Electric Vehicle Insurance: At present, people have less information about the insurance of electric vehicles, so here we are telling you about it.
Electric Vehicle Insurance: The trend of electric vehicles is increasing in the country. Since the cost of running them is also less and they do not pollute, people are now looking at electric vehicles as a big option. At present, sales of about 4.5 lakh electric vehicles are being seen in the country, in which there is immense potential for huge growth in the coming times. Although people have less information about their insurance i.e. insurance, here we are telling you about it.
Insurance of Electric Vehicles
To insure electric vehicles also, you have to first look for companies that provide insurance of electric vehicles. At present, all the auto insurance companies that do auto insurance are not insuring EV (Electric Vehicle). So you have to know about such company first.
How much will the premium be?
The customer can get third party insurance for the electric vehicle at a discount of 15 percent. Motor policy premium for electric vehicles is the same as for ICE cars. By the way, from June 1, the Ministry of Road Transport and Highways has increased the premium rate of third-party insurance for ICE vehicles. The basis for determining premium for electric vehicles
depends on factors such as the Insured Declared Value (IDV) and the condition of your car.
What does EV insurance cover?
In EV insurance, both third party cover and damage cover of self are factors. Under third party insurance, you can get the damage done to the vehicle due to road accident or battery fire or any other reason. On the other hand, through on damage cover, it can cover the damage caused by natural causes like flood, earthquake or other natural cause and can give you relief.
Getting Battery Covered in EV Insurance The most important
EV manufacturers usually give a warranty of 8-10 years on the battery of their cars but if it gets damaged earlier then it can be replaced in a comprehensive insurance cover. The battery is the most important part of an EV and you should make sure that the motor insurance that you have taken covers the battery or not.