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Factors To Consider When Buying EV Insurance
Mar 27, 2024

Factors To Consider When Purchasing Insurance For Your EV

As electric vehicles or EVs become a common sight on Indian roads, it is important for owners to ensure financial protection for them. This is where electric vehicle insurance comes into view. Electric vehicle insurance plans are designed to meet the specific needs of EVs as well as offer regular financial protection similar to other motor insurance plans. Just as buying an EV requires a different set of considerations compared to buying a regular vehicle, buying electric vehicle insurance also requires one to consider a unique set of aspects.* Claims are subject to terms and conditions set forth under motor insurance policy.

Unique Factors to Consider While Buying EV Insurance 

Before you finalise an EV insurance plan, it is important to look at the following factors.

 Coverage for EV-specific components

EVs consist of components that differ from traditional vehicles. The financial protection they would need would also be different. Hence, when you opt for comprehensive EV insurance, it should ideally include coverage for damage to, or loss of, vehicle parts specific to EVs. Ensure to review the policy thoroughly to avoid overlooking components that are exclusive to EVs.*

Dedicated EV helpline and assistance services

Owning an EV can be somewhat intimidating, especially for first-time owners. Hence, insurance providers sometimes offer a dedicated EV helpline and 24x7 assistance services. With these services, you get support for general EV queries, including those related to the insured vehicle, its battery, and charging stations.* Having this kind of support can help to a great extent. Hence, you should look for the same when buying an electric bike insurance or electric car insurance plan.

On-site charging services

One of the biggest problems EV owners face is regarding range. They often fear that their EV might run out of battery and leave them in the middle of nowhere with no charging station in sight. Hence, you may want to consider insurance providers that offer on-site charging services, including portable mobile chargers. However, note that these services may be provided only in certain cities. Regardless, with this kind of service, you get instant charging support so that you can continue your journey without major interruptions.*

Support for breakdowns

Whether it is a fuel-powered vehicle or an electric one, breakdowns are an unfortunate part of owning a vehicle. When it comes to EVs, dealing with breakdowns may be more difficult due to the lack of EV-specific garages. To help out in such situations, some insurance providers offer quick assistance services for their policyholders. While the emergency assistance service ensures quick help in critical situations, the pickup and drop services can provide another range of benefits. This may include towing services for electric vehicles in case of not just breakdowns but also energy depletion and accidents.* Hence, you must research and look for insurance plans that provide essential support during breakdowns.

Easy claim process for EVs

Understanding the claim process specific to electric vehicles is crucial. Consider policies and providers that offer a seamless and efficient claim settlement process tailored to the needs of EVs. Additionally, you may also want to ensure that the insurer’s cashless garage list includes repair shops that deal with EVs.*

Add-on covers

In addition to the coverage provided by your electric vehicle insurance , various add-on covers can enhance the protection of your EV. Some popular add-ons under EV insurance include motor protection cover, depreciation cover, consumables expenses cover, and so on. Some insurers also offer a ‘pay as you consume’ feature for EVs. Having access to these add-ons and features can ensure better protection for your EV. Hence, choosing an insurer with an extensive list of add-ons is advisable.* Click here to buy electric bike insurance for your electric two-wheeler.

Claim settlement ratio

Another important factor to consider is the claim settlement ratio of the insurer. This ratio indicates the percentage of claims settled by the insurer out of the total claims received within a period. A higher claim settlement ratio reflects the reliability of the insurer in settling claims.*

Exclusions (especially specific to EVs)

For the uninitiated, exclusions refer to situations where the insurer will not provide coverage. Some common exclusions in motor insurance include damage due to wear and tear, mechanical or electrical breakdown, damage incurred while driving under the influence of alcohol or drugs, and so on. It is likely that EV insurance plans may have different exclusions, so remember to keep that in mind. However, it is best to read your policy document thoroughly to know the complete list of exclusions. Claims are subject to terms and conditions set forth under motor insurance policy. Whether it is a conventional ICE vehicle or an electric vehicle, buying a motor insurance plan should include careful consideration. With the help of the above factors, you can opt for an electric vehicle insurance plan that supports your EV in multiple ways. Click here to buy a motor insurance plan for your EV.   *Standard T&C apply. Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions. 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.

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