Electric cars also need insurance policies. However, EV insurance is generally more expensive than usual insurance for ICE vehicles. Let us help you choose a good Electric Car Insurance.
The EV market is seeing rapid growth in the Indian market. Almost every major brand is now offering electric car options in varied segments. This includes Mahindra, Tata, Hyundai, MG, and more. Since the running cost of EVs is less than ICE versions, many Indian customers are opting for this option. However, there is some skepticism about upkeep and other maintenance aspects in the long term. Additionally, electric car insurance is slightly different from insurance for ICE vehicles. For example, the EV insurance is based on the power output of the vehicle.
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Electric Car Insurance
Currently, the EVs are more expensive than petrol and diesel cars in the Indian market. Since replacing or repairing EV parts can be quite costly, electric vehicle insurance comes at a premium price. You might have to pay a little extra each year for electric car insurance renewal. Still, it is important to have electric car insurance as it offers financial security against unfortunate incidents like theft, unintentional damage, fire, riots, natural disasters, and third-party injuries or property damage. Let us help you decide on an appropriate Electric Vehicle Insurance that can prevent out-of-pocket costs.
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EV insurance is Costlier
Insured Declared Value (IDV) is the most money you can get in the event of any damage or total loss. Since electric cars are more costly than ICE vehicles, they come with a high IDV. The cost of auto insurance increases with IDV. Also, the insurance premium depends on the vehicle’s power output. This means that an electric automobile with more power output will attract a higher premium than a less-output vehicle. Additionally, add-ons and accessories might also affect the premiums.
Another reason for electric car insurance being more expensive is the difficulty in obtaining spare parts. The repair or replacement cost of a battery or motor also adds to the extra cost of EV insurance. Also, only certified mechanics can fix EVs. The number of specialists in EV mechanics is still significantly lower than those for petrol and diesel cars. While EV price tag and insurance are more costly, electric cars are expected to be more affordable in the long run.
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Things to Know While Purchasing EV Insurance
Make Sure You Get A Good Insured’s Declared Value (IDV)
Different insurance companies offer different IDVs for your car. To protect yourself from financial costs in case of an accident, you choose the maximum IDV you can get.
Select A Comprehensive Plan
Before purchasing an insurance plan, it is important to have a clear understanding of the coverage you will get. Comprehensive insurances cover both the damages to the car and the related legal costs. It is advisable to choose this option as it is a simple solution for suitable protection.
Take Add Ons If Possible
While getting car insurance, you can also get cover for more elements of your vehicle. These additions are called insurance add-ons. In the case of electric cars, insurance add-ons can safeguard home chargers, portable chargers, key protection, and more. You can also get roadside assistance.
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Conclusion
As the EV infrastructure develops in India, electric cars are bound to get more popular. The healthy growth in the EV segment indicates that more and more Indian citizens are picking up on the advantages of EVs in daily life. If you are looking to purchase an electric car, information about electric car insurance can be of huge benefit and offer a smooth ownership experience.
