Electric Car Insurance - Cost & Specifications

Electric Four Wheeler Insurance

Electric cars have been generating a lot of hype in recent years and with good reason. With climate change looming, the smartest decision you can make for yourself and future generations is to switch to electric automobiles. They reduce hazardous air pollution and greenhouse emissions, and some sections of these cars are constructed of environmentally friendly or recycled materials, decreasing the environmental impact. The electric vehicle insurance policy, much like a car insurance policy for internal combustion engine vehicles, protects your vehicle against liabilities such as accidental damage, fire, natural calamities, riots, theft of the insured vehicle, and third-party injuries or property damage. You can minimise out-of-pocket expenses by purchasing the correct cover for your electric vehicle. In this article, we’ll take a look at why you need electric car insurance and the various insurance options you can choose from.

Key Features and Benefits of Electric Car Insurance

The following are the features and benefits you can take advantage of if you buy comprehensive electric vehicle insurance:

• Third-Party Liabilities Protection

In the unfortunate event that you cause injury to a third party or damage to third-party property, your insurance coverage will cover these responsibilities.

• Avoid Penalties

You will be protected from non-compliance penalties regarding car insurance because the comprehensive plan contains the law-mandated third-party liability cover.

• Repair Expenses

Because the comprehensive cover includes own damage coverage, it covers a significant portion of the repair bill in the event of accidents, fire, natural calamities, riots, and theft losses. This means that if the plan covers damages, you won't have to pay a hefty repair fee.

• Accident Cover

The law-mandated Personal Accident cover provides comprehensive financial compensation in the event of an accident-related death, bodily injury, or partial or whole disability. Please note that this must be purchased in addition to the third-party insurance plan or comprehensive plan.

• Medical Cover

A comprehensive electric car insurance will also cover any medical costs that arise due to any injuries you may sustain in a car accident.

Types of Electric Car Insurance Plans

There are two different types of electric car insurance plans available, just like any other car.

• Third party plan:

The Motor Vehicles Act of 1988 mandates that you insure your electric vehicle with this insurance. You will be covered under this plan for any liability stemming from third-party injury or property damage caused by your electric car. This plan third party car insurance does not cover your vehicle if it is damaged in an accident.

• Comprehensive plan:

For your electric vehicle, this is an excellent automobile insurance policy. It provides coverage for both third-party and own-damage claims. If your vehicle is destroyed as a result of riots, vandalism, natural disasters, etc., you will be covered under comprehensive car insurance plan.

How to Buy Electric Car Insurance Online

Follow the steps outlined below to avail electric car insurance on Finserv MARKETS:

1. Enter your login information into the Finserv MARKETS app or website.

2. Fill out the application form completely and accurately.

3. Choose the sort of e-car insurance package that best suits your needs.

4. Instantly make your premium payment online.

5. Following that, your policy will be issued.

Inclusions of Electric Car Insurance

Following are the inclusions in electric car insurance:

• Damage to a third-party’s property or injuries to a third party

• Damages to your vehicle as a result of an accident

• Damage to the vehicle as a result of a fire or explosion

• The owner- driver's death or injury as a result of an accident

• Natural disasters, such as earthquakes, floods, and storms, are all examples of natural disasters

• Rioting, vandalism, and other man-made disasters

• Losses incurred as a result of car theft

Exclusions of Electric Car Insurance

The following are the exclusions under electric car insurance:

• Damages incurred as a result of electrical or mechanical failure

• Damages caused by normal wear and tear

• Damages incurred as a result of careless driving

• Driving an electric vehicle without a valid driver's licence

• When you're under the influence of alcohol or other intoxicants, you shouldn't drive your EV. Accidents in such circumstances are not covered.

Electric Car Insurance Add-On Covers

Here is a list of useful add-on covers you can purchase on top of your electric vehicle insurance plan:

• Zero Depreciation Cover

Zero depreciation cover add-on for your electric car ensures that the insurance claim amount is settled at the full market price of your car without any deductions for depreciation.

