Benefits of Car Insurance For Electric Cars

For quite some time, electric cars have become the rage. Climate change is apparent more than ever before and switching to an electric car is the best decision one can make. As the momentum for electric cars increases, it becomes all the more important to have car insurance for it. 

At present, there are no specialized electric car insurance policies in India and anyone buying an electric car will have to buy a general motor insurance. But the scene is soon to change as car insurance companies are beginning to align their policies with this new type of vehicle. In this article, we are going to tell you about the features of an e vehicle insurance policy. 

Benefits of Car Insurance For Electric Cars

The following are a list if benefits that can be availed by anyone having an electric car insurance policy  -

• Coverage

Since there are no standalone car insurance policies for electric cars yet, the coverage options for electric cars include the two general coverage options under motor insurance. An electric car owner has to choose between a third party damage insurance plan and comprehensive insurance plan that come with an attractive battery pack cover and have a long term policy tenure of 3 years in this context.  

• Third Party Liability Cover

An electric car insurance policy will cover all third party damages caused to another car, individual or property by your electric car. It ensures the complete reimbursement of your liabilities in case of an accident. Moreover, this has been mandated recently by the IRDA in India and you can be assured of availing this necessary benefit from your car insurance provider.

• Own Damage Cover

Car insurance policies intended for electric cars will incorporate ‘own damage covers’. This covers accidental damages to your electric car or any bodily injury sustained by you due to a collision or a natural disaster. Repair and replacement of car parts will be undertaken by your car insurance provider and you need not worry about spending money on the same.  

• Personal Accident Cover

Electric car insurance plans will also include a personal accident cover where any kind of injury or disability suffered by the driver will be compensated by the insurance company. You will receive a fixed amount of sum insured towards the expenses of your treatment and in the unfortunate event of death, the same will be payable to your nominee. 

• Add On Cover

You can purchase attractive add ons for your electric car insurance policy that include a battery pack cover, no claim bonus cover, zero depreciation cover and roadside assistance cover among others to strengthen the protection of your vehicle. These add ons are part of all car insurance policies and can be availed at the payment of a nominal extra fee. 

Now that you are aware of the features of electric car insurance policies, let’s take a look at some insurance providers who already have to seek to provide electric car insurance policy in the near future   

• Tata AIG Auto Secure e Vehicle Comprehensive Policy 
• HDFC ERGO Comprehensive Car Insurance Policy 
• Royal Sundaram Electric Vehicle Insurance Policy
• Mahindra e20 Insurance Policy 
• Hyundai Kona Electric Car Insurance Policy 

Take Away

Electric cars are a new trend in India and it will take some time before they become as popular as their petrol or diesel run counterparts. But whatever be the fuel or running capacity, it is mandatory in India to have a car insurance and it will only take a few clicks from your smartphone or computer to browse, research and select the best policy suited to your car. 

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.