All You Need to Know About Electric Car Insurance
Showing off electric cars is becoming popular worldwide. In India, they’re getting more popular because they have many benefits. Electric cars need less maintenance, are easy to drive, quiet, and can save you a lot of money as fuel prices go up. Also, they’re good for the environment. But what about insurance when you buy one? Here’s a simple guide that gives you an overview of everything you need to know about electric car insurance.
Electrical Car Insurance
More and more people want electric cars faster than ever before. Electric cars are better for the environment than diesel and petrol cars, and they can be cheaper in the long term. But it’s not easy to find the right insurance for electric cars. Once you find it, though, you get lots of good things. Before we dive into the details, let’s start by discussing the fundamentals:
What do you mean by Electric Car Insurance?
As more people want electric cars, car makers are making different kinds to meet everyone’s needs. These cars need different insurance too. Just like how diesel and petrol cars have motor insurance, electric cars have their own insurance. This insurance protects your car from financial problems. If you choose the right cover for your electric car, you can avoid unexpected costs. That’s what electric car insurance is all about.
What are the Types of Electric Car Insurance Plans?
In India, there are usually two types of insurance policies:
Comprehensive Car Insurance Policy
This is an excellent insurance policy that anyone can choose. It covers both damages to your own car (OD) and damages to others' property (TP). If your car gets damaged from crashes, floods, accidents, riots, storms, or vandalism, this policy will pay for it.
Third-Party Car Insurance Policy
The 1988 Motor Vehicles Act says you must have electric car insurance. With the third-party policy, you're covered for any damage or injury you cause to others or their property with your electric car. But remember, this policy doesn't cover injuries or damages caused by accidents.
What are the benefits of having Electric Car Insurance?
Prevent Law-Mandated Penalties
Since the Comprehensive policy includes the required liability cover by law, people are protected from penalties for not having car insurance.
Obtain Personal Accident Cover
With the PA (personal accident) cover, you can get money if you're hurt, die accidentally, or become partially or totally disabled because of an accident. Remember, you have to buy this separately from your main insurance plan.
Protect against Third-Party Liabilities
Your insurance pays for damages if you accidentally damage someone else's property. For example, if you cause damage to someone's car, your insurance covers the repair costs.
Prevent Hefty Repairing Bills
Comprehensive Cover includes own damage (OD) coverage, so it pays for most of the repair costs. This means you won't have to pay big bills for repairs covered by the plan.
Obtain Personal Accident Cover
If you get the personal accident (PA) cover, you can get money for injuries, accidental death, or if you become disabled because of an accident. Remember, you have to buy this separately from your main insurance plan.
What does the Comprehensive Policy for Electric Vehicles cover?
The comprehensive car insurance policy comes with many benefits. It covers losses and damages in certain situations:
- Third-Party Damages
- Damage to your car in an accident
- Damage to the car if it explodes or catches fire
- Damage to third-party property
- Natural disasters like storms, floods, and earthquakes are included.
- The owner getting hurt or dying accidentally
- Losses from something being stolen
- Disasters caused by people like vandalism, riots, and so on.
Cost Of Electric Vehicle Insurance
Electric car insurance usually costs more than insurance for regular petrol and diesel cars. This is because electric cars are more expensive, so the insurance is higher. It’s because electric cars are newer and cost more to fix if they get damaged.
Conclusion
Before you choose an insurance policy, it’s important to understand all its details, terms, and conditions. Remember, different companies offer different benefits, costs, and features. So, don’t just pick the cheapest option. Sometimes, the cheapest one might not give you the coverage you need, like personal accident coverage or breakdown assistance. Make sure you think carefully and make a smart decision before you choose an insurance company.