Fuel prices are going through the roof and show no signs of abating. Pollution too is on the rise. Personal mobility is set to witness a revolution, a revolution led by electric cars. And it has all the backing of the government that is needed.
Benefits of buying electric cars in India
The time to upgrade to an electric car is now. Many factors are coming together to make electric cars a fantastic option for mobility. The chief among these include extremely affordable electric car prices and lower ownership costs. Some international estimates suggest running costs that can be one-fifth of those in conventional petrol and diesel cars.
Then there’s the generous benefits that both the central and state governments dole out in order to encourage more people to adopt electric mobility. The charging network across the country is growing at a rapid pace making electric cars practical for inter-city trips, albeit with some planning.
Electric cars are also now available in the affordable segments with the most affordable one costing just Rs. 8.5 lakh. Finally, opting for an EV is the right thing to do, especially to improve air quality.
Now that you’ve figured that it’s about time to upgrade to an electric car, it’s also time to figure one major cost that comes with the purchase of an electric car, apart from the actual price of purchase. This cost is called electric vehicle insurance.
While the central and state governments continue to subsidize electric cars heavily through direct subsidies and hefty discounts on road taxes, there are some charges that are mandatory for EVs too. In this article, we’ll give you a quick primer on why you should buy electric vehicle insurance. *
Risks are real
The electric car, although different from a petrol or diesel car, in terms of the energy source, accesses the same streets as the latter. Naturally, the risks that a regular car would face on such roads also apply to electric cars. In case of accidents, motor insurance is what saves the owner of the electric car from heavy expenses arising from damages that the vehicle could be subject to. *
In so far as the law is concerned, electric vehicles – both the four and two wheeled kinds – are no different from petrol- and diesel-powered vehicles. This makes motor insurance mandatory for electric vehicles. Not complying with this would make driving an electric car in India, illegal. The consequences of not having motor insurance for your electric car can be disastrous. *
Here are some scenarios.
Firstly, the owner of an electric car without insurance can be fined by law enforcement officials for non-compliance of the law. Secondly, such an owner is risking large sums of money that would have to be spent on repairs in case the electric vehicle gets into an accident with another vehicle, or suffers freak accidents such as a tree falling on it, or a fire damaging it.
Thirdly, if there’s any loss of life or injury to a fellow road user in an accident that involves the uninsured electric car, the owner will have to pay for hospital expenses in case of injury/compensate the victim’s family in case of death. Finally, if the owner of the electric car is unable to compensate the victim, he or she could be jailed. *
Specific covers available
As we’ve already explained, there are many circumstances that make motor insurance critical for electric cars. Let’s expand upon some specific cases.
Suppose your electric car’s motor fails while navigating a flooded road, your motor insurance will cover it if you’ve opted for ‘Engine Protect Plus’ or a ‘flood damage’ protection package. Given the fact that Indian cities suffer from seasonal flooding during the monsoons, such a cover is invaluable even for electric cars.
Then we have invoice protection, also known as return to invoice. By opting for this cover, an electric vehicle owner will get back the entire purchase amount in case of total loss (an accident/damage that costs over 75 % of the vehicle’s insured declared value). By opting for the return-to-invoice package, owners can also reduce the overall cost of insurance as the insured declared value can be kept minimum.
There are many more such specific insurance covers available for electric cars that will make ownership a hassle-free, economical and safe experience. So don’t think twice, make sure that you buy electric car insurance for your ev car, and keep it renewed. *
* Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.