What To Consider Before Buying Car Insurance For Your Electric Vehicle

As climate changes continue to challenge countries around the world, including India, the shift from diesel and petrol cars towards electric vehicles has been rising day by day. And naturally, just like fuel cars, buying an EV too will require you to take out insurance for it.

So if you are planning to buy an electric vehicle soon, here's what to consider when buying its insurance:

Tips To Buy Electric Vehicle Insurance

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Set The Right IDV

It is noteworthy that the maximum compensation an insurance company will offer in the case of a total loss or theft is known as the "insured declared value," or IDV. As a result, it is crucial to confirm that your insurance policy has the appropriate IDV set, as per the Mint report.

The IDV may be altered for comprehensive policies up to a predefined threshold. Avoid having inadequate insurance for your electric vehicle since you will be responsible for the loss in the event of theft or irreparable damage.

Also Read: How Gear Type Affects Car Insurance Premium

Decide The Type Of Cover

As a buyer, you have to obtain a comprehensive plan or third-party insurance. In addition to guaranteeing legal compliance, third-party insurance covers losses incurred by third parties. Unlike third-party plans, comprehensive insurance provides coverage for both legal obligations and physical damage to your car. Consequently, you must choose the kind of insurance for electric vehicles that best suits your needs.

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Also Read: Electric Vehicles $100 Billion Revenue Opportunity In India By 2030

Don't Miss Out On The Add-Ons

You can choose the appropriate add-ons, such as the depreciation deduction and motor protection coverage, to get around some of the restrictions in addition to obtaining a comprehensive policy for your electric vehicle. The right add-ons expand the coverage of your insurance policy, even though they are widely available.

Know How To Save Money On The Insurance Premium

Small claims should not be raised, as this may reduce your chances of receiving a "No Claim Bonus." If there are small damages, you might think about covering the costs out of your own wallet. Installing an anti-theft device in your electric car can also help you receive a discount from your insurance provider.

Also Read: Why Buying A Car Is Set To Get Costlier From January 2024

What Is Covered In EV Insurance?

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Buying electric car insurance generally covers the following expenses:

Natural Calamities: In case your car is damaged due to a natural calamity, such as floods, earthquakes, cyclones, etc., your electric car insurance will cover it.

Accidents: Damages and losses arising out of collisions and accidents.

Theft: Covers the losses when your car is unfortunately stolen.

Fire: Damages or losses arising due to accidental fire.

Third-Party Losses: Covers the losses and damages caused to any third-party individual or property.

Personal Accident: In case a car accident leads to the death or disability of the owner, it will be covered by electric car insurance.

Also Read: Not Elon Musk, These Two People Had Started Tesla

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