✓4000+ Network Garages ✓24x7 Spot Assistance ✓Quick Claim Processing | Buy a Acko or Bajaj Allianz Car Insurance Cover Starting at ₹2072/year*

What are Electric Vehicles?

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!

Types of Electric Vehicles

EVs are broadly categorised into three types:

  1. Battery Electric Vehicle (BEV)

  2. Plug-in Hybrid Electric Vehicle (PHEV)

  3. Hybrid Electric Vehicle (HEV)

We have discussed these in detail below:

Battery Electric Vehicle (BEV)

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

  • Mahindra eKUV100

  • MG ZS EV

Additionally, the top-selling, two-wheeler BEVs in India are as follows:

  • Ather 450

  • TVS iQube

  • Bajaj Chetak Electric

Hybrid Electric Vehicle (HEV)

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

Plug-in Hybrid Electric Vehicle (PHEV)

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:

  • Mahindra e-Verito

  • BMW i8

  • Volvo XC90 T8

Pros of Electric Vehicles

  • 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.

  • Cost-Effective

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.

  • Noiseless

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.

Cons of Electric Vehicles

  • 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.

To Sum It Up!

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.

Check Out Car Insurance Plans Available at Finserv MARKETS

FAQs on Electric Vehicles

  • ✔️Are electric cars in India eco-friendly?

    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.

  • ✔️Is buying electric car insurance mandatory?

    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.

  • ✔️Can I buy electric car insurance on Finserv MARKETS?

    No. Currently, Finserv MARKETS does not offer electric car insurance. However, it is in process and we shall keep you posted on the same.

  • ✔️Can I buy a car insurance plan at Finserv MARKETS for my private motor vehicle?

    Yes. You can choose from among the different car insurance plans available on Finserv MARKETS to insure your private motor vehicle.  

  • ✔️How to buy car insurance on Finserv MARKETS?

     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.

Happy Customers of Finserv MARKETS

Getting a loan to take care of my wedding and relieving my parents to enjoy the occasion was the best decision I ever made. Easy-to-apply, amazing interest rate and quick disbursal, what more can one ask for!

I am passionate about the vehicle I drive. I want to protect it with the best available option. What amazed me was the full transparency, quick quotes and the attractive discount on the premium while choosing the annual payment option!

Check your personal loan eligibility in seconds!

My husband and I will finally move into our own house this Diwali. All thanks to Bajaj Finserv, with competitive interest rates, minimal processing fees and easy to repay EMIs, our dream saw the light of reality in no time!

Get the best FD interest rates starting @ 8.40%. Let's start!

Kids grow up fast and to fulfill their dream trip to Disneyland I had everything but instant funds. With no collateral or guarantor required and a hassle-free processing, I gifted my family a memorable trip to Orlando with just a click!

Get sum insured up to 1 Crore! Let's start!

The best way to start looking for health insurance is to do a close study of the coverage needs and checking the insurance company's claim ratio. No unnecessary jargons, easy to apply claims process and choice of premia!

Zero additional charge on part-payment option on Business loans! Let's start!

I bought my first iPhone using my Bajaj Finserv EMI Network Card. Zero downpayment with a No cost EMI on Bajaj Finserv EMI store just made my day!

Get home loan sanctioned online in 72 hours! Let's start!