Dos And Don’ts Of Electric Vehicle Insurance

Dos and Don'ts of Electric Vehicle Insurance

Governments and car makers are addressing rising pollution levels by promoting more efficient electric vehicles (EVs) or alternative fuels. These concerns drive the growing population of electric cars in the nation. Electric vehicle insurance offers protection similar to traditional car insurance, covering risks like theft, vandalism, accidents, and natural disasters. A comprehensive EV plan ensures that you won’t incur out-of-pocket expenses in the event of a claim. *

Benefits Of Choosing Insurance For Electric Vehicles

Purchasing EV-specific electric car insurance has several advantages. These are a few of the most compelling arguments for selecting EV insurance.

  1. Third Party Liability:

A crucial policy in the event of an accident providing coverage for losses or harm to others and offering legal support. Claims are subject to terms and conditions set forth under the motor insurance policy. *

  1. Personal Accident Cover:

In addition to electric vehicle insurance, it provides personal accident coverage, offering financial compensation for injuries or loss of life in catastrophic accidents. This coverage must be chosen independently. Claims are subject to terms and conditions set forth under the motor insurance policy. *

  1. Law Compliance:

Owning third-party electric car insurance is legally required under the Motor Vehicles Act of 1988 to avoid penalties.

  1. Avoid Repair Costs:

Electric vehicles can face accidents; without insurance, owners are responsible for repair costs. Opting for one’s own damage or comprehensive insurance ensures the insurance company covers these expenses. Claims are subject to terms and conditions set forth under the motor insurance policy. *

Dos And Don’ts For Insurance On Electric Vehicles

You need to do these things if you drive an electric car.

  1. For more excellent protection, choose a comprehensive motor insurance plan.
  1. Car owners must give their electric vehicles extra attention during the monsoon season. Selecting a policy that offers sufficient coverage against battery damage or fire safety is strongly advised.
  1. Car owners should look into add-ons for specialised coverage for even more excellent protection. For an electric car, extras like zero depreciation must be considered. The depreciation cost won’t be subtracted from your insurance company’s claim amount if you have the add-on. *
  1. For electric cars, 2/7 spot assistance is still another helpful extra. You can notify your insurance company if your electric vehicle breaks down or runs out of juice; they will help. *

Here Are Some Things You Should Never Do If You Drive An Electric Car.

  1. Drive the vehicle without a valid insurance policy for electric cars, as this is prohibited by law. Additionally, you will be required to pay the traffic police department substantial fines for the offence.
  1. Motorists shouldn’t depend solely on their third-party liability insurance. They need to look into getting comprehensive insurance for their electric vehicles. They will be able to drive their cars with great confidence and won’t have to worry about paying for anything in case something unexpected happens.
  1. Avoid seeking the lowest priced policy, especially with comprehensive coverage. Check the Insured Declared Value (IDV) offered, as a lower premium often corresponds to a decreased IDV. While it may save on premiums, it can result in reduced compensation in case of a total loss. ##

Owning an electric car is an effective way to reduce your carbon footprint. Opting for comprehensive car insurance is advised to protect your investment, providing financial and vehicle coverage in case of unforeseen events.

* Standard T&C Apply

## 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.