With the increasing popularity of electric vehicles (EVs), it is crucial to understand the importance of having a comprehensive electric vehicle policy. As EVs come with their own unique set of risks and requirements, a tailored electric vehicle insurance policy can provide the necessary coverage and financial protection in case of any unforeseen events. If you are an EV owner or are planning to buy a new electric car or bike, it is essential for you to understand the significance of electric car insurance. Here, we will highlight seven essential add-ons to enhance your EV policy, discuss how to take better care of your EV, and provide valuable insights for EV owners in India.
Importance of Electric Car Insurance
Electric vehicles are being put forth as a sustainable and eco-friendly alternative to traditional petrol cars, thanks to the set of benefits they bring along. Thus, in the debate of electric cars vs petrol cars in India, many consumers might side with EVs. Electric car insurance is specifically designed to address the unique risks associated with EVs, such as battery-related issues, electrical system failures, and specialised repairs. You can opt for comprehensive coverage to safeguard your investment and provide financial protection in case of accidents, theft, or damage to your vehicle. Electric car insurance provides peace of mind, ensuring that you can enjoy the benefits of owning an EV without worrying about potential financial burdens.
7 Insurance Add-ons to Your EV Policy
- Zero Depreciation Cover
EVs often have higher repair and maintenance costs due to the specialised components and technology involved. Zero depreciation cover
in car insurance or bike insurance is a cover that ensures that you receive a higher claim amount by not factoring in depreciation, minimising your out-of-pocket expenses during repairs.
- Roadside Assistance
This add-on provides assistance in case of breakdowns, flat tires, battery-related issues, or accidents. It includes services such as emergency towing, battery jump-start, and arrangement of alternate transportation, ensuring that you don’t have to be stranded.
- Engine Protection
Engine protection cover offers financial coverage in case of electrical system failures, wiring damage, or motor burnout, saving you from hefty repair costs.
- Personal Accident Cover
Personal accident cover provides financial compensation in case of disability or death resulting from an accident, ensuring the well-being of you and your loved ones.
- Invoice Cover
In the unfortunate event of a total loss or theft of your EV, invoice cover ensures that you receive the original invoice value of the vehicle. This add-on helps bridge the gap between the insured declared value (IDV) and the actual purchase price, enabling you to move closer towards replacing your EV.
- Consumables Cover
Repairs and maintenance of EVs often involve the replacement of consumable items such as coolant, lubricants, and brake fluids. Consumables cover reimburses the cost of these items, reducing your financial burden during repairs.
- NCB Protection
No Claim Bonus (NCB) is a reward for not making any claims during the policy period. NCB protection allows you to retain your NCB even after making a claim, ensuring that you continue to enjoy the benefits of lower premiums in the future.##
How to Take Better Care of Your EV
- Regular Maintenance
Follow the manufacturer's recommended maintenance schedule for your electric vehicle. Regular maintenance, including battery checks and software updates, can help prevent potential issues and extend the lifespan of your EV. Ensure that the vehicle is serviced regularly, and that any problems are addressed.
- Charging Infrastructure
Install a reliable and safe charging infrastructure at home or utilise public charging stations. Ensure that the charging equipment is properly installed and follow best practices for charging to maintain the health of your EV's battery.
- Battery Health
Monitor the health of your EV's battery regularly. Optimal charging practices, such as avoiding extreme temperatures and maintaining an appropriate state of charge, can help preserve the battery's performance and overall longevity.
- Safe Driving Practices
Practice safe driving habits to minimise the risk of accidents. Avoid sudden acceleration or hard braking, adhere to speed limits, and be aware of road conditions to protect yourself, your passengers, and your EV.
Electric car insurance plays a vital role in protecting your investment and providing financial security in case of any unforeseen events. By selecting the right insurance add-ons, such as zero depreciation cover, roadside assistance, and engine protection, you can enhance your electric car insurance policy to address the unique risks associated with EVs. Additionally, taking better care of your EV through regular maintenance, optimal charging practices, and safe driving habits ensures its longevity and performance. As the popularity of electric vehicles continues to grow in India and around the world, understanding the importance of electric car insurance
and adopting measures to care for your EV becomes essential for a smooth and worry-free ownership experience.
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.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.