Know Briefly About Electric Vehicle Insurance
Mar 31, 2022

Beginners Guide to Electric Vehicle Insurance

The demand for electric vehicles is pacing up in our country. Whether it is a bike or car, these electric-powered vehicles are somewhat changing the commute way of people. An uncertainty can happen at any point. A road accident or a mishap can put a person in financial distress. To take care of such unwanted financial distress, a motor insurance policy is a go-to product. The electronic vehicle market is developing and demand is expected in the coming years. If you own or plan to buy an electric vehicle then having an electric motor insurance is extremely important.

What is Electric Vehicle Insurance?

Compared to a regular motor vehicle, electric vehicles are environmentally friendly and a noise-free alternative as well. Electric vehicle insurance is a type of motor insurance wherein an agreement is signed between an individual and the insurance company. The insurance company protects the vehicle that runs on electricity from any potential loss and damages that may incur due to accident, natural calamity, or theft. In India, third party insurance is a legal mandate for all vehicles plying on Indian roads. A regular motor vehicle needs petrol/diesel as fuel. An electric vehicle needs to be charged with electricity. *Standard T&C apply

Importance of Electric Vehicle Insurance in India

You never know what might happen tomorrow. Isn't it good to be safe than sorry? The electric vehicle insurance sector is emerging. Yet, we cannot deny the aspect that e vehicles are on the expensive side. Although, it is cost-effective when it comes to usage terms. We need to understand that electric vehicles are computer-driven, have electrical, mechanical aspects, and technologies that are susceptible to damage and losses. Electric vehicle insurance enables you to ride on the roads with no worries. The policy is designed to encompass the common customer anxieties and offers guaranteed mobility at all points in time. If you have or plan to own an electric vehicle, electric vehicle insurance has all the solutions that take care of the end-to-end needs. Also, make certain that insurance renewal are done on time to avail of the benefits.

Understanding the Do’s and Don’ts of Electric Vehicle Insurance Claim

The table below shows the list of do’s and don’ts that should be kept in mind:

Do’s

Don'ts

Click the accidental pictures of the electric vehicle and the situation. Ensure to take pictures of the surroundings and the exact position of the electric vehicle. In case of an accident, do not move the damaged electric vehicle. It might enhance the damage. Get in touch with the electric vehicle insurance customer support team for further process.
In case you are providing treatment to an injured person take a note of the doctor's name and hospital. In case of third-party liability, inform the nearest police station. Send the report to the insurance company and contact the toll-free number. It is recommended not to take any action or run away from the situation.
  Once the registration is done, a reference claim number will be received via SMS to the insured person. *Standard T&C apply

Wrapping it Up

Regardless of whether you have a motor engine vehicle or electric vehicle, it’s important to have the right motor insurance coverage like a two-wheeler, Car Insurance, or commercial vehicle insurance. With road accidents happening and reckless driving, having vehicle insurance is a necessity more than a luxury. Secure the electric vehicle with the insurance policy. Assess the needs and make a wise choice of buying electric vehicle insurance online right at your convenience. 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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