Climate change around the world has led to people looking for alternative options. This has led to several vehicle companies launching electric vehicles (EVs) in India. Many consumers are switching to buying EV vehicles, and their sales are growing steadily month-on-month. When you are purchasing an electric vehicle, one question that arises is which type of car insurance to buy?
The cost of an electric car insurance policy is higher than its counterparts. This is because, when compared to petrol or diesel cars, electric vehicles have a higher cost of repair. In EV cars, they use advanced technologies that are expensive. Here are some tips that will help you buy insurance for your electric vehicle:
Cover the most common issues under warranty
An electric car operates differently than a car that runs on petrol or diesel. They usually travel around 200-300 kilometers before being discharged completely. Also, it takes around 5 hours to get completely charged. The two key components of an EV vehicle are the battery and the charging unit. Ensure that your car insurance policy covers electronic, mechanical, and electrical failure. *
Consider choosing a zero-depreciation add-on
When you are evaluating car insurance prices, look for an add-on cover of zero depreciation. With this cover, you can keep your vehicle near the original valuation of your car as much as possible. When you apply for a claim, the insurance company first checks the depreciated value of your car and deducts it from the claim amount. With a zero-depreciation add-on, the depreciation value is completely waived-off and you will receive the full claim after paying for deductibles. *
Find the value of your electric vehicle
When you are looking for car insurance for an electric vehicle, it is important that you know its value. You need to ensure that the insurer values your vehicle correctly and not at a lower value than its actual value. Also, ensure that you choose adequate coverage, so you pay little out of your pocket while filing an accidental claim. *
Compare and evaluate various plans
Most insurance companies offer insurance on electric vehicles nowadays. Being a consumer, it can be confusing to shortlist one plan. Use a car insurance calculator to shortlist a policy from the different ones available. With this tool, you can understand which policy is offering you the most value. *
Add-on covers specifically for electric vehicles
Car companies have EV cars with advanced technology that require special mechanics to repair. Repairing or replacing batteries and other components of EVs can be expensive. Look for additional covers that would cover the cost involved in these expensive parts. Some of the recommended add-on covers are battery leakages, towing of the vehicle to the charging points, damage to the charging connectors, and damage to battery charging. *
* Standard T&C Apply
When you are buying insurance for your electric vehicle, remember that insurance is the subject of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale. It is essential to read the fine print before buying a policy.