Electric Vehicles Are Cool; What About Insuring Them?

Electric Car Insurance: Your Questions Answered

Many automakers are preparing to introduce electric cars (EVs), and some have already begun selling them. Industry analysts predict that demand for these e-vehicles will see a steady rise in the upcoming years due to rising customer awareness and stricter emission regulations.

Experts contend that internal combustion engine vehicles are major sources of environmental pollution, leading to a growing necessity and desire for EVs. Electric vehicles, offering low or zero emissions and aligning with OEM (original equipment manufacturer) objectives, are a cornerstone of clean energy initiatives. There will be a tremendous demand for electric car insurance along with the rise of the EV market in the nation. Since it is mandatory to purchase a third-party EV insurance policy, it is advisable to purchase comprehensive electric car insurance for wider coverage.

Below are a few things to ponder while choosing an EV insurance plan to assist you in making the best choice.

  • Insured Declared Value:*^## The IDV is the sum that, if the electric vehicle is lost, you will be eligible to recover from the insurance provider. In both cases, a lower IDV translates into a lower premium. To avoid receiving a lower payout in the event of a future total loss claim, it is an important issue to consider when purchasing EV insurance. Additionally, this element becomes more important to take into account, given how much money an electric vehicle costs.     

^Claims are subject to terms and conditions set forth under motor insurance policy.

  • Coverage:* Checking the coverage features given by an electric car insurance policy is the most crucial factor to consider. An electric vehicle’s parts are relatively expensive, so you must get enough insurance to cover them. You will normally be protected from third-party liabilities and other own damages (OD) cover if you get a comprehensive insurance policy. In the event of mishaps, natural disasters, riots, fires, as well as losses as a result of theft, etc., OD coverage will help you avoid costly repair fees.      
  • Add-Ons:* By paying an additional price, these extra advantages can be included at the time an EV insurance policy is purchased to increase coverage. Within a comprehensive insurance policy, you can add supplemental coverage to your financial situation and needs.      
  • Premium:* When purchasing EV insurance, the premium is the second most essential condition to be considered. This is the sum that you must be paid to the insurance provider to use the coverage advantages of an EV policy in India that they have made available to you. Since the premium must be paid regularly, you must select insurance with a reasonable premium. To save money on insurance premiums, you should not sacrifice the benefits of the coverage, though.      
  • Claim Settlement Ratio:^ The CSR of an insurance company is a crucial component to consider as it discusses performance and how well an insurer handles claims. To maximise your coverage during a claim, choose an electric car conversion kit with a swift and straightforward claims process. *

^Claims are subject to terms and conditions set forth under motor insurance policy.

*     Standard T&C Apply

##     All savings are provided by the insurer as per the IRDAI-approved insurance plan. 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.

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