Sales of electric vehicles (EVs) in India have surged, increasing from 134,000 units in 2022 to over 429,000 units in 2023 — a more than threefold jump. The sales figures for electric two-wheelers reached the top spot with 231,000 units. Electric cars also showed robust growth, expanding by over 300% from just under 5,000 vehicles to over 17,000 cars [Source: Statista] during the same period. Projections estimate this figure to rise to 376,000 by 2030 [Source:Prescient Strategic Intelligence].
Major auto manufacturers such as Tata Motors, Hyundai, Mahindra & Mahindra, Kia Motors, MG Motors, and BYD already have a presence in the EV market. Additionally, market leader Maruti Suzuki, along with others, plans to introduce more economical models. Recent announcements from Elon Musk about Tesla setting up production in India have only added to the excitement around electric cars.
As EV popularity grows, so does the curiosity around various aspects of EV ownership, such as the cost and nature of insurance.
Decoding EV Insurance
The EV Insurance policy of Bajaj Allianz General Insurance covers EVs from any potential financial loss or damage in case of events like accidents. Insurance for EVs helps to secure vehicle owners from any potential financial risks and provides them financial protection during their time of need. Our policy also provides you 11 roadside assistance services for your vehicle which includes dedicated EV helpline, On- site charging, SOS, out of energy towing and many more services.
EVs have specific needs when it comes to motor insurance. With Electric vehicle insurance policy, Bajaj Allianz General Insurance promise to deliver end-to-end solutions and offer innovative products and services to meet the unique needs of your prized possession.
Benefits of Add-ons in your EV Insurance Policy
Motor protection (It is covered under engine protect add on): Motor is one of the most crucial parts of an electric vehicle. Being one of the most expensive parts for servicing, you end up spending more to recover your vehicle’s motor from a malfunction or an accident. That’s why the Motor protection is the most ideal solution to feature in your electric vehicle insurance policy. This helps you save the money you would spend on getting your car’s Motor fixed, in case of accident.
Depreciation cover: Depreciation amount, partly or fully, on assessed damaged parts allowed for replacement during repairs in event of partial loss to insured vehicle during policy period. Claims are subject to terms and conditions set forth under motor insurance policy.
As the EV landscape continues to evolve rapidly, insurance policies will also adapt. For now, companies like Bajaj Allianz General Insurance offer comprehensive policies with specific add-ons, ensuring peace of mind for EV owners. Therefore, when shopping for an EV, motor insurance should not be a concern.
* 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.