Electric Vehicles: EVs are becoming more popular in India as fuel prices continue to rise and environmental concerns about the heavy carbon emissions of vehicles with internal combustion engines (ICE) grow. Electric vehicles have become more popular because they are easy to maintain and because the government has made it easier for people to buy them.
The central and state governments are also taking steps that are good for building a cleaner and greener transportation system. This will help India reach its goal of becoming a leading market for electric vehicles by 2030. For example, the government’s new EV policy on battery swapping and interoperability standards, which was announced in the Union Budget for 2022, will help the country adopt EVs more quickly.
Under section 80EEB, the government also gives people a one-time tax break of up to Rs 1.5 lakh for interest paid on a loan used to buy an electric vehicle. In March 2020, the Insurance Regulatory and Development Authority of India (IRDAI) also asked insurers to offer a 15% discount on third-party insurance premiums for EV users as a way to encourage them to switch.
Electric cars also need insurance to drive
According to data from the government, 3,111,000 electric cars were sold in 2021. In 2022, that number went up to 4,199,000. More people are buying EVs in the country, which has made more people want to buy insurance for EVs. Electric cars also need insurance to drive on Indian roads, just like ICE cars. Own Damage and Third-Party Liability are the types of coverage offered for both ICE and electric vehicles.
EV insurance usually covers things like damage done by accident, fire, natural disasters, riots, theft of the insured vehicle, and injuries to or damage to the property of third parties. Modern insurers offer many different kinds of car insurance, such as third-party cover, own-damage cover, comprehensive cover, and long-term insurance packages for new cars.
Here are some tips that will help you make a good choice when you buy
Comprehensively cover
Electric cars cost more than cars that run on gas. So, it’s best to choose a policy that covers the whole car instead of a third-party cover, which only pays for damage to a third-person, party’s vehicle, or property. Also, check with your insurance company to see if they offer any extra protections. Different insurers may charge different amounts for different add-ons.
Pay as you Drive (PAYD) add-on feature
Most electric cars are driven in cities, so they get less use than gas-powered cars. Customers can save money with PAYD if they drive less in a year because their premiums will be lower. Make sure to look for insurance companies that offer this coverage, as they may offer lower premiums.
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Premium insurance
When compared to gasoline and diesel cars, the premiums for full coverage insurance on electric vehicles (EVs) are a bit higher. This is because EVs are more expensive to fix and cost more to replace the battery. This is because EVs use more expensive, high-tech parts, which makes them more expensive. But customers can get a 15% discount on third-party premiums. This means that insurance for electric cars can be bought at prices that are competitive with other types of insurance. But keep in mind that the premium will also depend on how much the car costs and where the policy is written.
Insured Declared Value
Different insurance companies have different insured declared values (IDV). Before you look at the IDV offered by the insurance company of your choice, you should figure out how much it is worth now. When you compare insurance policies for electric vehicles online, make sure to look for an insurer whose IDV is closest to the market value. This will be helpful if the car is stolen or lost for good.
Zero-depreciation add-on
The parts of an electric vehicle are made with high-tech tools, so they will cost more. Zero depreciation coverage is helpful when there is a claim because the amount calculated based on depreciation is not paid, and the full amount of damages is paid. For example, the value of a battery goes down much faster than the traditional value of a car.
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