Electric vehicles are the future of automotive industry. With soaring fuel prices not just in the country, but also in the international markets, it is critical to look for alternate modes of fuel to power vehicles. Battery operated vehicles or popularly referred to as electric vehicles or EV are soon to replace internal combustion engines at large. But at present, the EV technology is at a nascent stage with infrastructure picking up to the demand for it. Eco-friendly transportation is an inevitable future and electric vehicles are a critical component. It is the right time to buy an electric vehicle if you want to be among the early adopters of this green initiative.
Selecting an electric vehicle, at present, is a complex decision. Understanding how the different battery technologies, charging methods and the power output works is the first step. However, as more and more manufacturers are coming up with their electric vehicles each month, there is widespread information available for you to pick one. But just like other vehicles, all is not done when you buy an electric car or bike today. You need to comply with its registration and insurance requirements too. With this article, you can come to terms all you need to know about vehicle insurance for electric vehicles. Let’s have a look:
Why do you need to purchase vehicle insurance for electric vehicles?
The first and foremost question that comes to a buyer’s mind is why electric vehicles require insurance coverage. The simple answer is the legal compliance. The Motor Vehicles Act of 1988 makes it mandatory to have motor insurance for all vehicle registered in the country. In addition to this law, an electric car insurance or bike insurance offers the following advantage:
- Protection against third-party liabilities: An insurance cover for your electric vehicle ensures protection for liabilities that may arise during an accident or collision. During an accident, it often results in an injury or causes damages to third person property. It is your responsibility for repaying these losses. With a third party insurance cover for electric vehicles these legal liabilities due to third parties are covered by your motor insurance provider. * Standard T&C Apply
- Avoid hefty penalties: The law prescribes it mandatorily to have insurance coverage. With the help of an insurance policy for your electric vehicle, you can ensure legal compliance avoiding hefty penalties
- Protection for own damages: During an accident, it isn’t only a third person who may suffer an injury or damage to their vehicle or property, but also you and your vehicle. With a comprehensive vehicle insurance, these damages are included in the scope of your insurance cover. In addition to that, repairs that are required due to natural or man-made calamities are also insured by a comprehensive policy. Thus, you can avail a 360-degree cover with a comprehensive policy for your electric car or bike. * Standard T&C Apply
- Personal accident coverage: The law in addition to third-party cover mandates personal accident (PA) cover as standard. While there is no need to buy a personal accident coverage for each vehicle you own, but one personal accident cover is mandatory. This coverage ensures any injuries sustained by you, or the driver of the vehicle are covered by the insurance company. Disability, partial or total, death and even bodily injuries are some of the situations covered by the PA cover. * Standard T&C Apply
These are some of the benefits why you must consider buying a motor insurance cover for electric vehicles. Also note that 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.