December 05, 2022

  • Daily Motion

Things to Keep in mind while buying an Electric Car insurance.

We all can see how electric vehicles were increasing day by day and many of them showed interest in buying the Ev’s because of their low maintenance, noise-free and pollution-free.
According to a recent survey in New Delhi, more than 55% percent of Electric vehicles were in use and Central Government is planning to mark them as 100% in use by end of 2030.
compare to E-cars is more expensive than fuel cars even though customers were showing interest in buying the E-car because of low maintenance for Example if an E-car comes with around 15 Lakhs and then the maintenance will be low compared to fuel cars.
Ankit Agrawal, Co-founder, and CEO, InsuranceDekho has mentioned Things to keep in mind while buying an Ev insurance.

electric car insurance

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Choose insurance according to the price of the vehicle.

When you buy insurance for any vehicle first you should consider or analyze the price of the vehicle and which coverage is suitable o purchase You should also check to see if the insurance supplied is appropriate so that your part of paying the claim is minimum during any unfortunate happens.

Keep in mind some special features of the Electric Car insurance:

Before you buy Electric car insurance you must know a few things because Electric car insurance is quite different from petrol/diesel vehicles. Usually, E-cars have a range of 100 to 150 miles before their batteries need to be recharged. The charging time for most electric cars is somewhere between 5 and 10 hours. Experts recommend that electrical failures of the battery, power supply unit, and electronic and mechanical be covered by purchasing appropriate warranty goods to cover losses.
When purchasing insurance, keep an eye out for the insured declared value (IDV) i.e, the maximum sum assured fixed by the insurer provider and equal to the current value of the vehicle, the kind of plan to select, and the accessibility of add-on options. You should look out for the record and history of the company, the cashless option, and CSR (Claim Settlement Ratio).
Because the maintenance and purchase of these cars are expensive, zero depreciation add-on coverage is beneficial. The insurance company estimates the depreciation value of the car throughout a claim, which would be subsequently subtracted from the amount of the claim. With the help of zero depreciation add-on cover, you will be able to receive the claim amount without any depreciation deductions made by the insurance company.
These E-cars are made with cutting-edge technology which means that there is the use of skilled mechanics. The battery costs and specialized parts are quite high, that’s why it is recommended to have separate add-on covers. While add-on covers are required for an e-car, add-ons such as engine protectors, which are offered with complete car insurance, may differ due to the differences between battery-powered vehicles and regular fuel cars. Loss from battery leakages, battery charger, transportation of the motor vehicle, and providing on-the-spot help should all be considered optional covers.

Electric vehicles are more expensive than fuel vehicles they can be beneficial in the long run. As E-vehicle can be a one-time investment, people should consider purchasing insurance for E-vehicle so that they can protect their car and themselves from financial losses which may occur due to an unfortunate event involving the insured vehicle.

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