- Electric vehicle insurance is generally expensive than ICE vehicles
- Insurance policies are important for electric as well as ICE vehicles
- EV insurance are based on the power output of the vehicle
In India, the use of electric vehicles has been growing quickly in recent years. New automobiles are being released by automakers, and several major automakers are already offering some electric cars in India. Options range from Mahindra, Tata, Hyundai, MG & BYD, and they keep expanding. Compared to their ICE equivalents, electric cars are less expensive to operate over the long term. However, there is still some concern among the public over the upkeep and other maintenance aspects of electric cars. Prospective purchasers are still not entirely sure how the electric car insurance differs from that for ICE vehicles.
Electric Vehicle Insurance
Electric vehicle insurances are similar to ICE vehicles but comes at a premium price. EVs are more expensive than ones driven by petrol and diesel vehicles. Replacing or repairing their parts are done at a premium price tag. Therefore, you could have to pay a little bit more each year for electric vehicle insurance renewal.
The EV car insurance coverage provides financial security for your automobile against liabilities like theft, unintentional damage, fire, riots, natural disasters, and third-party injuries or property damage. You may prevent out-of-pocket costs by selecting the appropriate protection for your electric vehicle.
Why EV insurance are expensive?
When compared to traditional or fuel-powered vehicles, electric automobiles are more costly. They have a high Insured Declared Value (IDV), as a result. The cost of auto insurance will increase as the IDV rises. Although they initially cost more, electric automobiles end up being more affordable in the long term. The insurance premium also fluctuates depending on the vehicle’s power outputs. A higher premium would be requested for an electric automobile with more power output as compared to the less output vehicle. Additionally, the premiums may differ somewhat based on add-ons and accessories.
The repair or replacement of battery or motor is another factor in the premium cost of EV insurance. Due to the difficulty in obtaining their parts, electric car repairs are more expensive than those for ICE vehicles. Only certified mechanics in company centres are able to fix EVs. When compared to specialists for petrol and diesel cars, the number of specialised EV mechanics is currently rather small.
Things to Consider While Buying EV Insurance
Make Sure You Get A Good Insured’s Declared Value (IDV)
Different insurers offer different IDVs for your car, which is the most money you could get in the event of damage or total loss. To prevent burning your own pocket in the event of an accident, you must take advantage of the maximum IDV.
Select A Comprehensive Plan
You must have a clear understanding of the kind of coverage you will be purchasing as a customer. Comprehensive insurances cover both the resulting damages and the related legal costs. As a car owner your responsibility is to make sure you have this so that obtaining a suitable protection for your electric automobile is made simpler.
Take Add Ons If Possible
More elements of the vehicles are covered by the insurance add-ons. In the case of EVs, add-ons are available to safeguard your home charger, portable charger, key protection, roadside assistance, and other items.
Also Read: Driving On An Expressway? Here Are Some Tips You Must Follow
Verdict: The popularity of electric vehicles will rise as more people become aware of their advantages in daily life. Brands are now concentrating more on encouraging the usage of EV technology. Potential purchasers will also benefit from knowing about electric car insurance and enjoy a hassle-free ownership experience.