• Personal Accident Cover

If you sustain any injuries as a result of an accident involving your electric car, this Personal Accident Cover in Car Insurance will cover the cost of treatment for those injuries.

• Return to Invoice

In the event of theft or total damage to the car, this add-on will help you recover the entire cost of the electric vehicle as mentioned on the invoice without any reductions whatsoever.

• Round-the-Clock Spot Assistance

This add-on ensures that you receive timely car assistance on the spot if you ever get stranded in the middle of the road.

Factors Affecting Electric Car Insurance Premiums

Here are some of the most important factors that influence your electric car insurance premiums:

• IDV

The insured declared value is the maximum amount of money you can get in terms of insurance claims. Higher the IDV, higher your premiums will be and vice versa.

• Year and Model of Your Car

The insurance premiums also heavily depend on the type of electric car you have and the year in which it was originally purchased.

• Frequency of Claims

If you make multiple car insurance claims in a short time, your insurance premiums may go up. On the other hand, if you do not make any claims for one full term year, you can get reduced premiums with the NCB benefit.

• Coverage Offered

You can also select the maximum amount of financial coverage you need for your car. If your maximum coverage offered is higher, your premiums will be higher as well.

• Anti-Theft Devices

If you have any anti-theft devices installed in your car, you may also be eligible for small discounts on your electric car insurance premiums.

Note: If you want to check your car insurance cost, you can get an estimate at the car insurance premium calculator.

Electric Car Insurance Renewal

Apart from getting your automobile insured, it's also critical to keep the policy valid by paying your premiums on time and renewing your coverage when it expires. You will not be left stranded during an emergency if you pay your premiums and renew your coverage on time. The ability to renew your auto insurance online is a critical component of this process. It's a good idea to renew your policy before it expires.

Documents Required to Renew Electric Car Insurance

You may need to submit copies of the following documents at the time of renewing insurance for EV cars:

• Identification proof

• Bank account information

• Proof of address

• A passport-sized image taken recently

• RC & Driver's Licence

• Details of previous policies

Steps to Renew Electric Car Insurance

1. Fill in your registration number as well as your phone number.

2. Please provide information about your previous insurance policy.

3. Examine your premium for renewal.

4. Make an online payment right now.

5. Download a copy of your policy

Electric Car Insurance Claim Process

When you buy insurance for your car, it is also important to understand each step of the claim process so that you can get your insurance claims approved without any trouble.

Documents Required for Insurance Claim Process

You may need to submit the following documents at the time of making an electric car insurance claim:

• Documentation for a car insurance policy

• Specifications of the vehicle

• Details about the insurer

• Information about the incident

• In the event of theft, a copy of the police report is required

• Original vehicle repair bills and receipts

Steps to Claim Electric Car Insurance

There are two ways to make an insurance claim for your electric car:

Filing a Cashless Claim

• Register the claim and notify the insurance company. You can reach them by calling their toll-free number or going to their website.

• Repair your car at a network garage near you.

• Please submit all required documentation.

• Your insurance will settle the claim directly with the network garage once the documentation has been validated.

Filing Reimbursement Claims

1. Notify the EV car insurance company of the damage.

2. If your car is damaged by a third party or stolen, file a police report and provide a copy of it together with additional papers.

3. At your own expense, have your car repaired at any nearby garage.

4. Send the insurer the original bills as well as the payment receipt.

5. Your claim amount is refunded once the documents are validated.

Conclusion

Having car insurance is absolutely necessary and mandatory by the law, regardless of whether you drive an electric car or a standard internal combustion engine car. A car insurance policy will provide you with financial support and protection in the event of an accident. It also provides protection against liability arising from the death, injury, or damage to other people or property as a result of the accident. If you are yet to secure your electric car with the right EV insurance, choose your preferred plan online today.

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