BYD which means, ‘Build Your Dreams’ is a Chinese multinational company. It was founded in 1995 and it launched its first pure electric vehicle in India back in 2013. With the recent EV wave, this company has built its presence in India through solid branding and vehicle performance which has helped it make its mark in the Indian market. BYD automobiles are all you can want in an electric car. It can also be called the ‘Tesla of India’ with its blade battery and e-platform 3.0 initiatives. Moving ahead, this article will be your aid in learning more about BYD car insurance and what makes BYD cars stunning.
The following table will give you a snapshot of the BYD cars available in India along with their ex-showroom price:
| BYD Models | Ex-Showroom Price (in ₹ )* |
|---|---|
| BYD SEAL | ₹ 41.00 lakh |
| BYD ATTO 3 | ₹ 24.99 lakh |
| BYD eMAX7 | ₹ 26.90 lakh |
| BYD SEALION 7 | ₹ 48.90 lakh |
*The above prices are ex-showroom prices and are subject to changes as per company, location, and country.
As we know the majority of car insurance available is designed for standard automobiles with engine and fuel options. However, for electric vehicles, the IRDAI has regulated the rate of premiums so that it can be accessible and economical to electric vehicle buyers.
Having BYD car insurance is very necessary because third-party insurance is mandatory by law, whereas having a standalone insurance along with personal accident cover is very useful.
Below is the table with the premium range of electric vehicles as per the notification of the Ministry of Road Transport and Highways (MoRTH):
| Category of Vehicle | Rates (₹) |
|---|---|
| Not exceeding 30 KW | ₹ 5,543 |
| Exceeding 30 KW but not exceeding 65 KW | ₹ 9,044 |
| Exceeding 65 KW | ₹ 20,907 |
It is the most basic form of coverage and is mandatory under the Motor Vehicles Act of 1988. It covers financial liabilities arising from injuries to third-party individuals caused by your car. This type of policy is typically the most affordable because it offers limited coverage.
Comprehensive insurance provides extensive coverage, ensuring inclusive protection for third-party liabilities and damages to your vehicle. It includes the benefits of third-party car insurance by covering damages or injuries to third parties. Further, you can buy various add-ons and other covers for your BYD car.
This type of insurance only covers damage done to your own car during an accident. This type of coverage plan is only available if you have third-party insurance or when bundled with third-party insurance. It is a cost saving method of buying insurance.
Various factors can affect your BYD car insurance, few of them are as below:
The premium brackets for electronic vehicles are set as per IRDAI guidelines. Depending on the battery capacity and power intake of your electric vehicle, the travel range is offered. Thus, the power category affects your BYD car insurance to a great extent.
The insurance premium is derived from the Insurer’s Declared Value (IDV). Thus choosing the relevant IDV for your vehicle is necessary.
The premium also depends on the EV model and the variant pick. In the case of BYD cars, the ex-showroom price range starts from BYD ATTO 3 which is ₹ 24,99,000 and the highest ex-showroom price is ₹ 54,90,000 for BYD SEALION 7. The rate of premium will increase proportionately to the ex-showroom price of your BYD vehicle.
The location of purchases i.e. the area and the RTO under which your BYD car will be registered also influences the premium to some extent. Metro cities usually attract higher premiums compared to tier 2 or tier 3 cities.
The type of policy that you pick also plays a major role in insurance premiums. Third-party insurance is mandatory as per law and attracts the lowest premiums. A comprehensive insurance policy includes own-vehicle damage cover and various add-ons as per your choice.
Various add-on covers such as personal covers, engine protection covers, and theft covers can be subscribed to while purchasing an insurance policy for your BYD vehicle.
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The following are the common inclusions for BYD car insurance:
Below are some common exclusions for your BYD car insurance:
Various add-ons can help to keep you and your BYD car safe from any mishaps. A few of them are listed below:
A reward in the form of a discount on your renewal premium for not making any insurance claims during the policy period. It can go up to 50% after five consecutive claim-free years.
This add-on ensures you get the full claim amount without any deduction for depreciation on parts. Ideal for new or expensive cars to minimize out-of-pocket expenses during repairs.
Offers emergency support like towing, flat tyre service, battery jumpstart, and fuel delivery. Available 24/7, it ensures peace of mind during breakdowns, especially in remote areas.
Provides compensation in case of death or permanent disability due to a road accident. It is mandatory in India and offers coverage up to ₹15 lakh for the owner-driver.
In case of total loss or theft, this cover reimburses the car’s original invoice value. It includes on-road costs like registration fees and road tax.
Buying BYD car insurance might come in handy with various benefits. A few of them are listed below:
As per the Motor Vehicles Act, of 1988 it is mandatory to have a third-party insurance cover. Thus, with a valid insurance cover your BYD car will be in safe hands away from legal violations.
A comprehensive or stand-alone car insurance provides a financial safety net for you and your car. In case of any accidents or mishaps, you have a guarantee that you will be compensated for the losses for the policy term.
There are various add-ons available to ensure you have extra protection against other types of risk when you ride your car. For example, personal accident cover pays for the injuries caused to you due to the accident.
You can claim the tax benefits under section 80 of the Income-tax Act on the premium payments which will help you manage your funds.
Below are the steps to buy your BYD insurance online:
You can renew your BYD car in a few simple steps as given below:
Below are the steps to register a car insurance claim for your BYD car:
Call the police and file an FIR. The same goes for thefts. Preserve this FIR as it will be required while filing your claim.
Inform your insurance company immediately via their website, app, or helpline.
Access your insurer’s portal or app using your registered credentials.
Fill out the online claim form and submit the required documents.
Schedule a vehicle inspection or upload photos. Choose between cashless or reimbursement options.
Monitor your claim status online. The insurer will settle the bill directly with the garage for cashless claims or reimburse the approved amount.
After buying a BYD car and in case you already have one, it is necessary to insure so that you can rest assured and ensure that your car will be protected under mishaps or breakdowns. Majorly two types of car insurance policies are available for electric vehicles are third-party insurance policy and a comprehensive insurance policy. BYD is more on the expensive and luxury end of the EV market in India.
Thus, it is necessary to protect your electric vehicle with appropriate comprehensive cover while comparing and buying policies as per your needs and financial flexibility. A third party insurance only covers the damage caused by your car to the third party in case of an accident. Thus, it is necessary to note that third-party insurance does not protect your BYD car from accidental damages.
Third-party car insurance is mandatory as per law for BYD cars. However, you can choose a comprehensive plan which includes third-party insurance and gives you standalone plus add-on cover if you decide to subscribe to them.
The premium for BYD car insurance is calculated on various factors such as battery capacity, power intake capacity, IDV value, location of purchase, etc.
You Yes, you can buy BYD car insurance online.
BYD stands for ‘Build Your Dreams’
Yes, you can transfer your BYD car insurance policy to the new owner by informing the insurer and completing the necessary documentation.
