Owners of electric vehicles (EVs) must ensure they have sufficient insurance coverage as EVs become increasingly common in India. Because EVs and their parts differ from other cars, there are special considerations regarding insurance. The following are the top five considerations for Indian electric vehicle insurance.
- Battery Coverage
An electric vehicle’s battery is its vital component and accounts for a sizeable total cost. Verify that the pricey battery pack is covered by your policy to protect against unforeseen repair or replacement expenses in the event of damage, theft, or loss. To ensure you are adequately protected, review the terms and conditions. Claims are subject to terms and conditions set forth under the motor insurance policy.
- Specialised Network For Repairs
Choose an insurance company with partnerships with a specialised repair network that can handle repairs unique to electric vehicles. Your car will receive the ideal care possible if you have access to a qualified network, which will reduce downtime and guarantee high-quality repairs.
- Ascertain The Value That Is Insured
Determine the insured value of your electric vehicle precisely to guarantee comprehensive coverage. Consider elements like the car’s price, the battery, and any extra accessories or changes you have made. You can ensure that you have sufficient coverage against theft or total loss by estimating the overall value of your electric vehicle. As the car’s value decreases over time, it is essential to reevaluate the insured value periodically.
- Protection For Devices That Charge
If you have purchased an additional charging station or other equipment for your electric car, ensure your electric car insurance policy covers damage, theft, and liability issues. Check the coverage’s scope and make sure it meets your needs. Claims are subject to terms and conditions set forth under the motor insurance policy.
- Coverage For Personal Accidents
Verify if the driver and any passengers in the electric vehicle are covered for personal accidents under your insurance policy. Verify that the policy provides sufficient protection; if more is needed, consider obtaining it. Claims are subject to terms and conditions set forth under the motor insurance policy.
Further Things To Think About
No Claim Bonus (NCB): Find out if the insurance provider offers a concession on the premium for each year that an electric vehicle is registered without a claim. Claims are subject to terms and conditions set forth under the motor insurance policy.
Third-Party Liability: Verify that your electric bike insurance policy covers third-party liability. In the event of an accident involving another vehicle or piece of property, this coverage shields you from financial and legal obligations. All cars must have it to drive on Indian roads. Claims are subject to terms and conditions set forth under the motor insurance policy.
Government Incentives: Certain states or federal government programmes may provide exclusive advantages or lower insurance costs for electric vehicles. Utilise these to lower the cost of your insurance.
Select an insurance company that has partnerships with a specialised network that can handle repairs unique to EVs.
Verify whether your policy protects your specialised charging station from damage, theft, or liability issues if you have one.
Identifying the right insurance coverage for your Electric Vehicle (EV) is crucial for a seamless and secure driving experience. Consider coverage specifics, cost, and additional features tailored for EVs. Stay informed about the evolving landscape of electric vehicle insurance to ensure that your coverage aligns with the unique needs of sustainable mobility.
Standard T&C Apply
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.