Now that electric vehicles (EVs) are becoming more trendy in India, more and more people are switching to eco-friendly EVs. While purchasing an EV is a wise decision toward sustainability, getting the appropriate electric car insurance is equally important. Electric vehicles possess distinct components and greater upfront expenses, which can dramatically influence your insurance requirements.
Here's a complete guide to help you find the best motor vehicle insurance policy for your electric vehicle.
Why Electric Car Insurance Is Different
In contrast to conventional petrol or diesel vehicles, electric cars are equipped with sophisticated technology like lithium-ion batteries, intelligent sensors, and onboard software. These components increase the cost of repairs and necessitate expert services, all of which affect your insurance premium and coverage.
Hence, one must look past the simple motor insurance checklist when choosing electric car insurance.
1. Coverage Type: Comprehensive Over Third-Party
Most of the time, when ensuring an EV, a comprehensive policy is a better option. While third-party motor vehicle insurance is mandatory by law and does cover one for damage caused to others, it does not cover any damage to your motor vehicle or loss.
Comprehensive motor insurance for electric vehicles usually covers:
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Own damage cover
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Third-party liability
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Protection from theft, natural events and man-made disasters
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Protection against danger from fire and accidental damage
2. Battery Protection: A Must-Have
The battery is one of an electric vehicle's most expensive and sensitive components. Replacing or fixing it may be expensive. Battery protection add-ons, available from some insurers, specifically cover battery damage, degradation, or failure caused by electrical malfunction or water ingress.
Before concluding your electric car insurance, ensure that battery-related problems are included in the standard policy or as an add-on.
3. Roadside Assistance (RSA)
EVs are prone to running out of battery charge or software malfunctions. Having 24/7 roadside assistance under your insurance policy means you're not stuck in the middle of the road. Most insurance companies have EV-specific RSAS that help you find the nearest charging point or service centre.
4. Insurer’s Network and Service
Electric cars must also be serviced at specialised centres by qualified technicians. Just make sure your insurer has deals with EV-certified garages and authorised service centres. This allows cashless repair and hassle-free claims.
Additionally, opt for an insurer with a reputation for speedy claim settlements and fast processing, since this can greatly relieve emergencies.
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