The fact that fuel prices are rising at a highly alarming rate cannot be ignored. In many major cities, air pollution levels are at record highs. Owning an electric car seems sensible. These battery-powered, zero-emission vehicles are simpler to maintain. In this article, we have listed some of the several benefits of buying electric cars in India.
Why Is Insurance For Electric Vehicles More Expensive?
- Electric Vehicles Cost More: The cost of EVs is higher than conventional or fuel-powered vehicles. They have a high Insured Declared Value (IDV) as a result. The cost of electric car insurance will increase as the IDV rises. Although they initially cost more, electric cars are more affordable in the long run because you can avoid paying for fuel.
- Repair Costs Are Higher: High-capacity batteries and pricey parts are features of electric vehicles. As a result, their repair costs are also somewhat higher. For instance, the lithium-ion battery of an EV costs more than half of the total cost of the vehicle. Because of this, fixing the battery or buying a new one is an expensive endeavour.
- There Are Fewer Qualified Technicians Available: Complex car parts in electric vehicles require specialised maintenance. While plenty of conventional car mechanics exist in most towns and cities, finding highly qualified ones for electric vehicles can be challenging. Additionally, the available mechanics charge more for maintaining and replacing the components of EVs. Electric car insurance companies charge higher car insurance renewal premiums for EVs because they must cover the cost of vehicle repair and part replacement in the event of accidents, fire, natural disasters, or any other event covered by the policy.*
Claims are subject to terms and conditions set forth under the motor insurance policy.
These are some of the challenges for electric vehicles in India regarding costs.
How Can Insurance Costs For Electric Vehicles Be Reduced?
- Purchase Insurance Online: This is one of the ideal methods for discovering reliable and affordable insurance coverage for your EV. You can shortlist a few good electric vehicle insurance policies online and compare their inclusions, exclusions, add-ons, services, and more to find a good and affordable option.
- Add Security Devices: Installing security equipment in your EV, such as safety locks and anti-theft devices, is another way to lower insurance costs. These gadgets make EVs safer and less likely to be stolen. For cars with anti-theft devices, insurance companies might also lower renewal premiums. ##
- Opt For A Voluntary Deductible: A voluntary deductible is the out-of-pocket cost a policyholder incurs when filing a claim. A specific percentage reduces the insurance premium if you choose a voluntary deductible. Your chances of filing a claim should be slim if you drive safely and have a new car.
- Make Use Of The No-Claim Bonus: Insurance companies give policyholders a no-claim bonus for each year they go without filing a claim. This benefit may come with lower premiums or a higher sum assured. Therefore, the likelihood of filing a claim will be low if you are a responsible driver who drives safely and maintains your vehicle. ## *
* 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.