Purchased New Electric Vehicle? Here’s A Quick Guide For Electric Car Insurance! – EQ Mag Pro
Since the adoption of electric cars is still in its nascent stage in India, getting electric car insurance can be a little bit tricky. This article explains how to purchase car insurance for your brand-new electric vehicle.
Electric cars are gaining traction due to their less expensive and environmental-friendly nature. While buying an electric car brings tonnes of benefits, you should also consider getting electric car insurance to protect your EV vehicle from a number of potential losses and damages.
Since the adoption of electric cars is still in its nascent stage in India, getting electric car insurance can be a little bit tricky. This article explains how to purchase car insurance for your brand-new electric vehicle. For more information, keep reading.
Why Do You Need Insurance For Your Electric Car?
Your financial security is the primary purpose of electric car insurance coverage. It will be useful in the event of an accident, if your electric car is destroyed by a natural disaster or man-made calamity, or even if it is stolen.
Moreover, the Motor Vehicles Act of 1988 mandates that any car you buy must be covered by insurance, more specifically third-party liability insurance. With this insurance, you are protected in the event that an accident involving your electric car causes harm to a third party’s person or property.
How Much Does An Electric Car Insurance Cost?
Presently, a third-party insurance policy for an electric car with more than 65 KW (Kilo Watt) costs about Rs. 6,707. It costs Rs. 2,738 for vehicles with 30-65 KW, and Rs. 1,761 for those with less than 30 KW. Depending on the model and add-ons chosen, different insurers charge different premiums for comprehensive insurance policies.
Tips For Buying Electric Car Insurance
If you wish to buy electric car insurance, you may consider following the below-mentioned tips:
Set The Right IDV
The maximum compensation an insurance company will offer in the case of a total loss or theft is known as the “Insured Declared Value,” or IDV. As a result, it is crucial to confirm that your insurance policy has the appropriate IDV set.
For comprehensive policies, the IDV may be changed up to a predetermined limit. Don’t underinsure your electric car because doing so will force you to face the loss in the event of theft or damage that cannot be repaired.
Decide The Type Of Cover
You must get a comprehensive plan or third-party insurance as a buyer. The third-party insurance provides coverage for third-party losses in addition to ensuring legal compliance. Comprehensive insurance, in contrast to third-party plans, offers coverage for both your car’s damages and legal responsibilities. Therefore, it is necessary to decide which type of electric car insurance you should buy.
What Add-Ons Should You Take?
You can choose appropriate add-ons that get around some of the restrictions, such as the deduction for depreciation and coverage for motor protection, in addition to purchasing a full policy for your electric car. Although there are many add-ons available, the right add-ons expand the coverage of your insurance policy.
How Can You Save Money On Electric Car Insurance?
Don’t try to raise small claims as it can affect your chances of getting a “No Claim Bonus”. In case there are minor damages, you can consider paying for them from your own pocket. You can also install an anti-theft device in your electric car as this will fetch you some extra discount from the insurance company.
What’s Covered In An Electric Car Insurance?
Electric car insurance basically covers the following expenses:
Accidents: Damages and losses arising out of collisions and accidents.
Fire: Damages or losses arising due to accidental fire.
Natural Calamities: In case your car is damaged due to a natural calamity, such as floods, earthquakes, cyclones, etc., your electric car insurance will cover it.
Theft: Covers the losses when your car is unfortunately stolen.
Third-Party Losses: Covers the losses and damages caused to any third-party individual or property.
Personal Accident: In case a car accident leads to the death or disability of the owner, it will be covered by electric car insurance.
The Bottom Line
The electric vehicle market is expanding further without any doubt. Researching the greatest electric car available is important, but it’s as important that you don’t skip over the insurance coverage for it. The appropriate insurance plan for your electric car should be chosen to prevent financial losses with the assistance of a thorough grasp of the policy.
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Source: livemint
