Essential Add-ons to Boost Your Electric Car Insurance Coverage

You've made the smart move to go electric, helping to build a greener environment and driving smoothly and quietly. Yet, just as your EV (Electric Vehicle) has its unique components & features, it is susceptible to certain risks not covered by a conventional electric car insurance policy. That is where it becomes crucial to select the right electric car insurance add-ons strategically. This article explains why you should consider these add-on covers with your EV insurance policy, along with some tips to increase your EV’s lifespan and ensure its optimum performance.

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Why is Electric Car Insurance Important?

With growing environmental concerns worldwide, the demand for green mobility is at an all-time high. Auto manufacturers are increasingly developing different types of electric vehicles to meet the diverse needs of car buyers. Consequently, insurance companies have also geared up to curate EV-specific insurance models.

Electric cars have advanced batteries, sophisticated electric systems, and even the subtleties of charging infrastructure, which create a different set of intricacies and higher repair costs than ICE (Internal Combustion Engine) vehicles.

Electric car insurance provides you with the essential financial protection in case of any unfortunate incidents. It covers accidental damages, natural or man-made calamities, theft, fire, riots, as well as third-party injuries or death, and damages to third-party properties.

Choosing the right electric car insurance provides car owners with peace of mind and helps them avoid out-of-pocket expenses, thereby ensuring a flawless EV ownership experience.

Top Electric Vehicle Cover Add-ons to Consider

Just like a standard car insurance policy for conventional vehicles, electric car insurance add-ons also incur extra premium amounts. You can customise your EV insurance policy with the following add-on covers to meet the specific requirements of your vehicle. Have a look:

1. Zero Depreciation Cover

   Imagine your electric vehicle has an accident, and it requires a replacement headlight or even a more comprehensive part. Under a standard EV policy, your insurer will include depreciation - the loss of value due to age - so you will not get the total price of the replacement.

   However, the Zero Depreciation add-on will ensure you get reimbursed for the full cost of part replacement in a claim without deducting depreciation. This is very helpful for EVs whose components tend to have relatively higher costs, so you won't have to pay out of your pocket at all.

2. 24 X 7 Roadside Assistance

   Car breakdowns may happen to anyone, anywhere. However, for EVs, the circumstances may differ. Suppose you get stuck with no charge or experience a slight electrical fault in the middle of the road, the roadside assistance add-on will come in handy.

   For EVs, this add-on cover does not stop at towing. It encompasses services such as emergency battery charging through portable chargers, coordinating for towing to the closest charging port, and assistance with other EV-related mechanical or electrical concerns, available to help you at any time and any place.

3. Electric Motor Protection

   Unlike ICE cars, EVs are equipped with advanced electric motors and key electrical components that are central to their functionality, and replacement of such components is extremely expensive.

   The motor protection add-on offers coverage for damages to these sophisticated systems from accidents by short circuits, water damage (within permissible levels specified in the policy), or any accidental events.

4. Personal Accident Cover

   The Personal Accident cover provides you with monetary compensation in the event of death or permanent disablement due to a road accident. It covers not only the owner-driver, but in many instances, extends to include named passengers as well, offering you an important layer of protection for you and your loved ones.

5. Return to Invoice Cover

   If your EV is stolen or suffers total loss (damage beyond repair), your insurance provider will normally pay out the Insured Declared Value (IDV), i.e., the current market value of your EV after depreciation, which is much less than you actually paid for it.

   The Return to Invoice (RTI) or Invoice Protection cover fills this gap. It guarantees you will get the original invoice price of your EV (with registration fees and tax included), reduced by any deductible amount.

6. Consumables Cover

   Although EVs have fewer components than ICE vehicles, they utilise some consumables such as lubricants, coolants for battery thermal management, and even nuts, bolts, and screws which may have to be replaced in the event of an accident. The consumables add-on covers these ostensibly minor but very essential costs after the collision, thereby saving your out of pocket expenses.

7. NCB (No Claim Bonus) Protection

   Driving safely and claim-free gets you a No Claim Bonus (NCB), which is a discount on your car insurance renewal premium. While the NCB increases with every claim-free year, one claim will set your NCB to zero. However, with the NCB Protection add-on, you can retain your NCB even after making a claim during the policy tenure, helping you save on your subsequent premiums.

How to Buy Electric Car Insurance?

You can purchase electric car insurance either directly from the insurer or from insurance aggregators like Policybazaar.com. However, by choosing an aggregator website, you can also compare multiple policies from different insurers, evaluate their features & benefits, all in one place. Here is the simple procedure:

• Step 1: Visit Policybazaar.com, and select 'Car Insurance.'
• Step 2: Enter your EV's registration number, or choose 'Brand New Car.'
• Step 3: Provide your electric car details, such as make, model, variant, RTO, etc., along with contact information.
• Step 4: Now, you will see electric car insurance quotes from different insurance providers.
• Step 5: Choose the desired plan and opt for any add-ons as per your requirement.
• Step 6: Proceed toward premium payment, which you can pay via cards, netbanking, or UPI.
• Step 7: Upon the successful payment, you will instantly receive your electric car insurance policy on your registered email ID.

Tips for Smart EV Maintenance

While having the right electric car insurance is important, preventive care can help noticeably increase the lifespan and functionality of your EV. Here are some tips you can follow to ensure your EV's longevity & performance:

• Regular Check-ups: Follow the service schedule suggested by the manufacturer. Although there are fewer moving parts in an EV, routine checks of the battery, electric components, brakes, and tires are very important.
• Appropriate Charging Equipment: It is always best to use chargers and cables provided by the manufacturer's specifications to ensure your battery is charged safely and healthily.
• Monitoring Battery Health: Constantly monitor the range of your EV's battery and charging duration. If you experience any serious degradation, visit the authorised service center.
• Safe Driving Behaviour: Smooth acceleration and braking can help you save battery power and prevent wear & tear from occurring to your EV components.
• Avoid Extreme Temperatures: Even with the thermal management capabilities of contemporary EV batteries, try keeping away from extreme temperatures for prolonged periods, as they will affect the battery's performance & life.

In Conclusion

As EVs become increasingly popular, understanding the importance of having the right electric car insurance is crucial. By comprehending the specificities of your EV, selecting the appropriate electric car insurance add-ons, and timely service & maintenance, you can ensure a trouble-free EV experience and its longevity.