Liberty Electric Car Insurance

Key Features of Liberty Electric Car Insurance

*Note: The actual coverage is subject to the applicable policy terms and conditions.

Types of Liberty Electric Car Insurance Policy

Liberty General Insurance offers the following types of car insurance options for EVs, depending on the protection you need:

1. Liberty Third-Party EV Insurance

   This policy covers your legal liability towards third parties for accidental injury, death or property damage caused by your insured electric car. Third-party insurance is mandatory for vehicles driven on Indian roads. However, it does not pay for damage to your own EV.

2. Liberty Standalone Own Damage EV Insurance

   Standalone Own Damage insurance protects your electric car against covered risks such as accidents, theft, fire and natural calamities. It can be purchased when you already have a valid third-party policy.

3. Liberty Comprehensive EV Insurance

   A comprehensive car insurance policy combines third-party liability protection with cover for damage to your own electric car. You can further customise and enhance your policy coverage with suitable add-ons, including Battery Protect and EV Roadside Assistance, where available.

Liberty Electric Car Insurance Premium Calculator

You can use the car insurance premium calculator to calculate your Liberty EV insurance premium online. Additionally, here is the formula to manually calculate it:

Comprehensive Insurance Premium = Own Damage Premium – (No-Claim Bonus + discounts (if any)) + Third Party EV Premium (fixed by IRDAI)

The IRDAI, or the Insurance Regulatory and Development Authority of India, decides third-party insurance premiums based on the EV's battery capacity. Here is a table highlighting the third party insurance rates for EVs:

*Disclaimer: (These premium prices decided by IRDAI are subject to change. For the latest rates, refer to the IRDAI's official website.)

Liberty Electric Car Insurance Add-Ons

You can enhance your Liberty EV coverage by opting for suitable add-ons in car insurance for an additional premium. Some of the most particularly add-on covers relevant to electric cars include.

1. Battery Protect

   The battery protect cover is an EV-focused add-on that covers eligible repair or replacement costs for the battery, drive motor/electric motor and certain other insured EV parts following specified events. These include unexpected power surge, water ingress and short circuit, among other insured risks.

2. Zero Depreciation Cover

   The zero dep cover eliminates the applicable depreciation deductions on the parts replaced or repaired following an accidental claim. It can be useful for newer electric cars where repair costs can be substantial.

3. Return to Invoice (RTI) Cover

   The RTI in car insurance is another important add-on cover that helps bridge the gap between the vehicle's IDV and its original invoice value (ex-showroom price + road tax + registration charges) in case of a total loss or theft claim, subject to the policy conditions.

4. 24x7 EV Roadside Assistance

   The roadside assistance cover for electric cars provides EV-specific emergency services like flatbed towing, 12V auxiliary battery jump-starts and emergency charging or transport to the nearest EV charging station.

How to Buy Liberty Electric Car Insurance?

You can buy electric car insurance online by the Liberty General Insurance through Policybazaar in a few simple steps:

• Step 1: Visit Policybazaar and select the 'Car Insurance' option.
• Step 2: Enter your EV registration number. For a new electric car, select 'Brand New Car.'
• Step 3: Enter your EV's make, model, variant, RTO and other required details.
• Step 4: Provide your existing policy details, including its expiry date and claim/NCB information, if applicable.
• Step 5: From the available car insurance options, select the Liberty policy.
• Step 6: Choose the add-ons you need, including applicable EV-specific covers.
• Step 7: Review the policy details and pay the premium online using the available payment options.
• Step 8: Once the payment is successful, your Liberty electric car insurance policy documents will be sent to your registered email address.

How to File a Claim Under Liberty Electric Car Insurance?

If your EV is damaged in an accident or other insured event, you can initiate the car insurance claim process of Liberty General Insurance by following these steps:

• Register the Claim: Provide the required details and register your claim to receive a claim reference or intimation number.
• Vehicle Inspection: The insurer will arrange an inspection or survey of the damaged EV, wherever required, to assess the loss.
• Submit Documents: Provide the required claim form and supporting documents, such as the policy details, RC and driving licence. Additional documents may be needed depending on the nature of the claim.
• Repair and Claim Settlement: After claim approval, you can get your EV repaired at a cashless garage near you, subject to the policy terms. For a reimbursement claim, the insurer will reimburse you repair expenses after verification of original bills/invoices.

Documents Required to Raise a Liberty Electric Car Insurance Claim

You generally need these documents when filing a claim under your Liberty car insurance:

• Duly filled & signed claim form
• Your Liberty EV insurance policy copy
• Registration Certificate (RC)
• Valid driving licence
• Claim intimation/reference number
• Police FIR, where applicable
• Repair estimate and bills
• Original keys, particularly for theft-related claims
• Other documents requested by the insurer based on the claim

FAQs