While taking insurance for EV, keep these 6 things in mind, including covering the battery separately
Proper insurance of electric vehicle is important: While taking insurance for EV, keep these 6 things in mind, including covering the battery separately
The standard motor insurance policy was created several decades ago, when the concept of electric vehicles (EVs) or hybrid vehicles was not there. At that time, motor insurance was not required exclusively for EVs. Since the cost of electric vehicles is higher than the normal vehicles, it is important to do as much research and be satisfied before taking their insurance. Therefore, while buying insurance for EV, these things must be kept in mind.
Is the battery covered separately in the policy?
Does the policy cover total battery loss due to flood or fire during charging? This is important because the battery is the most expensive part of an EV.
Are the liability for damages and personal injury caused to a third party due to EV covered in the policy? Also check whether the policy has a separate liability cover in case a suit is filed against the owner of the EV due to damages.
Is there zero depreciation coverage for all the parts in the policy?
Whether they are made of plastic, metal, glass or fiber, whatever metal they are.
Does the policy have separate coverage for wall mount charger and charging cable? Since these parts are not attached to the vehicle, they need to be covered in the motor policy with a separate mention.
Does the policy cover any gadget other than the one fitted by the parent company?
Increasing demand for electric vehicles . In August 2022, 85,911 electric vehicles were registered, while 77,868 EVs were sold in July. In August last year, 29,127 EVs were sold. Accordingly, while EV sales grew by 11% on a monthly basis, sales tripled on a yearly basis.