The future of the automobile industry is electric. You must have surely heard automotive experts predict the future of motor vehicles to be an all-electric one. Owing to soaring fuel prices and growing environmental concerns, it is an inevitable thing. Electric vehicle (EV) technology is at a nascent stage at present. With growing infrastructure and technological development, more and more people are switching to buying electric vehicles.
But, there are certain issues when it comes to electric vehicles, which include long and painstaking charging hours and a lack of sufficient charging infrastructure. This is a serious concern when compared to vehicles that operate using internal combustion engines (ICE). On average, this charging time is up to five hours, which is too long when compared to refueling an ICE vehicle.
Battery Swapping - Electric Vehicle Policy India
Battery swapping is a new technology that allows owners of electric vehicles to replace their depleted batteries with fully charged batteries. In this swapping procedure, the time lag in having a fully charged battery for an EV owner is cut down to a couple of minutes instead of long hours. Battery swapping also acts as a nodal point for EV owners to swap their batteries, just like refueling for a conventional ICE vehicle.
The Finance Minister, Nirmal Sitharaman, in her 2022 budget speech introduced the battery swapping policy for EVs. This electric vehicle policy will provide battery as a service (or BaaS) which tackles an important concern of charging times for EVs. It also aids in tackling the problems that arise with setting up infrastructure for charging vehicles in crowded urban jungles.
This policy is primarily expected to be useful for vehicles with low speeds, as swappable batteries deliver a shorter range. Thus, as reported in Hindustan Times, the country’s 1.5 million electric rickshaws which constitute around 83% of the total EV sales can take advantage of the battery swap policy.
As more people are switching to greener and cleaner modes of fuel using the EV technology, official data reports that at present there are 42 battery swapping stations that are operational as of 01st January 2022 at the retail outlets of oil marketing companies. In addition, to boost the growth of EVs, the Indian government has also announced the National Programme for ACC that encourages the production of ACC batteries at a local level to reduce imports. This way, the cost of batteries can also be regulated.
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Insurance Requirements for EVs
Despite the change in how vehicles are powered using battery technology, the requirement for bike/car insurance
remains the same. A third-party insurance cover is a minimum requirement as per the Motor Vehicles Act of 1988. Since a third-party plan is compulsory for all vehicles, the bike/car insurance prices
are governed by the regulator body, the Insurance Regulatory and Development Authority of India (IRDAI). You can visit the official website of IRDAI for further details.
A comprehensive policy can be used to include protection for damages to your vehicle. This policy protects your vehicle from damages due to natural calamities, and man-made events and also includes theft. Since the battery is a crucial component replacing the mechanical engine in an electric car or electric scooter insurance cover for it is a must-have investment. It will save you hefty costs in case of replacement or repairs.
As the demand for electric vehicles grows, insurance companies have started to introduce specialized policies for electric vehicles. In deciding which policy offers maximum coverage and fits within your budget, you can make use of a bike/car insurance calculator
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Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.