Know everything about Electric Car Insurance

In 2022, we are observing an immersive hike in crude oil. Shortage of oil, manipulating of oil prices by OPEC+ countries, greenhouse gases effect and many more factors are affecting the price of crude oil. These factors are promoting the demand for alternate options in the market. The alternate which does not harm the environment, which is easily available, affordable and easy to transport.

Therefore, we have come up with the electric vehicle. These vehicles are environmentally friendly, budget-friendly, affordable and easy to transport. Now the question arises, should we insure an electric vehicle? What will be the procedure to insure an electric vehicle?

Procedure for Electric Car Insurance

For filing Electric car insurance, one has to visit the insurance company or visit the insurer’s website. Enter the details of the vehicle and in the end, you will get a quotation if you are satisfied with that then proceed with the payment.

What is the difference between normal car insurance and electric car insurance?

·         For regular car insurance, the insurer looks for the engine capacity but in electric car insurance, the insurer will look at the battery capacity for the premium of the vehicle.

·         The premium for electric car insurance is less as compared to crude oil vehicles.

How is electric car insurance premium calculated?

For calculating, electric car insurance premium the feature considered are: -

·         IDV of the vehicle

·         Make and model of the vehicle

·         Battery capacity of the vehicle

·         Zone of the insurance

·         No claim bonus (NCB)

·         Additional Discount

·         Car Modification

These are terms that should be focused on before insuring an electric car.



What are the products under which an electric vehicle can be insured? 

There are two types of insurance for an electric car. They are: -

Third-party insurance – This insurance policy will protect you from the liability of a third party and also protect you from penalties and imprisonment. 

Own damage – This policy will protect your vehicle from own damage. This policy will protect your vehicle from natural and man-made calamities. The perils that are covered under this policy are flood, fire, accident, theft, cyclone, earthquake, landslide etc.

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