Factors to consider while purchasing electric vehicle insurance

Electric vehicles are becoming more common on our roads, especially as India's federal government aspires to achieve a 100% electric transportation system by 2030. According to industry analysts, e-vehicles' popularity is growing, and it will certainly continue to grow in the future as consumer awareness grows and stronger pollution laws are adopted.

Even though electric automobiles are more expensive than conventional cars, they have their own set of advantages. E-Cars, for example, do not contaminate the environment and do not produce any noise.

Most importantly, they help you save money on diesel and gasoline. However, as the cost of an electric automobile climbs, so does the cost of protecting it.

Choose insurance based on the vehicle's pricing

Experts advise that before buying insurance, one should figure out how much the car for which coverage is being acquired is worth. Insurance should be provided based on the genuine value of the vehicle. You should also check to see if the insurance provided is adequate, so that your share of the claim payment is kept to a minimal in the event of an unpleasant event.

When purchasing insurance for an electric vehicle, keep in mind several unique characteristics of the vehicle.

Electric vehicles operate in a different way than traditional automobiles. As a result, think about these unique challenges before acquiring an E-vehicle insurance policy. Electric automobiles typically have a range of 100 to 150 miles before needing to be recharged. The majority of electric automobiles take between 5 and 10 hours to charge. Electrical failures of the battery, power supply unit, and electronic and mechanical components should be insured by obtaining appropriate warranty items to cover losses, according to experts.

Optional Coverages

Keep an eye out for the insured declared value (IDV), which is the maximum sum assured set by the insurer and equal to the current value of the vehicle, the kind of plan to choose, and the availability of add-on choices when obtaining insurance. Look for the company's track record and history, as well as the cashless option and CSR (Claim Settlement Ratio).

Insurance with no depreciation

Because these cars are costly to maintain and purchase, zero depreciation add-on coverage is advantageous. During the course of a claim, the insurance company calculates the car's depreciation value, which is then deducted from the claim amount. You will be able to get the claim amount without any depreciation deductions from the insurance company if you have zero depreciation add-on protection.

Separate add-on covers are required for battery charges

These E-cars are built using cutting-edge technology, which necessitates the use of highly trained technicians. Because the cost of the battery and specialised parts is so high, it's best to have separate add-on covers. While add-on covers are necessary for an e-car, due to the variations between battery-powered vehicles and standard fuel automobiles, add-ons such as engine protectors, which are available with complete car insurance, may differ. Optional coverages should include loss from battery leaks, battery charger, transportation of the car, and giving on-the-spot assistance.

Electric vehicles are more expensive than gasoline-powered vehicles, but they can save money in the long run. People may consider obtaining E-vehicle insurance to safeguard their automobile and themselves from financial damages that may arise as a result of an unexpected incident involving the insured vehicle because it is a one-time investment.