MG electric cars are finally getting the attention they deserve. While the unrelenting growth of the EV space is facilitating this inclination, the classy 4-wheeler consortium also boasts complex car insurance schemes. Despite being true to its British origin, MG as a brand, is selling like hot cakes to the Indian contingent, slowly making electric car insurance plans literally indispensable.
Now that we have set a premise regarding the availability of MG electric cars, it is necessary to take note of the available variants to understand the insurance rates and liabilities better.
Here are the options to take note of:
MG ZS Excite
MG ZS Exclusive
Both these cars are battery-powered units with pretty hefty price points, which then determine the premium rates and even the coverage amount.
MG, as a new electric car disruptor, is still gaining a foothold in the country. Therefore, most users investing in MG Hector electric car variants need to account for the occasional maintenance checks, repairs, and even unexpected damages.
Also, as an international brand, the spare parts and accessories come at a premium that often becomes hard to afford without a dedicated insurance plan. Plus, if you own the Exclusive or Excite, you should expect to be in the limelight, and therefore, having the right set of papers and documents becomes all the more important.
These are the reasons why it is advisable to consider MG Electric Car Insurance, even before purchasing the vehicle itself.
Much like any other brand, even MG Electric Car Insurance plans can be segregated into two broader categories. The first one is the Comprehensive Insurance Plan that covers almost everything, including repairs, servicing, damages, replacements, thefts, and more.
The second insurance type is the Third-party MG Electric Car Insurance, which only covers damages incurred by the third party. In most cases, third-party insurance plans are way more cost-effective than comprehensive ones.
Finding the right insurance plan for your MG electric car can be a daunting task in itself. However, Finserv MARKETS allows you to select the most relevant one by letting you compare and discuss priorities digitally.
If purchased via Finserv MARKETS, you are expected to get hold of several insurance inclusions, like:
Coverage for accidental damages
Spare part replacements
Coverage for thefts
While these are the standard inclusions, you can consider other offerings, depending on the premium you are willing to pay.
Most MG Electric Car Insurance plans exclude damages caused due to negligence, charging-related issues, issues caused due to regular usage, damages caused due to reckless driving, EV issues while you were traveling without a valid license, and mechanical failure.
Although you need to take a closer look at the inclusions and exclusions while purchasing an insurance plan, most MG Electric Car Insurance plans, purchased via Finserv MARKETS or any other credible platform allow you to pair several add-ons, including coverage for equipment, pet injury cover, cover involving no-claim bonus and even cover for zero depreciation to keep the vehicle value intact for long.
Most insurance companies dealing in MG Electric Car Insurance plans support seamless applications, which involve online form filling, minimal documentation with the invoice, road tax, and other papers to show for, and one-click insurance activation.
In case you want to make claims, several electric cars insurers offer support for self-inspection, making it easier for them to analyse the nature of damages and vehicle condition before releasing funds.
MG Electric Car Insurance renewal is simpler than applying for it in the first place. The insurer sends across messages, days before the insurance plan is about to expire. Once the date approaches, you can head over to the selected platform and select an insurance plan based on the no-claim discounts, budget, and specific requirements.
If you plan on purchasing MG Electric Car Insurance, it is advisable to get the research in place by relying extensively on Finserv MARKETS.
You must select an insurer that has the best settlement ratio.
It is better to select an electric car insurance plan from a trusted platform that allows you to compare several options at once.
No-claim bonus can be applied as a discount on policy renewals, making the plans more affordable.
You need to provide the registration number of the car, the previous year’s policy number, and the expiry date.
IDV stands for ‘Insured Declared Value’, which signifies the total amount you are covered for, as per current market value.