The ever-increasing cost of fuel shows no signs of stopping. Pollution is also increasing. Electric vehicles will be at the forefront of a revolution in personal mobility. Additionally, it has all the necessary government support.
Advantages Of Purchasing Electric Vehicles In India
This is the perfect time to switch to an electric vehicle. Electric vehicles are becoming a great mobility option thanks to several factors. The most notable of these are electric vehicles’ significantly lower purchase and operating costs. According to some international estimates, operating costs may be only one-fifth as high as those for traditional petrol and diesel vehicles.
Then, there are the generous benefits that both the central government and the state governments give to promote electric vehicle use. Electric cars are now feasible for intercity travel, albeit with some planning, as the charging infrastructure across the nation is expanding at a rapid rate.
Now that you’ve decided it’s about time to switch to an electric vehicle, it’s also time to calculate one significant cost associated with purchasing an electric car in addition to the actual purchase price. This is called electric car insurance price.
Are You Prepared To Switch To An Electric Vehicle?
- Risks Do Exist
Although it uses a different energy source than a petrol or diesel vehicle, an electric car can access the same roads as those vehicles. Naturally, electric vehicles face the same dangers as conventional cars on such roads. Motor insurance protects the owner of an electric vehicle from significant costs resulting from potential damages in the event of an accident.
- Legal Prerequisite
Electric vehicles, whether they have four or two wheels, are treated the same way as petrol and diesel-powered cars in terms of the law. Motor insurance is now required for electric vehicles as a result. Driving an electric vehicle in India would be against the law if you didn’t comply with this. If you drive an electric car without motor insurance, the results could be disastrous.
- Specific Covers Are Offered
As we’ve already mentioned, there are a variety of situations where electric car insurance is essential for electric vehicles. Let’s elaborate on a few particular instances.
If you have chosen “Engine Protect Plus” or a “flood damage” protection package, your car insurance may pay for it if your electric car’s motor malfunctions while driving on a flooded road. Such a cover is essential even for electric vehicles, given that Indian cities frequently flood during the monsoon season. *
Invoice protection, also known as return to invoice, comes next. An electric vehicle owner who chooses this coverage may receive their entire purchase price back in the event of a total loss (an accident or damage that costs more than 75% of the insured declared value of the vehicle). Owners can also lower the overall electric vehicle insurance cost by choosing the return-to-invoice package because the insured declared value can be kept to a minimum. You can use a car insurance calculator to compare the costs of your premiums. Claims are subject to terms and conditions set forth under the motor insurance policy. * ##
*Standard T&C Apply
##All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
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.