Electric cars are evolving the way people drive, offering an eco-friendly option for traditional cars. However, having an electric car comes with different challenges, especially when you’re protecting your investment. That’s where car insurance customised for electric cars can be of great help.
This blog provides insights on specialised insurance for electric cars, the key coverages available, and how to choose the best policy as per your needs.
3 Types of Electric Car Insurance Plans in India
Choosing the best car insurance policy for your electric car is important for your vehicle protection. Here are the main types of electric car insurance plans to consider:
1. Third-party Liability Plan
This is the most cost-effective car insurance option and is mandatory by law in India.
- Coverage: Protects against damages and losses caused to a third party, including their vehicle, property, or injuries.
- Key Benefit: Ensures legal compliance while offering basic financial protection.
2. Comprehensive Car Insurance Plan
A more extensive policy that combines third-party liability coverage with protection for your electric car.
- Coverage: Includes third-party liabilities and damages to your vehicle from accidents, theft, fires, and natural calamities.
- Key Benefit: Offers enhanced protection and allows customisation through add-ons like roadside assistance or battery coverage.
3. Standalone Own Damage Plan
This policy covers damage and losses to your electric car without third-party liability coverage.
- Coverage: Protects against accidents, collisions, fires, theft, and natural disasters.
- Key Benefit: Ideal for EV owners with an existing third-party liability plan who want additional coverage for their vehicles.
Why Electric Cars Require Specialised Insurance?
Electric cars differ from traditional petrol or diesel cars. These differences make specialised insurance crucial. Here’s why:
- Unique Parts: Electric cars depend on parts like electric motors, batteries, and charging systems, which are expensive to repair or replace.
- Higher Repair Costs: Repairing electric car-specific parts often costs more due to their advanced technology and limited availability in the market.
- Compliance with Law: In India, having at least a third-party car insurance policy is mandatory for all vehicles, including electric cars.
By investing in car insurance for electric cars, you get financial protection and adhere to the law.
Key Coverages in Car Insurance for Electric Cars
A strong insurance policy for your electric car provides comprehensive protection. Here’s what is typically covered:
| Coverage Type | Details |
| Accidents | Cover damages and losses due to accidents or collisions. |
| Theft | Offers protection against financial losses if your car is stolen. |
| Fire | Covers damages caused by accidental fires. |
| Natural Disasters | Protect in case of floods, cyclones, or other natural calamities. |
| Personal Accident | Offers financial coverage for medical expenses due to injuries. |
| Third-party losses | Cover damages your car may cause to another vehicle, person, or property. |
These coverages make electric car insurance a safety net against various risks and uncertainties.
5 Factors to Consider When Buying Electric Car Insurance
Selecting the best insurance policy for your electric car involves careful evaluation. Keep these factors in mind:
1. Comprehensive Policy
Go for a policy that provides coverage for your car and third-party liabilities.
2. Battery Coverage
Ensure the policy covers battery-related repairs or replacements, as this is a key electric car part.
3. Insurer’s Reputation
Choose an insurer with a good track record for quick claims settlement.
4. Network Garages
Check if the insurer’s partner garages can handle electric car-specific repairs and offer cashless services.
5. Policy Inclusions and Exclusions
Read the fine print to understand what’s covered and excluded from the policy.
5 Tips to Lower Premiums for Electric Car Insurance
While electric car insurance can be slightly costlier than traditional car insurance, there are ways to save on premiums:
1. Choose Add-ons Wisely
Avoid unnecessary add-ons and stick to essentials like battery protection or roadside assistance.
2. Install Safety Features
Equip your car with anti-theft devices to qualify for discounts.
3. No-claim Bonus (NCB)
Drive safely to avoid claims and earn a no-claim bonus, which reduces renewal premiums.
4. Compare Policies Online
Use comparison tools to find the best deals from different insurers.
5. Opt for Higher Deductibles
A higher voluntary deductible can minimise your premium, but be prepared to pay more out of pocket in case of a claim.
Investing in the right car insurance for electric cars ensures compliance, protects your assets, and provides a hassle-free driving experience. With coverage for accidents, theft, natural disasters, and electric car-specific components, a tailored policy provides financial security and peace of mind.
Consider factors like inclusions, coverage, and premium-saving strategies to find the best value. Research, compare, and choose a trusted insurer to protect your electric car and enjoy the benefits of driving a cleaner, greener vehicle.
Lynn Martelli is an editor at Readability. She received her MFA in Creative Writing from Antioch University and has worked as an editor for over 10 years. Lynn has edited a wide variety of books, including fiction, non-fiction, memoirs, and more. In her free time, Lynn enjoys reading, writing, and spending time with her family and friends.
