Thinking Of Buying An Electric Car? Here’s What You Should Know About Insuring It.

Electric vehicles are becoming increasingly popular over the last few years, and for a good reason. The smartest choice you can make for yourself and future generations are to switch to an electric vehicle as climate change continues to threaten our planet. Because some of these automobiles’ components are made of recycled or eco-friendly materials, they lessen the strain they place on the environment and reduce harmful air pollution and greenhouse emissions. 

In addition to their environmental benefits, electric vehicles also offer significant financial advantages. Although the initial cost of purchasing an electric vehicle may be higher than a traditional gasoline-powered car, electric cars are typically more economical to operate and maintain in the long run. With lower fuel and maintenance costs, electric vehicles can help you save money on transportation expenses over time. ##

The insurance industry’s regulatory body, IRDAI, has developed a directive to encourage the use of electric vehicles and promote environmental sustainability. Private electric vehicle third-party auto insurance in India has been reduced by 15% as of June 16th, 2019, compared to regular private vehicles of a comparable type. #

Tax incentives for the registration of hybrid and electric cars in India have been extended by some state governments. **

In India, a number of top automakers have introduced electric vehicles. Options range from Mahindra to Tata to Hyundai to MG, and they keep expanding. In addition, there are a lot of upcoming electric vehicles in India from leading manufacturers, including Lexus, Nissan, Porsche, Maruti, Audi, and Tesla. In fact, the debut of 21 new electric vehicles in India is anticipated for 2020–21. 

Since there is currently no insurance specifically for electric vehicles, you must purchase the same insurance as you would for a gasoline or diesel vehicle. This will soon change, though. Car insurance companies are creating custom insurance solutions that primarily target these versions as demand for upcoming electric automobiles in India increases. 

Electric car insurance will also be offered to customers with or without battery covers. This is most likely a result of the high cost of the Li-ion electric car battery, which accounts for between 40% and 60% of the cost of the vehicle. 

What characteristics does the new comprehensive e-vehicle policy have? 

Twelve add-on covers, including depreciation reimbursement, no-claim bonus protection, repair of glass, fibre, plastic, and rubber parts, loss of personal belongings, emergency transportation and hotel costs, daily allowance, return to invoice, key replacement, motor secure, tyre secure, consumable expenses, and roadside assistance, are also included in the Auto Secure Comprehensive EV policy India. *

Despite obstacles, including the high cost of electric vehicles in India and a lack of infrastructure, such as charging stations, the situation is quickly changing as ecosystems are being developed to increase sustainability.

Electric car conversion in India is a smart decision that not only benefits the environment but can also save you money in the long run. ##

However, it is important to consider the electric vehicle insurance costs associated with owning an electric car. While electric cars are generally economical to insure due to their lower risk of accidents and maintenance costs, insurance companies may still charge higher premiums due to the higher cost of repairs and replacement of electric car batteries. Therefore, it is important to shop around and compare insurance quotes from different providers to find the best coverage and rates for your electric car. Additionally, taking advantage of available incentives can help further reduce the cost of insuring your electric vehicle. With the right insurance coverage, you can enjoy the benefits of owning an electric car while also protecting yourself and your investment on the road. ##

* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

# Visit the official website of IRDAI for further details.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

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.