The ideal car insurance for electric cars offers protection against a range of risks, such as unintentional damage, fires, natural disasters, civil unrest, vehicle theft, and harm or property damage to a third party.
You can purchase electric vehicle insurance online and use prompt claims processing and helpful customer service representatives. That being said, let’s gain a better understanding of insurance for electric vehicles.
Policies for electric vehicle insurance frequently offer extra benefits, like protection against harm done at charging stations and replacement coverage for misplaced charging cables.
The growing popularity of electric vehicles has led to an increase in the number of insurance companies offering specialised policies, thereby simplifying the process for owners to locate comprehensive coverage that suits their requirements. *
Depending on the car’s battery size, the Insurance Regulatory and Development Authority of India (IRDAI) has also established various premium rates for third-party insurance coverage. #
The regulator proposed a new plan for 2022–2023 that would lower insurance rates for electric and hybrid vehicles, with a 15% decrease for electric cars and a 7.5% reduction for hybrid vehicles.
The Advantages Of Insuring An Electric Vehicle
The following are some of the main advantages of purchasing the ideal car insurance for electric cars:
- Defence Against Third-Party Liabilities:
It is a crucial part of any full insurance coverage. It shields the policyholder from court cases and monetary losses resulting from the actions of a third party or their property. Therefore, electric vehicle owners need to ensure that their electric bike insurance policies provide enough coverage to shield them from any potential legal obligations. Claims are subject to terms and conditions set forth under the motor insurance policy. *
- Prevent Penalties:
Apart from offering protection against harm or injury inflicted upon a third party or their property, third-party liability insurance also shields the policyholder from fines associated with non-compliance with four-wheeler insurance regulations. The policyholder must ensure that their electric vehicle insurance plan is current to take advantage of this benefit.
- Prevent Repair Expenses:
It offers protection against losses brought on by theft, riots, fires, and natural disasters. The policy pays for a large percentage of the repair costs in the event of such incidents, which can be highly costly. Policyholders will feel more at ease knowing that their electric vehicle coverage from companies will lessen the financial burden of any damages.
- Personal Accident Cover: It offers policyholders full financial reimbursement in the event of an accident-related injury, disability, or unintentional demise. But it’s crucial to remember that comprehensive or third-party four-wheeler insurance plans do not include personal accident coverage, which needs to be obtained separately. Claims are subject to terms and conditions set forth under the motor insurance policy. *
The benefits of investing in electric car insurance extend beyond conventional coverage. Beyond safeguarding against road accidents, repairs, theft, fire, and natural disasters, it provides peace of mind to electric vehicle owners, ensuring financial protection against the unique risks associated with these innovative vehicles. With the evolving landscape of transportation, electric vehicle insurance not only meets regulatory requirements but also offers tailored solutions, fostering a secure and worry-free experience for owners navigating the roads of the future.
* Standard T&C Apply
# Visit the official website of IRDAI for further details.
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.