Everything you need to know about car insurance for electric cars

 

Everything you need to know about car insurance for electric cars

Read this article for insurance options for electric cars. This article will provide comprehensive information on electric car insurance.

With the ever-evolving age of technology, the contemporary world has brought electric cars into vogue. Regardless of the presence of a conventional gasoline or diesel car or electric car, insurance is still mandatory for all vehicles in order to drive legally on the road. This article will provide all the information you need to know about insurance policies for electric cars. 

Why do electric cars need insurance? 

Electric cars have been buzzing lately because of talk of air pollution and ways to reduce it. Most electric cars work on battery power. On the other hand, some are working on hybrid technology. This means that hybrid cars can have a gasoline or diesel engine as the main power source and battery to supplement it. Another type uses hydrogen gas by converting it into electricity to drive the car. 

Regardless of the type of electric car, any car is prone to accidents and damage when used. The costs of repairing these damages can be expensive. This is where insurance comes in. Here are why you need electric car insurance- 

Legal jurisdiction 

The Automobile Act stipulates that all vehicles have vehicle insurance in order to be legally driven on the road in India. Failure to secure your electric car will make you vulnerable to legal fees and heavy fines if you are pulled aside by traffic police.

Third-party responsibility

Each car insurance has a third-party liability element. Third-party insurance protects the holder of the document from financial obligations imposed by third-party compensation. This means that insurance companies will cover the policyholder by providing financial assistance to compensate for the loss of the third party. In case you are involved in an accident, you do not have to worry about paying a third party as your insurance will cover expenses. 

Protection from damage

If your electric car has an accident, it is very likely that you have suffered some damage. Repairing those damages would be costly. Having an insurance policy covering your personal damages will remove the financial burden of repairing it from your shoulders. 

Personal accident coverage

Insurance companies offer extensions to your car insurance policy to help you get maximum coverage. This cover is very useful when you've got in any accident and there was physical damage. This cover will take care of all expenses after the accident including the medical expenses of the document holder. In the event of the death of the holder of the document in the accident, the cover provides the insured amount to the candidate and provides financial assistance to the family.

How is the electric car premium calculated? 

While purchasing your electric car insurance, it is essential to ensure that you receive maximum affordable premium coverage. Your car premium is calculated based on different factors. Insured declared value (IDV), car model, car life, and risk factors are one of the main determinants during premium calculation. 

The premium account for electric cars is not much different. Electric cars are also classified in the cc part although there is no engine for comfort. The premium of your damage coverage plans for electric cars will be higher. It is therefore recommended to purchase a comprehensive insurance policy covering all aspects of the damage. 

Take away

Having a car insurance policy for your electric car is critical. This will not only help you make up for any loss you incur during the policy period, but will also give you peace of mind while driving. Make sure your electric car is secured with maximum coverage at a reasonable premium price and safe driving. 

You may also want to read:

Benefits of car insurance for electric cars

How to reduce your car premium?

Disclaimer: This article is published in the public interest and is intended for public information purposes only. Readers are advised not to rely on the contents of the article as crucial in nature, and further research or expert consultation should be conducted in this regard.