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Introduction

Incentivising the electric vehicle landscape has been a priority in 2021. While subsidizing procurement is a good way to go about it, many insurers are also offering customised and curated electric car insurance plans. They only want to ensure that owning an electric vehicle doesn’t erode your capital further.

Tata has been aggressively pushing cars in the EV space and the reduced third-party car insurance liability by at least 15% seems to have bolstered the willingness to launch more electric cars. Plus, several insurers have already categorised specific insurance plans for EVs, thereby making the space even more competitive than ever.

Also, if you plan on purchasing a Tata-branded electric car, the brand credibility would ensure that you get access to any EV insurance plan of choice, with considerable ease.

Types of Tata Electric Cars

If you have made up your mind about purchasing Tata electric cars, here are some of the options to choose from:

  1. Nexon EV XM

  2. EV XZ Plus from Nexon

  3. EV XZ Plus LUX

Depending on the car and the concerned on-road price, you can select an insurance plan that is in sync with the current market value.

Why buy a Tata Electric Car Insurance plan?

Purchasing a Tata Electric Car Insurance plan is advisable as it comes at an affordable premium rate, considering the cost-effective pricing of the vehicle. Plus, insurers are more than willing to offer electric car insurance plans as Tata-made EVs have reasonable repair and maintenance costs associated with them.

Also, Tata electric cars are expected to fill up the market in the near future, making the inclination towards insurance plans completely justified.

Types of Insurance Plans for Tata electric cars

If you plan on purchasing an electric car insurance plan, you can either get your hands on a Third-party plan or a Comprehensive Insurance plan, depending on your budget and preferences.

Why purchase from Finserv MARKETS?

If you plan on purchasing a Tata Electric Car Insurance plan, it is advisable to place your bets on Finserv MARKETS, to make the most of the available options.

Inclusions

Every Tata Electric Car Insurance plan covers accidental damages, damages due to fire, and theft. However, the coverage amount depends on the ‘Insured Declared Value’ of the concerned electric car.

Exclusions

It is always advisable to keep a track of the exclusions before purchasing an electric car insurance plan. Plus, as the concept of EVs is a new one, it is necessary to understand that in most cases electrical, mechanical, regular usage, and reckless driving damages aren’t covered. Plus, if the insurer has ample proof that you were not carrying a valid licence or were under the influence of alcohol during the accident, claims can be rejected in an instant.

Add-ons

A Comprehensive Tata Electric Car Insurance plan allows you to pair several add-ons at will. These include NCB, reimbursement against vehicle depreciation, glass and rubber part repairs, RTI coverage, tire security, and more. However, these riders or add-ons come at an additional price over the standard premium amount.

Application and Claims

Filling up any Tata Electric Car Insurance plan application is pretty straightforward, provided you have already selected the insurer. You simply need to provide the insurance details, vehicle registration details, previous policy number, and contact details to start the insurance.

For making claims, you can opt for self-inspection via the dedicated mobile application and raise the claim, almost instantaneously.

Renewal Process

Renewing an existing electric car insurance plan is dependent on your budget, the age of the vehicle, and even the no-claim bonus that you might get as the renewal discount. Much like the initial application, even insurance renewals can be initiated with a few clicks on your smartphone.

Conclusion

Finding the right Tata Electric Car Insurance plan can be tricky if you aren’t aware of the deals, features, and even vehicle specifications. However, selecting one at Finserv MARKETS can make life easier for you, thereby letting you compare offerings with ease of mind.

Check Out Car Insurance Plans Available at Finserv MARKETS

FAQs on Tata Electric Car Insurance

  • ✔️Which is the best trait to look for while purchasing electric car insurance?

    If you want to purchase a reliable Tata Electric Car Insurance plan, it is necessary to take a closer look at the claim settlement frequency or ratio of the insurer.

  • ✔️Is electric car insurance costlier?

    Yes, as electric vehicles are newer inclusions and have higher manufacturing costs associated with them, the insurance premiums are also on the higher side.

  • ✔️What are the things to know before buying an electric car?

    If you want to purchase an electric car, especially from Tata or any other reputed brand, it is necessary to first focus on the insurance liabilities. However, for that, you must know about the repair and maintenance costs, beforehand.

  • ✔️What are the necessary documents for insurance renewal?

    You must keep vehicle registration, previous policy number, and the policy documents handy.

  • ✔️What are the most common insurance plan add-ons for electric vehicles?

    As far as EV insurance add-ons are concerned, it is necessary to opt for engine and zero depreciation cover, over other offerings.

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