Electric vehicles, also known as EVs, are environment-friendly vehicles that are either partially or fully functional on electric power. EVs are cost-effective as the maintenance cost for these vehicles is quite low. Moreover, electric vehicles are known to run effectively on little to no fossil fuel.
Indian people are just starting to appreciate the potential of electric cars. The sale of EVs in the country was up 20% in 2019-20. Considering the interest of the people in electric vehicles, automobile manufacturers are determined to produce new battery-operated cars. However, if you are keen on buying an electric car this year, it is imperative to understand its types as well as its pros and cons to make an informed decision.
So, let us begin!
EVs are broadly categorised into three types:
Battery Electric Vehicle (BEV)
Plug-in Hybrid Electric Vehicle (PHEV)
Hybrid Electric Vehicle (HEV)
We have discussed these in detail below:
These EVs are fully electric-powered and do not have any other source of actuation other than motors and batteries. BEVs are also known as zero-emission vehicles. The battery of a BEV is charged with an external source of power that is a DC fast charger or AC charger. Typically, it takes around eight hours to fully charge the battery using the AC charger and around one hour using the DC fast charger.
The top-selling, four-wheeler BEVs in India are as follows:
Tata Nexon EV
Hyundai Kona Electric
MG ZS EV
Additionally, the top-selling, two-wheeler BEVs in India are as follows:
Bajaj Chetak Electric
HEVs are powered by both fuel as well as electric means. The electric power is generated by the vehicle’s braking system. The heat produced by the brakes is converted into electrical energy and is known as Regenerative Braking. The electricity is used to start the HEV, while the propulsion is taken care of by the internal combustion (IC) engine, providing effective fuel economy.
A few top-performing HEVs in India are as follows:
Toyota Prius Hybrid
Honda Civic Hybrid
Toyota Camry Hybrid
In this type of EV, the batteries can be recharged through the regenerative braking process as well as an external source of power. Typically, PHEVs tend to travel for up to 3-4 kms before the engine takes over. Some best PHEV models available in India are as follows:
Volvo XC90 T8
Cheaper than Fuel-Powered Vehicles
Electricity is much cheaper than petroleum or diesel, and owning an electric car turns out to be cheaper in the long run. Electric cars can also be powered by natural sources, which means that it could be practically free once you install solar panels in your house.
Conventional automobiles require frequent maintenance activities such as changing the engine oil, ensuring unadulterated fuel, etc. These issues are not prevalent within electric cars. Additionally, the brakes on an electric car do not wear out as quickly as they do in conventional, fuel-powered vehicles so you can put off changing car parts for quite some time. With the lowered requirement for maintenance, you can even end up collecting a sizable no-claim bonus from your car insurance. Buy car insurance online on Finserv MARKETS, and get started on saving more from today itself. Car insurance on Finserv MARKETS is available for premiums starting at Rs. 2,072 per year, with benefits including 24×7 roadside assistance and activation of insurance in only 5 steps.
While debating the pros and cons of electric cars, it is important to point out that electric cars barely make any noise while operational. In fact, they are so quiet that legislators in the United States have suggested installing devices that can alert pedestrians to their presence.
Short Driving Range
The biggest con of electric vehicles is that they have shorter driving ranges, depending on how soon they run out of charge. However, this is an area where companies are investing significantly in R&D and this is expected to improve over the next few years.
However, when you opt for the best car insurance, this is one problem you need not be overly concerned about. Buy car insurance online on Finserv MARKETS, and get access to 24×7 roadside assistance which allows you to seek help from your insurer regardless of where you are.
Vehicle Recharge is Time-Consuming
Recharging an electric vehicle can take significant time. The newer models in the market can be recharged in 6 hours or less. There are some that also come equipped with a fast charger that allows the car to get 80% charged in just a few hours. However, this is definitely a problem that is not encountered with conventionally-powered vehicles but can act as a significant con against electric vehicles.
Lack of Charging Stations in India
Lack of infrastructure is one of the biggest concerns raised by people driving electric vehicles. Not enough charging stations are installed across the country to recharge electric vehicles if it runs out of charge mid-journey.
An electric car is an ideal choice if you are looking to make your life truly clean and green. It saves significant energy resources and is eco-friendly. However, it is still early to state anything for certain about the best electric cars in India, but it is easy to guess that once they become more common, the cons are bound to outweigh the pros for electric cars.
On the other hand, if an electric car is not the kind of vehicle you want, there are a wide range of car models to choose from - based on your budget, fuel efficiency, specifications, and features. Once you find your dream vehicle, proceed to buy the best-in-class motor insurance with us at Finserv MARKETS.
The car insurance and bike insurance plans available on our platform will allow you to benefit from features such as cashless claim settlement, roadside assistance, enhanced coverage with add-on covers, hassle-free renewals, and more.
Yes. Electric cars in India are cost-effective and environment-friendly. Several top manufacturers in the country produce four-wheel and two-wheel electric vehicles that you can consider.
Yes, having a valid electric car insurance plan is mandatory to legally drive in India. Failing to present a car insurance policy will lead to a hefty penalty of ₹2,000 and/or imprisonment of up to three months.
No. Currently, Finserv MARKETS does not offer electric car insurance. However, it is in process and we shall keep you posted on the same.
Yes. You can choose from among the different car insurance plans available on Finserv MARKETS to insure your private motor vehicle.
Follow the steps below to buy car insurance on our platform:
Go to the ‘Car Insurance’ section on the Finserv MARKETS website.
Choose the type of coverage you need: third-party insurance or comprehensive insurance.
Select the add-on covers you need, if any.
Add personal and vehicle-related information, as requested.
Pay the premium amount online.
After applying, the policy will be issued shortly.