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What are the pros and cons of electric cars?

By Finserv MARKETS - Dec 23,2019
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Advantages and Disadvantages of Electric Cars

Ruchi’s father was looking to buy a new car, and Ruchi immediately suggested he have a look at the new electric car models that had been released recently. While her father approved of the idea of purchasing an electric car because of its environment-friendly benefits, he was unsure about whether maintenance of an electric car would be too expensive or difficult. Ruchi and her father decided to visit their neighborhood automobile dealership to get an idea of the pros and cons of electric cars.

Another issue he raised was whether car insurance would be required for driving electric vehicles. The dealer assured him that driving on Indian roads, regardless of the vehicle being used, mandatorily requires insurance. He offered to help Ruchi’s father buy car insurance online, but Ruchi was adamant that she could help him discover the best deals instead. They found the ideal car insurance on Finserv MARKETS, where annual premiums are starting from Rs. 2,072 offered them access to 24×7 car roadside assistance along with cashless servicing at more than 4,000 garages across the country.

Electric cars are garnering more interest, owing to its potential benefits and contribution in reducing the ill-effects of climate change and global warming. While there are many benefits associated with electric cars in terms of their beneficial environment-friendly nature, there are also several disadvantages especially related to the lack of infrastructure that is a requisite for their smooth functioning.

It is important to study both pros and cons of electric cars before deciding to make a purchase. Read on to learn more.

Pros associated with electric cars:

  • Cheaper than fuel powered vehicles:

Electricity is much cheaper than petroleum or diesel, and owning an electric car thus turns out to be cheaper in the long run. Electric cars can also be powered by natural sources which means that it could be free once you install a few solar panels in your house itself.

  • Maintenance required is lesser and costs less:

Conventional automobiles require frequent maintenance activities which include changing engine oil, ensuring fuel is not adulterated, etc. With an electric car, these issues will never crop up as the car runs on electricity. Additionally, the brakes on an electric car do not get worn out as quickly as they do in conventional fuel-powered vehicles so you can put off changing car parts for quite some time. With the lowered requirement for maintenance, you can even end up collecting sizeable no-claim bonus from your car insurance. Buy car insurance online on Finserv MARKETS, and get started on saving more from today itself. Car insurance on Finserv MARKETS is available for premiums starting at Rs. 2,072 per year, with benefits including 24×7 roadside assistance and activation of insurance in only 5 steps.

  • Noiseless:

While debating the pros and cons of electric cars, it is important to point out that electric cars make barely any noise while being driven. In fact, they are so quiet that legislators in the U.S. have suggested installing devices that can alert pedestrians to their presence.

Cons of electric cars:

  • Short driving range:

The biggest con associated with electric vehicles is that they have shorter driving ranges, depending on how soon they run out of charge. However, this is an area where companies are investing significantly in R&D and these are expected to improve over the next few years. However, when you opt for the best car insurance, this is one problem you need not be overly concerned about. Buy Bajaj car insurance online on Finserv MARKETS, and get access to 24×7 roadside assistance which allows you to seek help from your insurer regardless of where you are.

  • Recharging can take time:

Recharging an electric vehicle can take up a significant amount of time. The newer models in the market can be recharged in 6 hours or less, but they also come equipped with a fast charger which allows the car to get 80% charged in just a few hours. This is definitely a problem that is not encountered with conventionally-powered vehicles, but can act as a significant con against electric vehicles.

  • Lack of availability of charging stations:

Lack of infrastructure is one of the biggest concerns raised by people driving electric vehicles. Not enough charging stations are located at enough spaces across the country which can easily recharge your vehicle if you run out of charge mid-journey.

It is still early days for electric cars, but it is easy to guess that once they become more common, the cons are bound to outweigh the pros for electric cars. Currently, the pros greatly outweigh the cons, since the vehicles do bring a lot of advantages and make a difference not only at the macro level but in the lives of the end consumer as well.

To know more on car insurance in depth, you can check out these blogs:

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522