EV Car Insurance

Electric Car Insurance - Everything You Need to Know

9th May 2022 8min read 277 views

People are actively trying to minimise their carbon footprint today. To this end, the electric vehicle market in India has started gaining momentum. Indians are ready to switch their petrol and diesel cars for an eco-friendly variant instead. As per a NITI Aayog report, India can reduce energy demand by 64% and carbon emissions by 37% by transitioning to electric vehicles. If you want to go electric, you must learn more about EV insurance.

Importance of Electric Vehicle Insurance

Financial Protection
Doing your part for the environment can be costly. Electric vehicles have a higher initial cost than their petrol or diesel counterparts. With a comprehensive  electric car insurance policy, you can protect your vehicle and finances. If you get involved in an accident or if somebody steals your car, your EV insurance  will help you get reimbursed for the loss.

Enhanced Cover
When you purchase electric car insurance, you can choose between third-party liability only or comprehensive cover. We always recommend the latter since it offers better protection for you and your car. If you’d like to enhance your coverage, you can purchase add-ons that suit your unique needs.

Meet Legal Requirements
In India, you need at least third-party vehicle insurance to drive your car. The rule applies to electric vehicles as well. You should purchase electric car insurance to stay on the right side of the law.

Quick Repairs
After an accident, your priority is to repair any damage as quickly as possible. Sometimes, a lack of finances may delay your plans. With electric vehicle insurance, you don’t have to worry about money. Your insurance policy will help deal with the cost of repairs.

Peace of Mind
Most crucially, electric car insurance provides you with peace of mind. With this trusty document, you don’t have to worry about the cost of repairs after an accident. Instead, you can focus on staying safe on the roads.

Electric Car Insurance Discounts

To encourage individuals to opt for EVs, the Insurance Regulatory and Development Authority of India (IRDAI) proposed a 15% discount on third-party liability-only policies for electric cars.

Electric Car Insurance Cost

Since electric vehicles cost more than diesel or petrol variants, electric car insurance also has higher premiums. Over time, you can benefit from lower premiums through your no-claim bonus.

Deciding to purchase an electric car requires a great deal of consideration. The initial high cost may deter many, but the long-term benefits are worth it. Once you choose to invest in the future, you must protect your investment. With EV insurance, you can safeguard your vehicle and your finances. Remember to do your research and choose a policy that offers you the best coverage for your needs. At Edelweiss General Insurance, we provide comprehensive plans with a wide selection of add-ons. You can customise the policy so that it fits your unique needs.


Similar Blogs