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Insurance for Electric Cars
The demand for Electric Vehicles (EVs) is slowly gathering pace in India. Apart from being a green alternative to petrol and diesel vehicles, they can also be cheaper to run in the long-term. As the EV market is still developing in India, prospective buyers may have concerns about where they can find suitable Electric Car Insurance.
To cope up with the growing demand, auto manufacturers are developing different types of EVs to cater to the different needs of private buyers. With the wider adoption of EV vehicles, new-age insurance companies such as ACKO are providing vehicle insurance for electric cars.
Similar to the motor insurance policy for petrol and diesel vehicles, the EV car insurance policy offers financial protection to your vehicle against liabilities such as accidental damage, fire, natural calamities, riots, theft of the insured vehicle and third-party injuries or damages to their property. By choosing the right cover for your electric vehicle, you can avoid out-of-pocket expenses.
Here are the advantages of insuring your electric car with a Comprehensive Insurance Policy.
In case of an unfortunate situation where you have caused an injury to a third-party or damaged third-party property, then your insurance policy will cover such liabilities.
As the Comprehensive Plan includes the law-mandated Third-Party Liability Cover, you will be protected against non-compliance penalties concerning car insurance.
As the Comprehensive Cover offers Own Damage (OD) cover, it provides coverage for a major part of the repair bill in case of accidents, fire, natural calamities, riots and losses due to theft. This means you do not have to pay an expensive repair bill in case of damages covered by the plan.
With the law-mandated Personal Accident cover (PA), you get complete financial compensation against uncertainties such as accidental death, bodily injuries or partial/total disabilities due to an accident. Please note, this has to be bought separately with the Third-Party Insurance Plan or the Comprehensive Plan.
Here are the benefits of insuring your EV with a Comprehensive Car Insurance Cover by ACKO.
You can buy or renew electric car insurance within minutes thanks to ACKO’s robust digital process. With ACKO, you don't have to worry about tedious paperwork or exhaustive form-filling. All you have to do is visit www.acko.com or download the ACKO mobile app and share details to buy and renew the policy.
You can buy insurance directly from ACKO. When you buy on ACKO, there are no agents or middlemen involved. This reduces the operating costs and allows us to pass these benefits to customers in the form of a lower premium amount. Therefore, you get well-designed and comprehensive car insurance at an affordable price.
Settling claims with ACKO is simple, super fast and hassle-free. By logging in to your account, you can raise a claim anytime from anywhere. Also, thanks to features such as instant claim settlement for minor damages, settling claims with ACKO is never a worry!
Listed below are the steps to buy insurance for EVs online.
Visit www.acko.com or download or install the mobile application.
Enter your vehicle’s registration number or select it from the car selector option.
Select your EV’s variant type and share a few details related to you and your previous policy.
Choose the plan and optional add-on covers that suit your requirements.
Pay the premium online and get the policy instantly into your inbox.
Also, Check: Insurance for Electric Bikes
There are mainly two types of insurance policies currently available in the market.
The Motor Vehicles Act, 1988 makes it mandatory to insure your EV with this policy. Through this plan, you will be insured against liabilities arising due to third-party injury or damages to their property caused by your electric vehicle. Note that accidental damages to your vehicle are not covered under this policy.
This is an ideal vehicle insurance policy for your electric vehicle. It offers both Third-Party (TP) and Own Damage cover (OD). In the event your vehicle is damaged due to riots, vandalism, floods, storms, accidents, etc., ACKO will pay for the repair costs according to the policy’s terms and conditions.
ACKO’s Comprehensive Electric Car Insurance comes with many features and benefits. The Comprehensive Plan covers damages or losses arising due to the following situations.
1. Injuries to third-party or damages to their property.
2. Damages to your car in an accident.
3. Damages to the car in fire or explosion.
4. Accidental death or injury of the owner-driver.
5. Natural disasters such as earthquakes, floods, storms, etc.
6. Man-made disasters such as riots, vandalism, etc.
7. Losses due to the theft of the vehicle.
1. Damages due to electrical/mechanical failure.
2. Damages due to regular wear and tear.
3. Damages due to reckless driving.
4. Driving the EV without a valid driving license.
5. Driving your EV under the influence of alcohol or other intoxicating substances.
Yes, you can insure electric vehicles in India. Similar to petrol and diesel or CNG powered vehicles, electric vehicles must be insured at least with the law-mandated Third-Party Insurance Plan. For coverage against damages to your EV, you can opt for the Comprehensive Insurance Plan that comes bundled with Third-Party Insurance and Own Damage cover.Is vehicle insurance required for electric vehicles in India?
