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Electric cars are becoming more popular as they are cost-effective and better for the environment, and just like regular cars need petrol or diesel as fuel, electric cars need electricity to run!
Since electric cars are not yet as common as petrol/diesel cars in India, getting a car insurance policy for your electric car can be a bit different.
Electric car insurance is a type of motor insurance that protects electric cars from potential damage and losses that may occur due to accidents, natural calamities, fire or theft, and even third-party liabilities.
The EV car insurance policy is designed to provide additional coverage specific to electric vehicles such as battery coverage, electric motor, charging station coverage, repair costs for electric vehicles, etc.
You can’t predict what might happen to your precious electric car. So, having electric car insurance can be a great help and offer financial protection in an unfortunate event. You must also keep in mind that having at least third-party car insurance is mandatory in India.
Here's why you should get electric car insurance India:
EV insurance for electric cars acts as a safety net and protects your car in unforeseen circumstances. Under the Comprehensive Policy, you get coverage for your own damage liabilities, while in a situation where you have caused an injury or damage to a third-party, it will be covered under third-party policy.
Getting an electric vehicle insurance for your car will also help you comply with the law to drive electric cars on Indian roads.
Since electric vehicles are comparatively new in the Indian market, the cost of repairing electric motors and other EV-specific components can more than for fuel-run cars. Therefore, having EV insurance for electric cars helps take care of these costs.
EV insurance also covers specific requirements related to electric vehicles such as electric motors, batteries, and charging systems, depending upon your insurer.
Having car insurance for your electric vehicle also ensures peace of mind as you get financial security in case of any unfortunate event.
Here are some situations which are not covered under electric vehicle insurance policy:
Car insurance add-ons which you can buy with your car insurance policy
We treat our customers like VIPs, know how…
Damages/Losses to own car due to an accident Covers for damages to your own car in case of an accident or collision. |
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Damages/Losses to own car in case of fire Covers for damages and losses to your own car caused due to a fire. |
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Damages/Losses to own car in case of a natural calamity Covers for damages and losses caused to your own car due to a natural calamity such as floods, earthquakes, cyclone, etc. |
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Damages to Third-Party Vehicle Covers for damage caused by your car to any third-party vehicle, up to 7.5 lakhs. |
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Damages to Third-Party Property Covers for damages and losses caused by your car to any third-party property, to up to 7.5 lakhs. |
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Personal Accident Cover Covers for owner-driver's bodily injuries or death. (Mandatory by law, one can opt in for the same if they don’t have one already). |
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Injuries/Death of a Third-Party Person Covers for bodily injuries or death caused by your car to any third-party person, up to unlimited liability. |
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Theft of your car Covers for losses if your car is unfortunately stolen. |
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Customize your IDV Customize the IDV of your car as per your choice and consequently adjust your car insurance premium accordingly. |
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Extra protection with customized add-ons Give your car an extra layer of protection with customized add-ons such as tyre protect cover, engine and gearbox protection, zero depreciation add-on, etc. |
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Know more about:- Difference between Comprehensive and Third Party Insurance.
Disclaimer - The premium calculation is done for Tata Nexon EV Prime XM, including GST, for ex-showroom Delhi, given the NCB is 50%, no add-ons, previous policy is not expired, & IDV is the lowest available.
On the Digit app or website, enter your electric car’s registration number and mobile number, and click on ‘View Prices’.
Select the plan, add-ons and IDV, and click on ‘Continue.’
Enter your personal, nominee and vehicle details and click on ‘Pay Now.’
Complete the payment and mandatory KYC verification process.
You’re done! You’ll receive the policy document via email, SMS and WhatsApp. Also, you can access it 24X7 on the Digit App.
While buying a new car insurance policy for EV online from Digit, you don’t need a load of documents or paperwork. Keep the following documents handy:
Electric Car Registration Certificate
Previous year car insurance policy, if applicable
Any of these documents for KYC verification - PAN/Aadhar/DL/Voter id/Form 16/Passport
Follow this 3-step digital claims process after you buy or renew the electric car insurance plan:
Call on 1800-258-5956. Remember there are no forms involved.
You will get a link for Self-Inspection on your registered mobile number. Capture your electric vehicle’s damages from your smartphone through a guided step by step process.
Select if you wish to opt for Reimbursement or Cashless through our network of garages.
Car insurance premiums for private electric cars are based on many factors, like kilowatt capacity, make, model, and age.
However, Insurance Regulatory and Development Authority of India (IRDAI) has fixed the electric car insurance rates for the mandatory third-party electric car insurance in India. So, the new electric cars in India are already covered under 3rd party policy for three years.
Also, as a measure to promote electric vehicles in India, IRDAI has set a 15% discount on third-party insurance premium rates for EV, as compared to petrol and diesel vehicles.
Now that you know everything about electric car insurance, go through the list of top electric cars in India to know which is the most suitable for you and switch to environment-friendly vehicles today.
Note: All prices here are the ex-showroom price in Delhi.
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