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Introduction

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.

Types of MG Electric Cars

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:

  1. MG ZS Excite

  2. 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.

Why purchasing MG Electric Car Insurance makes sense?

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.

Type of Insurance Plans

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.

Why opt for Finserv MARKETS?

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.

Inclusions

If purchased via Finserv MARKETS, you are expected to get hold of several insurance inclusions, like:

  • Coverage for accidental damages

  • Spare part replacements

  • Flexible IDV

  • Coverage for thefts

  • Fire-specific coverage

While these are the standard inclusions, you can consider other offerings, depending on the premium you are willing to pay.

Exclusions

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.

Add-ons

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.

Applying and Claiming: Steps involved

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.

How does MG Electric Car Insurance renewal work?

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.

Conclusion

If you plan on purchasing MG Electric Car Insurance, it is advisable to get the research in place by relying extensively on Finserv MARKETS.

Check Out Car Insurance Plans Available at Finserv MARKETS

FAQs on MG Electric Car Insurance

  • ✔️What aspect needs to be looked at before selecting the best insurer?

    You must select an insurer that has the best settlement ratio.

  • ✔️Where to purchase the electric car insurance from?

    It is better to select an electric car insurance plan from a trusted platform that allows you to compare several options at once.

  • ✔️What do you mean by NCB in regards to electric cars?

    No-claim bonus can be applied as a discount on policy renewals, making the plans more affordable.

  • ✔️What are the necessary electric car insurance renewal requirements?

    You need to provide the registration number of the car, the previous year’s policy number, and the expiry date.

  • ✔️What is IDV for electric car insurance plans?

    IDV stands for ‘Insured Declared Value’, which signifies the total amount you are covered for, as per current market value.

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