Banking & Insurance

Having an EV, but not sure about an Electric vehicle insurance policy?

Electric vehicle insurance policy car charging station

It’s always a wow factor when you own an electric vehicle(EV). Noiseless cars, bikes, or scooters are one of the favourites for all! Also, it’s a new concept and is very environmentally friendly. When you run it, people turn around to ask about the mileage, price, etc. It really becomes an owner’s pride, when you cover it with the right electric vehicle insurance. 

When we talk about Green India and Clean India, then EVs come first in the picture. You cannot underestimate the power of an EV, which can run on electricity rather than petrol, diesel, or CNG. Its running cost starts from 60 paise per kilometer. 

As per the Economic Survey 2023,  the domestic market for EVs will grow at a 49% compound annual growth rate(CAGR) between the years 2022 and 2030. Its annual sales will reach 10 million by 2030.

The Government of India has set its aim to get 30% electrification of Indian vehicles by 2030. There are various policies to support the industry. Also, there are many incentives for dealers as well as buyers to support the sector. With highly advanced technology and easy-to-use features, you can easily buy and maintain forever. Just with a click of your key, you are all set to go anywhere! But, don’t forget to charge the battery before you start!

However, insuring your vehicle gives you peace of mind and hence it is necessary to cover your electric vehicle under third-party insurance. Electric vehicle insurance covers all kinds of damage to you, your vehicle, and third parties. And, if you purchase comprehensive insurance from a well-established provider, then you are safe from all unexpected emergencies due to wear and tear. 

Let’s have a look at several benefits covered under Electric vehicle insurance and you must check before buying:

  • Dedicated helpline for EV:

Some of the companies have started a 24×7 helpline regarding battery and charging stations. They also help with flat tyres, breakdowns, accidents, towing to the dealer, etc. 

  • On-site charging service:

Yes! That’s good news! Now, you don’t need to worry about running out of battery on the way. Bajaj Allianz has started first-of-its-kind portable mobile charging vehicles for instant charging support to reach your destination without any problem. Although, this service is limited to a few cities only. 

  • Pickup and Drop:

In case of accidents, low battery, or breakdowns, you get pick and drop at the nearest dealer. 

  • Instant claim settlement:

Many insurance companies instantly settle your claim online. They cover theft, and natural disasters, such as floods or earthquakes, fire, etc. It covers servicing, replacement, and repair of spare parts. 

  • Depreciation cover: 

On High priced EVs, you can also look for bumper-to-bumper cover, which ensures zero depreciation with time. 

  • Replacing Lock and Key: 

It’s very costly to replace the locking system, in case of lost or stolen keys. If you have this add-on, then you get it replaced for free. 

  • Consumable expenses:

It covers all the costs of servicing and replacement of parts. 

Electric vehicle insurance covers the loss of your baggage with valuables stolen from your EV. 

  • Conveyance benefit: 

It covers your conveyance expense when your electrical vehicle has gone to the garage. Isn’t it an amazing feature of electric car insurance? 

  • Motor protector feature:

The most crucial and expensive part of the vehicle is covered under the Engine Protect add-on. 

Henceforth, it is clear that Electric vehicle insurance is as important as your EV to peacefully ride this silent vehicle. Enjoy your ride anywhere, anytime with proper insurance and all-inclusive features. Protect your vehicle as well as yourself for a safe environment!

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Content Writer
She is an author of many books in English and Hindi. Her poems and stories are very real and will help you to learn from her experience. She has contributed to Times Of India pages and has appeared has model in many ads as well. She is working continuously for Women Empowerment by training women about self confidence and self love through various means. She is also a social worker to help many to be independent in thought and action.


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