With fuel prices soaring northwards, an all-electric future is almost certain for the automotive industry. With non-renewable resources being used up faster than ever, it is critical to look for alternative means to fuel. And what better than battery-operated vehicles or electric vehicles, which are already gaining popularity and acceptance around the globe, thanks to technology giants such as Tesla driving innovation in the field.
The situation in India also looks to be positive, with news of more automobile companies entering the electric vehicle (EV) space. A report by Mordor Intelligence states that the EV market in India is expected to grow at a CAGR of 47.09% during the period 2022-2027.
While insurance is a mandatory requirement for internal combustion (IC) cars, it is also a statutory requirement by the Motor Vehicles Act for electric vehicles. Hence, even if you are planning to buy an electric vehicle, you would be required to purchase an insurance cover in compliance with the law.
This article guides you in buying car insurance online
for your new electric car. Continue reading to know more.
Deciding upon the type of insurance cover
At present, there is no specific insurance policy offered for electric vehicles. Therefore, as a buyer you must buy either a third-party insurance cover or a comprehensive plan.
Third-party plans are the minimum required insurance cover that you must buy for your vehicle. These policies not just ensure legal compliance but also offer coverage for damages and injuries to a third person. Thus, any legal liability arising due to an accident injuring a third person or causing damages to their property is covered by this insurance plan
Contrary to third-party plans, comprehensive policies provide coverage not only for legal liabilities, but also for the damages to your car. Thus, any repairs that are required for your electric car will be covered by this insurance policy. In addition, these plans can be fine-tuned to enhance its coverage using add-ons. *
Setting the right Insured Declared Value or IDV
Insured Declared Value or IDV is the maximum compensation that the insurance company pays in the event of a total loss or theft. Hence, it is essential to make sure the right IDV is set in your insurance policy. The IDV can be altered within a specified range for comprehensive policies. Ensure you do not under-insure your car as it will require you to bear a loss during situations of damage beyond repair or theft. *
Selecting suitable add-on covers
Apart from buying a comprehensive policy for your electric car, you can also choose suitable add-ons that overcome some of the limitations such as deduction for depreciation and coverage for motor protection. While there are several add-ons to choose from, the right add-ons enhance your insurance policy’s scope. Hence, you must select suitable add-ons in your coverage.
While you might carry out research to get home the best electric car in India, it is also critical you do not skim through its insurance cover. A detailed understanding of the policy will help in selecting the right insurance plan that will avoid financial losses. *
Depending on the type of insurance cover and its policy features, the car insurance prices may vary. So, make sure to balance the policy features to have a car insurance cover within your budget.
* Standard T&C Apply
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.