Electric car insurance falls in the category of vehicle insurance which protects electric vehicles from numerous losses & damages. It takes care of losses & damages caused to your electric vehicle due to fire, natural disasters & accidents.
Lately, electric cars have gained immense popularity because of their eco-friendly nature & cost-effectiveness. Just like regular cars run on fuels like diesel or petrol, electric vehicles require charging similar to your laptop or mobile phone.
However, it's quite uncommon to see electric cars in India. Hence, getting an electric car insurance plan for your electric vehicle will be a little different in terms of its purchasing experience.
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Third Party car insurance policy is mandatory as per the Indian law even if you own an electric vehicle. This type of car insurance policy offers cover against expenses arising out of third party liabilities. These include physical injuries and property damages caused to the third party. However, your own electric car’s damages are not covered in this policy.
Comprehensive Car Insurance is a perfect policy designed for your electric car. It offers everything that is provided in a Third-Party Electric Car Insurance Policy as well as an own damage (OD) car insurance policy. This policy is highly recommended for vehicle owners.
| Vehicle (KW) kilowatt capacity | Long-term policy’s Premium* rate | 1-year 3rd-party policy’s Premium* rate |
|---|---|---|
| Beyond 65 kilowatt | Rs. 20,907/- | Rs. 6,712/- |
|
Beyond 35 kilowatt but not beyond 65 kilowatt |
Rs. 9,044/- | Rs. 2,904/- |
| Not beyond 35 kilowatt | Rs. 5,543/- | Rs. 1,780/- |
Yes. Just like other regular cars, at least 3rd party insurance is obligatory as per the Indian law. Otherwise, you will be liable to pay a fine or even be subject to imprisonment.
We know that 3rd party insurance is obligatory as per our country’s law. It offers cover against expenses arising out of third party liabilities. These include physical injuries and property damages caused to the third party. However, your own electric car’s damages are not covered in this policy.
Meanwhile, comprehensive car insurance is a perfect car insurance policy designed for your electric car. It offers everything that is provided in a Third-Party Electric Car Insurance Policy as well as an (OD) own damage car insurance policy. This policy is highly recommended for vehicle owners.
The selection depends on your budget and needs. Third party insurance is cheaper as compared to comprehensive car insurance.
Your electric car’s insurance premium is calculated based on several factors. These include the car’s age, make/model and KW capacity
Yes. It is because electric cars normally come at a higher price. Their parts are quite expensive when it comes to replacement or repairing. Hence, their premium is slightly higher.
However, in order to promote the purchase of electric cars for an eco-friendly environment, there’s a 15% discount that you get on 3rd party car insurance premiums.
