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Electric Car Insurance
Electric cars are going to become the next best thing and with the rise in electric cars in the market, there will also be a rise in electric car insurance buyers as well. Hence electric car insurance has been designed to provide financial aid for unforeseen loss or damages caused to the policyholder's electric car.
Battery protection cover is a good idea for EVs, given the high battery replacement costs. It covers damage, theft, and charging issues, helping you avoid hefty repair bills.
Third Party Electric Car Insurance Premium Rates
Benefits of Buying Electric Car Insurance
Since you are already doing your bit in decreasing the pollution but protecting yourself from any unforeseen loss or damage is also important. Here are some of the benefits of purchasing a EV insurance policy for your electric four-wheeler:
Purchasing an electric car insurance policy will provide you with financial security as the insurer will pay on your behalf for any kind of loss or damage caused to the car.
Third-party insurance is necessary however buying a comprehensive insurance policy depends on the car owner. It is recommended to the car owner buy comprehensive insurance policy to get better coverage. You can always enhance the coverage with add-ons provided by the insurer but you will have to pay an extra amount in your premium.
With electric car insurance, you can get the damages fixed quicker than usual. As there are times when you are not able to afford the repairing cost and that is where an insurance policy comes in and saves the day.
It is mandatory to purchase a car insurance policy in India as per the Motor Vehicle Act, 1988. Hence having a EV insurance policy keeps you on the safer side of the law.
When you purchase an electric car policy, it gives you peace of mind as you do not have to worry about unforeseen expenses that might arise after a road accident.
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Covered & Not Covered Under Electric Car Insurance
- Covered under EV
- Not covered under EV
Road Accidents
The insurer will provide coverage for loss or damage coming out of a road accident.
Replacement & Repairing
The insurer will pay for the replacement and repairing of the damaged part of the electric car on your behalf.
Theft of Car
In case of theft of a car, the insurer will provide coverage under the total loss clause of the car insurance policy.
Fire
If the car gets damaged due to a fire accident, the insurer will provide coverage for repairing it. However, if the car gets damaged by more than 70% then the insurer will pay for it under the total loss clause of the EV car insurance plan.
Natural Calamity
The insurer will provide coverage for the loss or damage caused to the car due to natural calamities such as floods, typhoons, earthquakes, etc.
Personal Accident Cover
It is mandatory to purchase personal accident cover apart from the comprehensive insurance plan. It provides coverage to the policyholder for medical expenses up to Rs. 15 lakh.
Third-Party Liability
It is mandatory to purchase a third-party insurance policy as per the Motor Vehicle Act, 1988. A third-party insurance plan provides coverage for third-party liability caused by a road accident.
Own Damage
If you do not have a comprehensive insurance plan then you will not get coverage for damages caused to your electric car.
Drink & Drive
The insurer will not provide coverage if the driver was driving the car under the influence of alcohol when the accident took place that led to the damage.
Driving Without License
The insurer will not provide coverage for the loss or damage if the driver was driving the car without license when the accident took place.
Consequential Damage
Any kind of loss or damage caused to the car that did not occur after the direct contact of another vehicle or object while driving then the insurer will not provide cover for it.
Intentional Negligence
If your car gets damaged and you intentionally ignore the damage for a while and it gets worse. Now if you decide to get it fixed and expect the insurer to provide cover for it, the insurer will not provide cover for it and you will have to pay for the repairing or replacement out of pocket.
Lapse Insurance Plan
It is important to renew your insurance policy on time. If the insurance plan expires then the insurer will not provide any kind of coverage.
How to Renew Electric Car Insurance Online?
The electric car insurance comes with a tenure of 1 to 3 years. It is important for you to renew the plan before the expiry date to stay covered under the insurance plan. Here are the steps that you need to follow to renew electric vehicle insurance online.
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Enter Vehicle Details
Provide your electric car details, such as its make & model, registration year, RTO, previous policy, and no-claim bonus (if any).
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Choose an Insurance Plan
Select the EV insurance plan that best suits your needs. Here, you can add or remove add-ons as necessary.
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Review Premium & Make Payment
Check the updated premium amount on the payment summary page and proceed to pay the premium via cards, UPI, or net banking.
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Receive Renewed Policy
After successful payment, you will receive your renewed electric car insurance policy on your registered email ID.
How to Raise A Claim Under Electric Car Insurance?
When you purchase an electric vehicle insurance plan, you expect to get coverage when any unforeseen loss or damage takes place. In order to get a claim for the damage, you should know how to raise one. Follow the steps mentioned below:
Inform Your Insurer
First of all, make sure to inform your insurer about the incident and the damage caused to the car. Be it an accident or due to natural calamity just inform them about it.
Take pictures
You can click pictures on your phone of the damaged car. You can keep this as proof to show later. It will also help your raise the claim online.
Keep Documents Ready
Once you inform the insurer, start collecting the documents that you will have to submit along with the claim form.
Inspection
After informing the insurer, they will send an inspector to assess the cost of repairs against the damages. Once the survey is complete, the insured electric car will be sent to network garage for repairs.
Compensation
Once the claiming process begins, the insurer will compensate for the repairing or replacement of the damaged part of the electric car directly to the network garage.In case of reimbursement claims, the claim amount will be reimbursed to you after the repairs.
Electric Car Insurance: FAQs
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Q1. What if I do not have a comprehensive insurance plan, will I get coverage for my own damages?
Ans: No, if you do not have a comprehensive insurance plan then the insurer will not provide coverage for your own damages. -
Q2. Do I need to carry a pollution under control certificate while driving an electric car?
Ans: No, you are not required to carry a pollution under control certificate while driving an electric car. Electric cars run on batteries and do not release any harmful gases. Hence you are not required to carry PUC with you. -
Q3. How can I renew the electric car insurance plan online?
Ans: You can easily renew your electric car insurance online. You just have to fill in your policy number to access your existing insurance plan. Then you can add or remove any add-on as per your requirement. After that you can make the payment online. Once you make the payment the insurer will send you the updated insurance plan documents on your registered email ID. -
Q4. Will the insurer send an inspector to inspect the damages caused to the car before initiating the claiming process?
Ans: Yes, the insurer will send an inspector to inspect the damages and check if you have raised the right claim. Once they are satisfied, they will inform the insurance company and then they will begin the claiming process ad compensate for the damages sustained by the car. -
Q5. Will the insurance company provide cover if they find out that I was driving without a license when the accident took place?
Ans: No, the insurance company will not provide cover if they find out that you were driving the car without carrying a valid driving license. -
Q6. Is it mandatory to purchase comprehensive car insurance?
Ans: No, it is not mandatory to purchase comprehensive car insurance. As per the Motor Vehicle Act, 1988, the car owner must purchase third-party insurance but it depends on the car owner whether they want to purchase a comprehensive car insurance or not. However, it is recommended to purchase comprehensive car insurance because it provides coverage for own damages. -
Q7. What if I have ignored the damage for a while and later on decide to get the claim for the damage, will the insurer provide cover for it?
Ans: No, if you intentionally ignored the damages and raise a claim after a few days, the insurer will not provide cover and you will have to pay for the damages. -
Q8. Are electric cars cheaper to insure?
Ans: No, electric car insurance is generally more expensive than for petrol or diesel cars, mainly because of the higher purchase price of EVs, costly batteries & repairs, and shortage of EV-specific mechanics.
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#Rs 1780/- per annum is the price for third-party motor insurance for private cars (non-commercial) of not exceeding 30 kw.
*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.
+Savings are based on the maximum discount on own damage premium as offered by our insurer partners.
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