to consider while purchasing EV insurance include the following:

  • Choose insurance based on the cost of the car: Before buying insurance, one should ascertain the cost of the vehicle for which coverage is being acquired. Based on the actual value of the vehicle, insurance should be chosen. You also need to consider the battery capacity, the software and the different features that are given in the car which escalate its cost.
  • Special features of e-vehicles: Vehicles that run on electricity operate differently from those that do not. As a result, take into account these unique challenges before buying an electric car insurance Standard electric vehicles can go between 160 and 241 kilometres before their batteries need to be recharged.

Most electric vehicles require between five and ten hours to charge fully. Experts advise buying the proper warranty items to cover losses in order to cover electrical failures of the battery, power supply unit, electronic, and mechanical components.

  • Add-on coverages:When buying insurance, be mindful of the insured declared value (IDV) or the maximum sum assured set by the insurer provider and the current value of the vehicle. Also, consider the type of policy you are going to choose and whether add-on options are available. Check out the company’s track record, history, cashless option, and Claim Settlement Ratio*.
  • Insurance with the zero-depreciation add-on:Zero-depreciation add-on coverage* is advantageous because these cars are expensive to maintain and buy. During a claim, the insurance provider estimates the car’s depreciation value, which is then deducted from the claim’s total. Thanks to the zero-depreciation add-on cover, you can obtain the claim money from the insurance company without any depreciation deductions.
  • Separate add-on for battery costs: Modern technology is used to create these EVs, necessitating expert mechanics. It is advised to have separate add-on covers because batteries and specialised parts have high costs. While add-on coverage is necessary for an electric vehicle, add-ons like engine protector*, which are provided with full coverage auto insurance, may vary due to the distinctions between battery-powered and conventional gasoline vehicles. All of the following should be viewed as optional covers: loss due to battery leaks, battery charger, transportation of the car, and giving on-the-spot assistance.

*Standard T&C Apply.

Take away

Even though they are more expensive upfront than cars, there are potential long-term benefits of buying electric cars in India. Since buying an EV can be a costly one-time investment, consumers should consider getting insurance for the eco-friendly automobile to protect both their car and themselves from any financial damages in the event of an accident involving the covered vehicle.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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