The demand for electric vehicles is gradually increasing in India. Apart from being seen as a green alternative to petrol and diesel powered vehicles, these electric vehicles are known to be cheaper to run in the long run.
Earlier, people did not need to nod their heads to think of an insurance policy for their electric vehicles as there was no such demand focused on it. But with the passage of time the scenario changed drastically. To meet the growing demand, carmakers are expanding their business to various types of electric vehicles with new age insurance policies.
People who own any type of fuel powered car are inclined towards buying car policies to stay safe. This policy is what will protect your car from any liability like accidental damage, fire, natural calamity and even injury or damage to third parties. If you are choosing the right policy for your vehicle, you can easily deduct any additional charges.
What insurance is required for EV cars?
People generally look for the benefits that they can get from any authentic insurance policy. These benefits are-
When you face any unfortunate situation where the third party is injured, the right policy will cover all the liabilities. Legal liability coverage also includes comprehensive planning so that you will be protected from all kinds of non-compliance penalties. This comprehensive coverage also includes personal damage coverage. This means that this policy will cover a major portion of your repair bill.
Various Electric Vehicle Insurance Plans in India
There are mainly two types of insurance policies available in the policy market. The first is a third party car insurance policy. As per the Motor Vehicles Act 1988, it is imperative to ensure that your vehicle has the right policy that covers all types of third party liabilities.
Second, comprehensive car insurance covers both third party damage and personal damage coverage. If your vehicle suffers any damages like riots, storms and accidents, this policy will cover the repair costs related to the above mentioned problems.
Things that the Comprehensive Policy Covers and Doesn’t Cover
A comprehensive policy has many features and benefits. It covers damage or loss caused by a variety of situations. For example, if you cause an injury to a third party or damage their property, this insurance policy will cover the loss. other situations such as damage to your car in an accident, if your car is damaged due to a fire or explosion; It also includes natural calamities like accidental death or injury of owner-driver, earthquake, flood etc.
There are many things that this policy does not cover, such as if your vehicle is damaged due to electrical or mechanical failure, due to normal wear and tear, for reckless driving and does not have a valid license.
Why do you need an insurance policy?
There are major reasons why you should buy an insurance policy. And you don’t have one, you should get it as soon as possible.
A legal order, the Vehicles Act has already made it mandatory for any vehicle to have an insurance policy. If you don’t own one, you will get a hefty fine. In case your car gets damaged in the event of an accident, an insurance policy will help you bear less burden for your expenses. Then there is personal accident cover and third party liability, which the insurance policy covers.
Conclusion
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Correct insurance is essential even if you are driving a petrol, diesel, fuel based or electric car. For no additional charge, you can purchase any correct policy. But it would be best if you were very careful while choosing one as many policies can be fraudulent, so choose a responsive policy for an electric vehicle that comes with at least 15% discount and is similar to electric vehicles .
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