Electric cars have emerged as exciting newcomers in the vehicle industry, evolving from once being a conceptual idea to now being commonplace. Accessibility and environmental friendliness drive more consumers to choose electric vehicles. Financial advantages, including fuel savings and incentives, further increase their popularity.
There are four main categories of electric vehicles in the market: Fuel cell electric vehicles, Hybrid electric vehicles, Plug-in hybrid electric vehicles, and Electric cars. However, along with the excitement of owning an electric vehicle, it is crucial to consider obtaining the right insurance.
Electric Vehicle Insurance: Protecting Your Investment
Insurance for electric vehicles is essential, providing financial protection similar to traditional fuel vehicles. Electric car insurance covers damages to your vehicle, yourself, and third parties, depending on the policy. While third-party liability insurance shields you from harm to others, comprehensive policies are advisable for protecting your electric car from significant financial burdens.
Empower Yourself With EV Car Insurance’s Benefits
Acquiring insurance for an electric vehicle is mandated by the Motor Vehicles Act of 1988. While comprehensive coverage is not mandatory, it offers significant financial protection Car Rental in Dubai or Abu Dhabi, UAE in accidents. Understanding how insurance works is crucial; it shields your savings from the high costs of repairs, with the insurance company covering the expenses based on your policy.
An electric vehicle insurance policy boasts cashless fixes, hospitalisation facilities, a quick purchase process, no-claim bonus transmission, personalisation options with over seven add-ons, and a 98% claims settlement ratio.
Exploring The Benefits Of EV Insurance Policy
Owning or intending to acquire an electric vehicle is responsible for obtaining appropriate insurance. An EV insurance policy offers financial safety, increased protection, law adherence, and peace of mind. It ensures that damages are quickly repaired, covering potential repair costs and keeping car owners compliant with legal requirements.
Understanding Coverage: Inclusions And Exclusions
Electric Car Insurance covers mishaps, theft, fire, natural calamities, individual mishaps, and losses to outside parties. Various add-ons are available to enhance coverage, offering benefits of buying electric cars in India, such as depreciation-free covering, motor protector cover, 24/7 roadside assistance, replacement cover for locks and keys, consumables add-on cover, personal baggage cover, and conveyance benefit add-on. Claims are subject to terms and conditions set forth under the motor insurance policy. *
Add-Ons: Enhancing Electric Vehicle Insurance
Add-ons are crucial in tailoring electric vehicle insurance coverage to individual needs. The zero-depreciation add-on, or bumper-to-bumper cover, helps cover depreciation, ensuring that it’s not subtracted from the claim amount. The motor protector covers repairs to the crucial engine components not covered by standard policies. 24/7 roadside assistance is a practical add-on for quick fixes during breakdowns. Electric bike insurance is essential for protecting your finances and ensuring compliance with the law. Claims are subject to terms and conditions set forth under the motor insurance policy. *
Replacement cover for locks and keys reduces the financial burden of replacing modern car keys. Consumables add-on cover ensures worry-free replacement of fluids and components. Personal baggage cover protects against theft of valuable items stored in the car.
Conveyance benefit add-on covers the cost of alternative transportation while your vehicle is being serviced following an accident. Selecting an EV insurance policy provides financial security, enhanced protection, legal compliance, and peace of mind.
*Standard T&C Apply
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
