Insurance For Electric Vehicles (EVs)
EVs are high-tech machines that require additional protection above and beyond third-party liability insurance. Therefore, a comprehensive electric vehicle insurance policy is more appropriate because it protects the insured vehicle from all risks, significantly beyond damages and losses brought on by events other than collisions.
For the ideal security and financial protection level, comprehensive insurance is recommended for EV owners.
Electric Vehicle Insurance In India
Unquestionably, EVs—or electric vehicles—have dominated the automotive industry in 2022. If the buzz in the industry is any indication, the fascination with electric cars appears to be here to stay even in the upcoming year. According to industry reports, the Indian EV market will grow at 40–49% CAGR. [1] The remarkable increase in recent EV sales amply demonstrates the rising acceptance of this sustainable mode of transportation as the future of mobility.
How To Properly Insure Your EV Is As Follows:
So, the following advice will help you fully insure your electric vehicle:
• Choose The Proper IDV
Insured Declared Value, also known as IDV, is the maximum fixed sum assured an insurance company provides in case of a complete loss or theft. As a result, having the proper IDV set is crucial when buying an electric vehicle policy. The IDV is primarily constrained to a predetermined policy limit in the case of comprehensive policies, though.
• Pick The Appropriate Add-Ons
A comprehensive insurance for electric vehicles plan has the additional benefit of making it feasible to add several extras to the base coverage. Although these are more expensive, adding them cancels out your costs. Therefore, these are a few crucial ones:
• Roadside Assistance
This is useful if your vehicle breaks down. Thus, with this rider, the insurance company will offer assistance such as scheduling a mechanic, towing the vehicle, providing an alternate mode of transportation, etc. *
• Zero Depreciation Cover
When you take off with it from the dealer, your car starts losing value. After the first year, it has lost anywhere from 20% to more than all of its initial value. Because of this rider, the insurance company will settle the claim amount without considering the depreciation on different car parts. The payable claim amount will therefore increase if bumper-to-bumper coverage, as it is known, is included. *
• NCB Coverage
An insurance company will reward you with a no-claim bonus (NCB) if you take good care of the insured vehicle. The policyholder benefits from each year without a claim by receiving appealing concessions or lower premiums when purchasing or renewing the insurance. ## *
• Opt For A Comprehensive Policy
A comprehensive electric vehicle insurance policy is ideal for new car owners, as it safeguards against incidental damages and third-party liabilities. Furthermore, electronic vehicles use entirely new operating technology; thus, having this policy will protect you from damage or theft.
A vehicle insurance calculator is a convenient tool you may utilise online to check the amount of coverage needed based on your requirements.
* 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.