Electric Car Insurance - Key Features and Benefits

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Electric cars are becoming popular these days. With this new invention, companies are also providing electric car insurance in India to secure the cars from various mishaps. Protection from accidental damage, riots, natural calamities, and so on are a few key features and benefits of electric car insurance. People buying electric vehicles must not avoid this insurance.

As per the Motor Vehicle Act, every motorised vehicle has to have a minimum of third-party insurance cover. However, you can choose from two types of insurance; third-party car insurance and comprehensive car insurance. You can apply for any of them online and acquire them in just a few minutes. Take a look at these insurance choices descriptively to comprehend them in a better way.

Key Features and Benefits of Electric Car Insurance

The following are the features and benefits you can take advantage of if you buy comprehensive electric vehicle insurance.

Third-Party Liabilities Protection

In the unfortunate event that you cause injury to a third party or damage to a third-party person or property, your insurance coverage will cover these responsibilities.

Avoid Penalties

You will be protected from non-compliance penalties regarding car insurance because the comprehensive plan contains the law-mandated third party car insurance cover.

Repair Expenses

Because the comprehensive cover includes own-damage coverage, it covers a significant portion of the repair bill in the event of accidents, fire, natural calamities, riots, and theft losses. This means that if the plan covers damages, you won't have to pay a hefty repair fee.

Accident Cover

The law-mandated Personal Accident cover provides comprehensive financial compensation in the event of an accident-related death, bodily injury, or partial or whole disability. Please note that this must be purchased in addition to the third-party insurance plan or comprehensive plan.

Medical Cover

A comprehensive electric car insurance will also cover any medical costs that arise due to any injuries you may sustain in a car accident.

Types of Electric Car Insurance Plans

There are two different types of electric car insurance plans available, just like any other car.

Third-party Plan:

The Motor Vehicles Act of 1988 mandates that you insure your electric vehicle with this insurance. You will be covered under this plan for any liability stemming from third-party injury or property damage caused by your electric car. Third-party car insurance does not cover your vehicle if it is damaged in an accident.

Comprehensive Plan:

For your electric vehicle, this is an excellent automobile insurance policy. It provides coverage for both third-party and own-damage claims. If your vehicle is destroyed as a result of riots, vandalism, natural disasters, etc., you will be covered under a comprehensive car insurance plan.

How to Buy Electric Car Insurance Online

Follow the steps outlined below to avail electric car insurance online.

You can visit your preferred insurer’s website and fill out the application form completely and accurately
Choose the sort of e-car insurance package that best suits your needs
Pay the EV insurance cost online
Following that, your policy will be issued

Inclusions and Exclusions of Electric Car Insurance

Inclusions:

Given below are the inclusions in electric car insurance.

Damage to a third-party’s property or injuries to a third party
Damages to your vehicle as a result of an accident

Damage to the vehicle as a result of a fire or explosion
The owner-driver's death or injury as a result of an accident
Natural disasters, such as earthquakes, floods, and storms, are all examples of natural disasters
Rioting, vandalism, and other man-made disasters
Losses incurred as a result of car theft

Exclusions:

The following are the exclusions under electric car insurance.

Damages incurred as a result of electrical or mechanical failure
Damages caused by normal wear and tear
Damages incurred as a result of careless driving
Driving an electric vehicle without a valid driver's licence
Accidents in such circumstances where you're under the influence of alcohol or other intoxicants are not covered

Electric Car Insurance Add-On Covers

Here is a list of useful add-on covers you can purchase on top of your electric vehicle insurance plan.

Zero Depreciation Cover

Zero depreciation cover add-on for your electric car ensures that the insurance claim amount is settled at the full market price of your car without any deductions for depreciation.

Personal Accident Cover

If you sustain any injuries as a result of an accident involving your electric car, this Personal Accident Cover in Car Insurance will cover the cost of treatment for those injuries.

Return to Invoice

In the event of theft or total damage to the car, this add-on will help you recover the entire cost of the electric vehicle as mentioned on the invoice without any reductions whatsoever.

Round-the-Clock Spot Assistance

This add-on ensures that you receive timely car assistance on the spot if you ever get stranded in the middle of the road.

Factors Affecting Electric Vehicle Insurance Premiums

Here are some of the most important factors that influence your electric car insurance premiums.

IDV

The insured declared value is the maximum amount of money you can get in terms of insurance claims. Higher the IDV, the higher your premiums will be and vice versa.

