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Electric Car Insurance India – Electric Vehicles The automobile sector in India has undergone a transformation due to the rapid adoption of electric vehicles or EVs. As more people switch to eco-friendly and cleaner modes of transportation, the demand for e-car insurance will increase. Considering this growing demand, many insurance companies in India are offering EV-specific plans. Here, we review the top 10 electric car insurance providers in India to give you access to the latest and most comprehensive data so you can choose wisely.
With its strong electric vehicle insurance coverage, Tata AIG is a major player in the insurance industry in India. Theft, defect, natural disaster and third party liability protection is comprehensively covered. To further ensure a hassle-free ownership experience for EV owners, Tata AIG offers a range of optional extras such as engine protection, roadside assistance and zero depreciation coverage.
Electric Car Insurance India
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With its extensive network and customer-centric philosophy, ICICI Lombard is the insurance choice for electric vehicles. The company offers plans to protect against theft, fire, accidents and natural calamities. To give EV owners complete security, their electric vehicle insurance policies offer driver-owners third-party liability coverage and personal accident coverage.
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Customized insurance plans for e-cars are popular at HDFC ERGO and offer complete protection against various risks. Their insurance covers third party liability, theft, natural disasters and accidental damage. Additionally, HDFC ERGO offers special add-ons like emergency and customer protection, which increase the overall value of their insurance policies for electric vehicles.
Bajaj Allianz offers insurance plans for electric vehicles to meet the unique needs of EV owners. They protect against theft, fire, accidents and natural calamities. To ensure that electric vehicle owners have a smooth and safe driving experience, the company also offers various accessories including engine protection, side stands and zero-depreciation.
SBI Comprehensive Insurance is specially designed to cover e-car owners and offers a wide range of coverage. Natural calamities, theft, accidental damage and third party liability are covered in their policies. SBI Head Insurance’s e-car insurance policy is quite attractive and reliable as they also offer additional features like roadside assistance, zero depreciation cover and return to cover protection.
Reliance Universal Insurance is a leading player in the e-car insurance market and offers comprehensive plans to cover various risks. Their insurance covers third party liability along with protection against theft, fire, accidents and natural calamities. To provide better protection to EV owners, Reliance Comprehensive Insurance offers special add-ons like roadside assistance, engine protection and depreciation coverage.
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Future General has made big strides in the electric vehicle insurance market with plans designed with EV owners in mind. Their all-inclusive coverage includes third party liability insurance and protection against theft, fire, accidents and natural calamities. To further enhance the value of an insurance policy for electric vehicles, Future General also offers a range of accessories such as engine protection, roadside assistance and wear and tear protection.
New India Assurance is a leading brand in the Indian insurance market offering exclusive insurance policies for electric vehicles. In addition to third party liability, their comprehensive coverage protects against fire, theft, natural calamities and accidental damage. To provide peace of mind to EV owners, India’s new warranty also offers additional add-ons like roadside assistance, engine protection and depreciation coverage.
United India Insurance offers a comprehensive range of insurance products for e-car owners. Their insurance covers third party liability along with protection against theft, fire, accidents and natural calamities. United India Insurance makes their e-car insurance plans very attractive and reliable by offering special add-ons like zero depreciation cover, toll protection and roadside assistance.
Offering comprehensive coverage covering a wide range of risks, Eastern Insurance is another major competitor in the e-car insurance market. Their insurance covers third party liability along with protection against theft, fire, accidents and natural calamities. To provide better protection to EV customers, Eastern Insurance also offers optional extras like roadside assistance, engine protection and depreciation coverage.
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There are several variables to consider when choosing an e-car insurance policy to ensure you get the right coverage for your needs:
With the increasing number of electric vehicles in India, special insurance for electric vehicles is becoming more important. The ten EV insurance providers listed above offer a full range of valuable extras to ensure EV drivers have a safe and stress-free driving experience. You can choose the best electric car insurance policy for your needs by carefully weighing criteria like coverage, accessories, claims settlement rates, online garages and customer support. You can embrace the future of transportation with confidence knowing that one of the leading insurance companies in India is looking after your electric vehicle.
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Insurance Solutions For Electric Vehicles
We cultivate and leverage world-class smart R&D dynamic expertise to solve the most complex workforce, skills and innovation challenges. Due to the continuous rise in petrol prices, the demand for electric vehicles is increasing. Hence, the progress of electrification of vehicles is greater than before.
Last year (2019-20), sales of electric vehicles in India increased by 20%. With the increase in sales, there is a need for financial protection against losses due to insurance, accidents, theft, fire etc.
An electric vehicle is a motor vehicle powered by one or more electric motors that can be charged with electricity. It also works on batteries, solar energy or an electric generator that converts fuel into electricity. The e-vehicle category in India includes e-cars, e-bikes, e-buses, e-cars, e-pickups and e-motorcycles.
By 2020, there are about 5 electric vehicle manufacturers in India, excluding brands that manufacture electric buses, three-wheelers and two-wheelers. Most electric cars run on batteries, but some run on hybrid technology. These hybrids run on gasoline or diesel with battery backup. But some rare variants of these electric cars are powered by hydrogen.
Car Insurance For Electric Vehicles
Electric vehicles can save up to seven times the fuel/diesel costs of conventional vehicles. Additionally, these vehicles are notorious for their contribution to air pollution as they do not produce any harmful emissions.
Whether you own an electric vehicle or a conventional petrol/diesel vehicle, a car insurance plan is essential. It provides financial protection against damage to your vehicle due to traffic accidents. Insurance also covers liability for property damage, death or injury to others in accidents involving your vehicle.
If you’re still on the fence about buying insurance for your electric vehicle, here are some compelling reasons:
1. Legal Requirements – Indian citizens must have at least third party car insurance to drive on public roads. This provision is included in the Motor Vehicles Act 1988, which makes driving without insurance an offense and punishable with heavy fines.
Electric Car Insurance: Insurance For Electric Vehicles (ev)
2. Damage Cover – An accident can cause serious damage to the vehicle and expensive repairs. Having a car insurance policy provides the necessary financial support in such emergencies. Insurance protects you against losses due to accidents, natural disasters, violence and more. A comprehensive insurance policy protects you against losses due to theft.
3. In case of permanent disability due to an accident or mishap, the insured pays the premium. Thus, an insurance product provides financial security to your loved ones in case of loss of income support.
4. Third Party Insurance – With your e-car insurance policy, just like a normal car insurance policy, you get statutory third party insurance in India. If you don’t want to buy a comprehensive car insurance policy that covers all eventualities, you can opt to buy independent third-party insurance. Third party insurance covers any financial liability for life, injury or property damage to a third party. They will take care of all your legal expenses and concerns.
Simply put, whether you own an electric car or a conventional petrol/diesel/CNG car, having car insurance is your financial safety net. Like all your valuable possessions, you should protect your electric vehicle from damage from accidents. Electric car insurance ensures that you don’t have to pay high out-of-pocket expenses for repairs. This
