The demand for Electric Vehicles (EVs) is steadily growing in India. EVs are not only a greener alternative to petrol and diesel vehicles but can also be more cost-effective in the long run. However, as the EV market is still emerging in India, potential buyers might wonder how to find suitable Electric Car Insurance. Here’s everything you need to know about insuring your electric vehicle (EV) and what makes it different.
What is Electric Car Insurance?
Electric Car Insurance is designed specifically for electric vehicles, offering financial protection against various risks, including accidental damage, theft, natural calamities, and third-party liabilities. New-age insurance companies are now offering tailored insurance policies for EVs to meet the growing demand.
Why Insurance for Electric Cars?
Insuring your electric vehicle with a Comprehensive Insurance Policy offers several advantages:
- Protection Against Third-Party Liabilities
If you cause injury to a third-party or damage their property, your insurance policy will cover the associated liabilities. - Avoid Law-Mandated Penalties
Comprehensive Insurance includes the mandatory Third-Party Liability Cover, protecting you from penalties for non-compliance with car insurance laws. - Avoid Expensive Repair Bills
The Comprehensive Cover includes Own Damage (OD) protection, which covers a significant portion of repair costs in case of accidents, fire, natural calamities, riots, and theft, saving you from hefty repair bills. - Get Personal Accident Cover
The law-mandated Personal Accident (PA) cover offers financial compensation in case of accidental death, bodily injuries, or disabilities due to an accident. This cover can be purchased separately with either the Third-Party Insurance Plan or the Comprehensive Plan.
Key Features of InsureMile’s Electric Car Insurance
InsureMile’s Comprehensive Car Insurance for EVs comes with several key benefits:
- Zero Paperwork
You can purchase or renew your EV insurance in minutes through InsureMile’s seamless digital process. No tedious paperwork or long forms are required. - Affordable Premiums
By eliminating middlemen, InsureMile offers lower premiums without compromising on coverage. - Quick Claim Settlements
With InsureMile, claim settlements are fast and hassle-free, with instant settlements available for minor damages.
How to Buy Insurance for Electric Vehicles Online?
Follow these simple steps to purchase EV insurance online through InsureMile:
- Visit the InsureMile website or download the mobile app.
- Enter your vehicle’s registration number or select it from the car selector.
- Choose your EV’s variant and provide details about your previous policy.
- Select your desired plan and add optional covers.
- Pay the premium online and receive the policy instantly in your inbox.
Inclusion and Exclusions of Electric Car Insurance
Inclusions:
- Third-Party Liabilities: Covers injuries to third parties or damage to their property.
- Own Damage Cover: Protection against accidental damage, theft, fire, and natural or man-made disasters.
- Personal Accident Cover: Compensation for accidental death or injury of the owner-driver.
- Add-on Covers: Additional protection like roadside assistance, zero depreciation cover, key replacement, etc.
Exclusions:
- Electrical/Mechanical Failure: Damages caused by internal failures are not covered.
- Wear and Tear: Regular wear and tear of the vehicle is excluded.
- Reckless Driving: Damages caused by reckless or negligent driving are not covered.
- Driving Without a License: Claims are invalid if the driver does not hold a valid driving license.
- Driving Under Influence: Accidents occurring under the influence of alcohol or drugs are not covered.
Insurance Premium for Electric Vehicles
The Insurance Regulatory and Development Authority of India (IRDAI) has provided a 15% discount on third-party insurance premiums for EVs compared to petrol and diesel vehicles. Here’s a quick overview:
| Vehicle Type (Battery Power) | Premium for 1-Year Policy | Premium for 3-Year Policy |
|---|---|---|
| Less Than 30 kW | ₹1,780 | ₹5,543 |
| 30 kW – 65 kW | ₹2,904 | ₹9,044 |
| More Than 65 kW | ₹6,712 | ₹20,907 |
For Comprehensive Policy rates, you can use the premium calculator on the InsureMile website or mobile app.
Add-ons for Electric Car Insurance
Enhance your EV insurance coverage with the following add-ons:
- Roadside Assistance Cover
- Outstation Emergency Cover
- Zero Depreciation Cover
- Return to Invoice Cover
- No Claim Bonus Protection
- Consumables Cover
- Key Replacement Cover
- Personal Accident Cover for Passengers
Tips to Choose the Right Electric Car Insurance Policy
When selecting an electric vehicle insurance policy, consider the following:
- Choose a plan that offers comprehensive coverage at an affordable price.
- Opt for digital-first insurers like InsureMile for a paperless and hassle-free experience.
- Compare policies to ensure a balanced choice between premium, coverage, and services.
- Carefully read the terms and conditions of the policy.
Frequently Asked Questions About Electric Vehicle Insurance
Can I insure my electric vehicle in India?
Yes, electric vehicles can be insured in India with both Third-Party and Comprehensive Insurance Plans.
Is vehicle insurance required for electric vehicles in India?
Yes, all vehicles, including EVs, must be insured with at least a Third-Party Insurance Policy.
How much does electric car insurance cost?
The cost is based on the vehicle’s price, location, and model variant.
Why is electric vehicle insurance more expensive than petrol or diesel vehicles?
The higher price of EVs leads to a higher insurance premium.
Is Comprehensive Car Insurance mandatory for electric vehicles?
No, but it is recommended as it provides extensive coverage against a range of risks.