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Electric cars present themselves as a cleaner alternative to traditional four-wheelers running on fossil fuels. They are a step forward towards sustainable transportation. The increasing fuel prices and effects of global warming are gradually pushing car buyers towards EVs. Today, you can buy EV cars in India under ₹5 Lakhs. While you are considering the cost of your new EV, you must also take into account the cost of car insurance for your electric vehicle. Car insurance is necessary as it not only provides the right financial protection to your vehicle, but is also mandatory to have one to be able to drive your car on Indian roads.

In this article, we will discuss the electric cars available in India under ₹5 Lakhs and their insurance costs. Let’s get started.

List of the Electric Cars in India Under ₹5 Lakhs

Here is a list of some of the electric cars in India under ₹5 Lakhs:

Car Model

Ex-showroom price*

Estimated Third-party Premium~

 

Strom Motors R3

₹4.50 Lakh

₹1855

Check Plans

Mahindra Reva i (Discontinued)

₹2.88 Lakh

₹6707

Check Plans

Tata Nano Electric (Jayem Neo) (Upcoming)

₹5 Lakh (Expected)

₹2876

Check Plans

~Third-party premium rates are indicative. The actual premium that you may have to pay may change depending on various facto₹ Please check the prevailing premium rates before purchasing your car insurance policy.

1. Strom Motors R3

Strom Motors R3 is a powerful 2-seater car joining the list of electric cars in India. It is available only in one variant and comes with 2 doors. The futuristic design of the car is quite appealing to the buyer. The automaker offers the Strom-R3 in 4 colours with an all-electric touchscreen interface. Let’s look at some of the key specifications of this EV:

Ex-showroom price (New Delhi)

₹4.50 Lakhs

Top speed

80 kmph

Range

200 km

Transmission

Manual

Mileage

₹0.40/km

Time for a full charge

3.4 hours

Body type

Hatchback

Seating capacity

2

2. Mahindra Reva i

The Mahindra Reva i has now been discontinued. However, you may still find the car in the second-hand market. Here are the key specifications of this car:

Ex-showroom price

₹2.88-3.76 Lakhs

Top speed

80 kmph

Range

200 km

Transmission

Automatic

Mileage

80.0 km/full charge

Body type

Hybrid

Seating capacity

2

Variants

i Standard
i AC

i Classe

3. Tata Nano Electric (Jayem Neo)

In November 2017, Tata Motors and Jayem Automotives had announced a partnership to manufacture an EV version of the Tata Nano as Jayem Neo. The car may be launched soon as an electric test mule of the EV was recently spotted in Akurdi, Pune. Here are some of the expected specifications and features of Jayem Neo:

Expected price

₹5 Lakhs

Range

150-200 km

Seating capacity

4

Wrapping it up!

With the latest and the most sophisticated electric vehicles being launched every year, you are presented with a diverse range of EVs to choose from. Now that you know about the electric cars under ₹5 Lakh in India, when you pick your favourite EV, make it a point to purchase an EV insurance policy that gives you the best cover against all dangers. Every time your electric car hits the tarmac, you know you have made a wise choice.

Check Out Car Insurance Plans Available at Finserv MARKETS

FAQs about Electric Cars

  • ✔️Are electric cars different from hybrid cars?

     Yes. Electric cars run purely on electric batteries whereas hybrid cars have gasoline engines along with electric batteries.

  • ✔️Can you take a car loan to buy an electric car?

     Yes, just like petrol/diesel cars, you can take a loan to buy an electric car too.

  • ✔️Can you get car insurance for an electric car?

    Yes, you can get insurance for your electric car too. It will work the same way it does for any other car.

  • ✔️Are electric cars powerful?

     Yes, they are very powerful and smooth to drive. The power comes from the fact that, unlike a petrol/diesel engine car, they have much more torque to offer, and the power delivery is almost instantaneous. They are quiet too.

  • ✔️Are there any incentives for buying an EV?

     Yes, you can avail tax benefits and discounts when you choose to purchase an electric car. There could be a tax deduction you can claim on the interest for the loan you take to buy the electric car. You also don’t have to get any emission tests done. Besides that, in some states, you may also be able to get green number plates.

  • ✔️Are there any upcoming electric vehicles?

     Some of the upcoming electric cars in India are the Tata Punch EV, Tata Nexon EV, MG ZS EV Facelift, Mahindra eKUV100, and Hyundai IONIQ 5.

  • ✔️Which is the cheapest electric car in India under ₹5 Lakh?

    Among the cars still in production, the Strom-R3 is the cheapest electric car in India under ₹5 Lakh.

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