What are Electric Vehicles (EV)?

Electric vehicles are the newly emerging alternative to vehicles which run on fossil fuel. Instead of running entirely on diesel or petrol, EVs run partially or fully on an electric motor. The last few years have seen a huge rise in the number of EVs being sold in India. And with the promising future of EVs, they look like they are the future of the automobile world.

Electric vehicles are very much like conventional vehicles in the fact that they also need an insurance policy. An electric vehicle insurance policy can also be either a third-party insurance policy or you can have add-on coverages with a comprehensive plan. Know more about electric vehicles below.

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What are Electric Vehicles (EV)?

Electric vehicles, also known as EVs, are environment-friendly vehicles that run either partially or fully on electric power. They are very cost-effective as their maintenance cost is quite low. Interestingly, electric vehicles are also known to run efficiently on little to no fossil fuel.

Indian people are just starting to appreciate the potential of electric cars. According to an article published by Mint, the sale of EVs in the country was up by 20% in 2019-20. Considering the interest of the people in electric vehicles, automobile manufacturers are determined to produce new battery-operated cars. However, if you are keen on buying an electric car this year, it is imperative to understand its types as well as its pros and cons to make an informed decision. So without further ado, let’s get into the details of electric vehicles in India.

Types of Electric Vehicles

There are different types of electric vehicles. Let’s have a look at the details about each type.

EVs are broadly categorised into three types:

  1. Battery Electric Vehicle (BEV)

  2. Plug-in Hybrid Electric Vehicle (PHEV)

  3. Hybrid Electric Vehicle (HEV)

We have discussed these in detail below:

Battery Electric Vehicles (BEV)

These EVs are fully electric-powered and do not have any other source of actuation other than motors and batteries. BEVs are also known as zero-emission vehicles. The battery of a BEV is charged with an external source of power that is a DC fast charger or AC charger. Typically, it takes around eight hours to fully charge the battery using the AC charger and around one hour using the DC fast charger.

The top-selling, four-wheeler Battery Electric Vehicles in India are as follows:

  • Tata Nexon EV

  • Hyundai Kona Electric

  • MG ZS EV

Additionally, the top-selling two-wheeler BEVs in India are as follows:

  • TVS iQube

  • Bajaj Chetak Electric

Hybrid Electric Vehicle (HEV)

HEVs are powered by both fuels as well as electric means. The electric power is generated by the vehicle’s braking system. The heat produced by the brakes is converted into electrical energy and is known as Regenerative Braking. The electricity is used to start the HEV, while the propulsion is taken care of by the internal combustion (IC) engine, providing effective fuel economy. Toyota Camry Hybrid is one of the few top-performing HEVs in India.

Plug-In Hybrid Electric Vehicle (PHEV)

In Plug-In Hybrid Electric Vehicle, the batteries can be recharged through the regenerative braking process as well as an external source of power. Typically, PHEVs tend to travel for up to 3-4 km before the engine takes over. Some best PHEV models available in India are as follows:

  • Mahindra e-Verito

  • Volvo XC90 T8

Best Electric Vehicle (2022)

According to an article published by Financial Express, the Tata Nexon EV is currently India’s best-selling electric vehicle. The SUV by Tata delivers high performance and comes with a 3 Phase Permanent Magnet Synchronous Motor. The Tata Nexon EV’s Li-ion Polymer battery is equipped with liquid cooling, which keeps the temperatures relatively low even after a long drive. The car also packs a punch on the power front as it can generate an impressive peak power of 127bhp. In a single full charge, the four-wheeler can travel 312 km. It takes around 60 minutes for 0-80% charge with a fast charger. The Tata Nexon EV price ranges between ₹14.54 - ₹17.15 lakh (ex-showroom price) depending on the variant.

Read More: Electric Car Insurance

Pros and Cons of Electric Vehicles

Before buying an electric vehicle, you should know their advantages and disadvantages well. Let’s have a look at the pros and cons of electric vehicles.

Pros of Electric Vehicles

  • Cheaper than Fuel-Powered Vehicles

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

  • Cost-Effective

Conventional automobiles require frequent maintenance activities such as changing the engine oil, ensuring unadulterated fuel, etc. These issues are not prevalent within electric cars. Additionally, the brakes on an electric car do not wear out as quickly as they do in conventional, fuel-powered vehicles so you can put off changing car parts for quite some time.

  • Noiseless

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

Cons of Electric Vehicles

  • Short Driving Range

The biggest con of 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 this is expected to improve over the next few years.

  • Vehicle Recharge is Time-Consuming

Recharging an electric vehicle can take significant time. The newer models in the market, however, can be recharged in 6 hours or less. There are some that also come equipped with a fast charger that allows the car to get 80% charged in just a few hours. However, 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 Charging Stations in India

Lack of infrastructure is one of the biggest concerns raised by people driving electric vehicles. Not enough charging stations are installed across the country to recharge electric vehicles if they run out of charge mid-journey.

Conclusion

An electric car is an ideal choice if you are looking to make your life truly clean and green. It saves significant energy resources and is eco-friendly. Now that you know about the best electric cars in India, you can rest assured that the number of cons are bound to go down once these vehicles become more common in India.

On the other hand, if an electric car is not the kind of vehicle you want, there are a wide range of car models to choose from - based on your budget, fuel efficiency, specifications, and features. However, if you are still not sure about whether to go for an EV, you can always buy a fuel car. Once you find your dream fuel vehicle, proceed to buy the best-in-class motor insurance with us at Bajaj MARKETS.

The car insurance and bike insurance plans available on our platform will allow you to benefit from features such as cashless claim settlement, roadside assistance, enhanced coverage with add-on covers, hassle-free renewals, and more.

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FAQs Related to Electric Vehicles in India

  • ✔️Are electric vehicles in India eco-friendly?

    Yes. Electric vehicles in India are cost-effective and environment-friendly. Several top manufacturers in the country produce four-wheel and two-wheel electric vehicles that you can consider.

  • ✔️Is buying electric car insurance mandatory?

    Yes, having a valid electric car insurance plan is mandatory to legally drive in India. Failing to present a car insurance policy will lead to a hefty penalty of ₹2,000 and/or imprisonment of up to three months.

  • ✔️Can I buy electric car insurance on Bajaj MARKETS?

    No. Currently, Bajaj MARKETS does not offer electric car insurance. 

  • ✔️What are the benefits of buying an electric vehicle?

    Here are a few benefits of buying an electric vehicle:

    • Cost-effective

    • Noiseless

    • Low maintenance

  • ✔️What are the cons of buying an electric vehicle?

    Here are a few cons of buying an electric vehicle:

    • Lack of charging points

    • Short driving range

    • Recharging the vehicle can be time consuming

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