Year and Model of Your Car

The insurance premiums also heavily depend on the type of electric car you have and the year in which it was originally purchased.

Frequency of Claims

If you make multiple car insurance claims in a short time, your insurance premiums may go up. On the other hand, if you do not make any claims for one full term year, you can get reduced premiums with the NCB benefit.

Coverage Offered

You can also select the maximum amount of financial coverage you need for your car. If your maximum coverage offered is higher, your premiums will be higher as well.

Anti-Theft Devices

If you have any anti-theft devices installed in your car, you may also be eligible for small discounts on your electric car insurance premiums.

Note: If you want to check your car insurance cost, you can get an estimate at the car insurance premium calculator.

Fill in your registration number as well as your phone number
Please provide information about your previous insurance policy
Examine your premium for renewal
Make an online payment to pay the EV car insurance cost
Download a copy of your policy

Documents Required for Insurance Claim Process

You may need to submit the following documents at the time of making an electric car insurance claim.

Documentation for a car insurance policy
Specifications of the vehicle
Details about the insurer
Information about the incident
In the event of theft, a copy of the police report is required
Original vehicle repair bills and receipts

Steps to Claim Electric Car Insurance

There are two ways in which you can make an insurance claim for your electric car. If you get the repairs done at a network garage, you would be able to take the advantage of cashless claims. However, at a non-network garage, you would have to pay the bill upfront and then request reimbursement. Let us take a look at how to file a claim.

Filing a Cashless Claim

Register the claim and notify the insurance company. You can reach them by calling their toll-free number or going to their website
Repair your car at a network garage near you
Please submit all required documentation
Your insurance will settle the claim directly with the network garage once the documentation has been validated

Filing Reimbursement Claims

Notify the EV car insurance company of the damage
If your car is damaged by a third party or stolen, file a police report and provide a copy of it together with additional papers
At your own expense, have your car repaired at any nearby garage
Send the insurer the original bills as well as the payment receipt
Your claim amount is refunded once the documents are validated

Electric Car Insurance Premium Calculation

Electric car insurance premiums are decided on the basis of factors such as the make, model, age and kilowatts among other determinants. Hence, the premium you might have to pay will be subjective. However, the table given below can give you an idea of the basic third-party insurance price of an electric car insurance.

Vehicle Capacity (Kilowatts)	Long-term Third-party Policy Premium Rates (3 years)	Short-term Third-party Policy Premium Rates (1 year)
Not exceeding 30kW	₹5,543	₹1,780
30kW to 65kW	₹9,044	₹2,904
65kW and above	₹20,907	₹6,712

Conclusion

Having car insurance is absolutely necessary and mandatory by the law, regardless of whether you drive an electric car or a standard internal combustion engine car. A car insurance policy will provide you with financial support and protection in the event of an accident. It also provides protection against liability arising from the death, injury, or damage to other people or property as a result of the accident. If you are yet to secure your electric car with the right EV insurance, choose your preferred plan online today.

Is it necessary to insure my electric vehicle?

To drive in India, any vehicle owner must obtain at least third-party liability coverage, according to the Motor Vehicles Act.

In terms of cost-effectiveness, how does purchasing an electric vehicle benefit me?

When it comes to price, an electric automobile is more expensive than other vehicles. However, because it is powered by electricity, you will save money on petrol. Furthermore, its maintenance is far less expensive.

How much does the average EV cost in India?

Electric car pricing in India is usually in the range of Rs. 7 Lakhs to Rs. 25 Lakhs. Electric car prices are likely to continue to decrease as technology progresses.

Is there a special insurance policy for EVs?

There is currently no special insurance policy in place in India for electric vehicles. However, as the demand for electric vehicles develops, many insurance firms are offering coverage specifically for electric vehicles. The Insurance Regulatory and Development Authority of India has decided that electric cars will be eligible for a 15% insurance discount when compared to petrol or diesel cars, with the purpose of encouraging electric autos in India.

Which type of insurance is best for your electric car?

Fundamentally, you will find two types of insurance policies for your electric car. The first is a third-party plan which protects your finances against the expenses of third-party damage to life or property. The second is comprehensive car insurance which can offer you coverage against the expenses of personal damages and third-party damages. From the perspective of coverage, a comprehensive electric car insurance plan can provide you holistic protection.