What Is Insurance For Electric Vehicles?
Electric vehicles are set to be the next big thing, and as their market share rises, so will the number of individuals buying insurance for them. Therefore, electric car insurance provides financial assistance in the event that the policyholder’s electric car sustains an unforeseen loss or damage.
Advantages of Purchasing Electric Vehicle Insurance
- Financial Security: Buying an electric car insurance coverage will give you financial security because the insurer will take care of the costs for any loss or damage that may be caused to the car that occurs on your behalf.
- Enhanced Coverage: A car owner is advised to purchase a comprehensive insurance policy to receive better protection.
- Rapid Damage Recovery: If you have electric car insurance, you can get the damage fixed more quickly than usual. In those cases where the cost of repairs surpasses your financial capacity, your insurance coverage will step in to save the day.
- Mandatory By Law: According to the Motor Vehicle Act of 1988, acquiring a car insurance policy in India is necessary.
Inclusions
- Road Accidents: The insurance company will take care of any loss or damage that may arise due to a traffic collision.
- Replacement and Repair: The insurance provider will pay for you to replace and repair the damaged part of your electric vehicle.
- Automobile Theft: If an automobile is stolen, the insurer will offer coverage under the total loss provision of the auto insurance policy.
- Fire: If the car is damaged in a fire accident, the insurance company will take care of the costs for the repairs. However, if the car suffers more than 70% of the damage, the insurance for electric vehicles plan’s total loss clause will take effect.
- Natural Calamity: If the loss or damage to the car is caused by one of these calamities, such as a flood, typhoon, earthquake, etc., the insurance provider will cover it.
- Third-Party Liability: According to the Motor Vehicle Act of 1988, it is required to acquire a third-party insurance policy, which covers third-party liability resulting from a motor vehicle accident.
Exclusions
- Own Damage: Your electric car will not be covered for damages if you do not have a comprehensive insurance plan. *
- Drink and Drive: If the driver operated the vehicle while intoxicated when the collision caused the damage, the insurer would not give coverage.
- Driving Without a License: If the car’s driver was operating it without a license at the time of the collision, the insurer will not pay for the loss or damage.
- Consequential Damage: If there is a loss or damage to the car that was not caused by a collision with another object or vehicle while it was being driven, the insurer will not pay for it.
- Lapse Insurance Plan: Failure to renew your insurance policy promptly could result in a lapse in coverage. The insurer won’t offer any coverage once the insurance policy expires.
A car insurance calculator is an easy-to-use tool to calculate the car insurance premiums you would have to pay.
* 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.
