Electric vehicles’ popularity is growing due to their lower price and environmental friendliness. While there are many benefits of buying electric cars in India, you should consider getting electric vehicle insurance to safeguard your EV against potential losses and damages. *
Why Is Insurance Required For Electric Cars?
The main goal of electric car insurance is to protect your finances. It will be helpful in an accident, if a natural disaster or artificial calamity destroys your electric car, or even if it is stolen. In addition, the Motor Vehicles Act of 1988 requires purchasing third-party liability insurance for any car you buy. If an accident involving your electric vehicle damages a third party’s person or property, you are covered by this insurance. * Claims are subject to terms and conditions set forth under the car insurance policy.
Advice On Purchasing Electric Vehicle Insurance
The advice listed below may be taken into consideration if you want to purchase electric vehicle insurance:
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The Appropriate IDV
The “Insured Declared Value,” or IDV, is the highest amount of money an insurance provider will pay out in the event of a total loss or theft. Therefore, checking that your insurance policy has the proper IDV set is essential. The IDV may be modified for comprehensive policies up to a predetermined cap. Avoid underinsuring your electric vehicle to avoid having to bear the loss in the event of theft or irreparable damage.*
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Select The Cover Type
As a buyer, you must purchase a comprehensive plan or third-party insurance. In addition to ensuring legal compliance, third-party insurance covers third-party losses. Unlike third-party insurance, comprehensive insurance covers your car’s damages and legal obligations. Therefore, you must choose the electric vehicle insurance you should purchase. *
What Add-Ons Should You Purchase?
In addition to buying a complete policy for your electric car, you can select appropriate add-ons that get around some of the restrictions, such as the depreciation deduction and motor/battery protection coverage. The right add-ons can enhance your insurance policy’s coverage, even though many options exist. *
How Can You Save Money On Insurance For Electric Vehicles?
A “No Claim Bonus” may be affected if you attempt to raise small claims. It would help if you considered paying for any minor damages out of your pocket. Installing an anti-theft device in your electric vehicle will also get you a bonus concession from the insurance provider. ## *
What Is Covered By Insurance For Electric Vehicles?
The following costs are generally covered by electric car insurance: *
- Losses and damages caused by collisions and other mishaps.
- Losses or damages brought on by unintentional fire.
- Your electric car insurance will pay for damage to your vehicle that results from a natural calamity, such as a flood, earthquake, cyclone, etc.
- Covers the losses incurred when your car is regrettably stolen.
- This insurance covers losses and harm done to a third party’s person or property.
- The electric vehicle insurance will provide coverage if an accident results in the owner’s passing away or permanent disability.
Claims are subject to terms and conditions set forth under the car 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.