Yes. As per the law, all vehicles including petrol, diesel, CNG and electric vehicles should be insured with at least Third-Party Insurance Policy. Not insuring your electric vehicle with this mandatory policy can lead to monetary penalties. However, this plan does not cover damages to the insured vehicle. It is suggested to opt for the Comprehensive Insurance Policy since it offers the benefit of both Third-Party Insurance Plan and Own Damage (OD) cover.How much does the electric car insurance cost?
The pricing of all motor insurance policies is based on the cost of the vehicle, apart from other criteria such as location, the variant of the model and age of the EV. For more details, you can check the car insurance premium calculator to calculate the insurance cost for electric vehicles.Why does electric vehicle insurance cost more than petrol or diesel vehicles?
Electric vehicles are considerably higher priced compared to conventional petrol and diesel vehicles. As the insurance price is primarily based on the cost of the vehicle, the premium is higher as compared to internal combustion engine-powered vehicles.How can I find the right insurance company for my EV car?
To insure your electric vehicle with the right insurance company, you need to review the services provided by the insurer, and how fast the insurer can settle claims. New-age digital insurance companies such as ACKO provide paperless and low-cost insurance along with superior claims experience. Consider digital insurers who provide high-quality services and customer experience for the right insurance plan for your EV.Is the Comprehensive Car Insurance Plan mandatory for electric vehicles and how it is beneficial?
No, the Comprehensive Plan is not mandatory according to the law. However, it is an ideal insurance plan for your electric vehicle. This is because it provides financial protection against liabilities arising due to accidental damage to your vehicle in addition to the law-mandated Third-Party Plan. It also has the option to include add-on covers to amplify the coverage of the policy.
Insurance Regulatory and Development Authority of India (IRDAI) is the apex body or the regulator of the insurance sector in India. IRDAI calculates and notifies the electric car insurance rates for the law-mandated Third-Party Electric Car Insurance in India.
For EVs, the IRDAI has stipulated a 15% discount on third-party insurance premium rates compared to that of petrol and diesel vehicles. The below table shows the price of Third-Party Vehicle Insurance for private electric vehicles for a one-year policy and a three-year policy.
|Vehicle Type (Battery Power)||Premium for 1-Year Policy||Premium for 3-Year Policy|
|Less Than 30 kW||Rs. 1,761||Rs. 4,493|
|More Than 30 kW Less Than 65 kW||Rs. 2,738||Rs. 8,104|
|More Than 65 kW||Rs. 6,707||Rs. 20,659|
For premium rates of Comprehensive Policy for EVs, you can visit ACKO’s website or mobile app to get an instant quote.
Add-on covers enhance the coverage of the Standard Comprehensive Plan. Here’s a list of popular add-ons for your electric vehicle insurance.
Get emergency assistance services such as emergency towing, flat tyre repair, minor repairs, spare key retrieval, etc.
In case of a breakdown or an accident outside the 100 km radius of your residence, and the repair takes more than 12 hours, ACKO will pay the amount as stated in the add-on cover.
ACKO will not consider the depreciation of the parts that are being replaced during the settlement of claims against the policy.
In case of theft of the EV or total loss of the vehicle, ACKO will pay the invoice value of the vehicle and not the Insured Declared Value (IDV).
Even if you raise a claim during the policy period, the No Claim Bonus discount is protected. This means you will get a discount on the premium amount during policy renewal.
Cost of replacing engine and gearbox oil, screws, nuts and bolts, and other such consumable items, that are not covered under the Standard Comprehensive Plan, are covered under this add-on cover.
ACKO will pay the cost to replace the vehicle key in case it is stolen, lost or damaged or the cost to repair the lock-set or key.
Under this add-on, ACKO will compensate in case of unfortunate accidents leading to permanent disability/death of your loved ones.
In case your EV has sustained damages due to an accident, you can raise a claim against the policy by following the below three simple steps. The entire process is paperless, and you need not fill lengthy claim forms to initiate a claim against your policy.
Visit ACKO’s website www.acko.com or download our mobile app to access your account.
Answer a few questions about the damages and upload the photos of the damaged vehicle.
For minor damages, receive instant claim settlement in the form of on-account payment. For major damages, our team will pick your EV, repair it at a professional network garage and deliver it back to you in three days.
When you are looking for online electric vehicle insurance, consider the following tips to make an informed decision.
1. Buy a car insurance plan that offers wide coverage at a lesser price.
2. Consider buying insurance from digital-first insurers such as ACKO for zero paperwork, zero commission and superfast claim settlements.
3. Compare car insurance and buy a plan that is well-balanced in terms of premium, coverage and services.
4. Ensure that you read through the terms and conditions of the policy.
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Category: Non-Life Insurance
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