May 30, 2024

Ezra Agro

Advanced Safety

Inclusions of Electric Vehicle Insurance

3 min read
Electric Car Insurance: Insurance for Electric Vehicles (EV)

The domestic electric vehicle market is anticipated to grow at a compound annual growth rate (CAGR) of 49% between 2022 and 2030, according to the Indian Economic Survey 2022–2023. By 2030, annual sales are expected to reach one crore units. Given this consistent increase in demand, it’s critical to comprehend electric vehicle insurance in India. To learn more about insurance for electric vehicles, including the coverage offered, add-ons, premiums, and other crucial information, read this blog post.

The optimal car insurance for electric cars provides comprehensive protection against a spectrum of risks, encompassing unintentional damage, fires, natural disasters, civil unrest, vehicle theft, and potential harm or property damage to third parties. These policies are designed to cover the unique components of electric cars, particularly their batteries and charging infrastructure, which can incur significant costs for replacement or repair. *

Insurance plans tailored for electric vehicles often come with additional perks, including coverage for damages that may occur at charging stations and replacement protection for misplaced charging cables.

The surge in popularity of electric vehicles has resulted in a growing number of insurance companies offering specialized policies for them. This trend has simplified the process for owners, making it easier to find comprehensive coverage that aligns with their specific requirements.

What Is Covered by Insurance for Electric Vehicles?

Among the typical inclusions offered by insurers are the following:

  • Road Accidents: The insurance provider will pay for any losses or damages from an electric vehicle accident. Claims are subject to terms and conditions set forth under the motor insurance policy. *
  • Repair and Replacement: Insurance companies will cover the cost of any damaged or broken parts on the owner’s electric vehicle. Claims are subject to terms and conditions set forth under the motor insurance policy. *
  • Theft: The insurance company may offer coverage under the electric vehicle insurance plan’s total loss clause if the car is stolen. Claims are subject to terms and conditions set forth under the motor insurance policy. *
  • Fire: The insurance will pay for repairing the electric vehicle if it is damaged in a fire. Under the policy’s total loss clause, the insurance company will cover damage estimated to be more than 70%. Claims are subject to terms and conditions set forth under the motor insurance policy. *
  • Natural Disaster: The insurance will pay for the loss or damage if the electric car sustains damage due to a flood, typhoon, or earthquake. Claims are subject to terms and conditions set forth under the motor insurance policy. *
  • Third-Party Liability: To operate a vehicle, you must obtain third-party insurance coverage, according to the Indian Motor Vehicle Act of 1988. This kind of insurance covers third-party liabilities that arise from car accidents.

Important Points

  • A particular kind of car insurance made just for electric vehicles is called electric car insurance.
  • Since more electric vehicles are being produced, insurance companies have started developing unique plans.
  • The particular parts of electric vehicles, such as their batteries and charging infrastructure, are covered by electric bike insurance.
  • Third-party liability coverage is usually included in electric car insurance policies, as the law requires.

It’s crucial to compare electric vehicle insurance quotes and remember that some coverage is not covered for things like driving without a licence, drunk driving incidents, and deliberate carelessness. Electric vehicle insurance is a comprehensive shield against unique risks, covering damages, theft, and liabilities. Tailored policies now include protection for specialized components like batteries and charging infrastructure, addressing the distinct needs of electric vehicle owners. 

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.