The number of electric vehicles in India has surpassed 2.3 million and is projected to increase considerably in the upcoming years. If you are considering buying a new vehicle, choosing an electric car instead of a traditional petrol or diesel one can be a wise decision.
Understanding the need for car insurance is essential when purchasing an electric vehicle. It offers financial security against unexpected occurrences like accidents, theft, or damages due to natural disasters. Having comprehensive insurance coverage can prevent significant financial losses due to the expensive repair cost for the specialised technology of electric cars.
This article explores the various advantages of EVs and the significance of ensuring their protection.
Understanding Electric Cars
An electric vehicle (EV) operates using an electric motor that receives power from a battery, which can be recharged through an external outlet. There are primarily 2 types of electric vehicles: All-electric vehicles (AEVs) and Plug-in hybrid electric vehicles (PHEVs). The former operates solely on electricity, while the latter combines an electric motor with a traditional internal combustion engine.
Benefits of Buying an Electric Car
The following are some of the benefits of electric vehicles
1. Optimal Opеrating Cost
The operating costs of electric vehicles are generally lower than petrol or diesel cars, which is one of their main advantages. Electricity tends to be less expensive and more consistent in price compared to fossil fuels. Charging an electric vehicle is much cheaper than refuelling a traditional car, resulting in substantial long-term savings.
2. Lowеr Maintеnancе Cost
Electric vehicles have a reduced number of components compared to petrol or diesel cars, resulting in decreased maintenance expenses. Conventional vehicles need routine upkeep of parts such as engines, transmissions, and exhaust systems. On the other hand, electric cars have less complex drivetrains, which decreases the frequency of necessary servicing and replacement of parts.
3, Environmеntal Bеnеfits
Electric vehicles are environmentally friendly. They generate no tailpipe emissions, hence causing no air pollution. This helps with the drive to improve air quality. Moreover, electric vehicles run silently, without making any noise pollution like that caused by conventional vehicles. This is especially advantageous in city areas where noise pollution is a major issue.
4. Govеrnmеnt Incеntivеs
The Indian government is actively encouraging the use of electric vehicles by offering different incentives. These benefits for owners include subsidised electricity rates for charging, exemptions from sales tax and registration fees, and tax deductions on loans used to buy EVs under Section 80EEB. These incentives make it more financially appealing to own an electric vehicle.
5. Pеrfеct Pеrformancе
Advancements in battery technology, motors, and controllers have improved the performance of modern electric vehicles. In the past, these faced criticism for their restricted range and slow performance. Nevertheless, modern electric vehicles feature impressive acceleration, extended range, and enhanced overall driving experience.
6. Chargе-at-Homе Convеniеncе
A major convenience of electric vehicles is they can be charged at home. This avoids the necessity of going to fuel stations, preserving time and energy. Many electric vehicle owners set up home charging stations so they can begin each day with a fully charged vehicle.
7. Increased Storage Capacity
Electric vehicles usually come with a larger interior and storage space compared to conventional cars. Not having big engines and transmissions allows for creative interior designs, giving plenty of space for passengers and luggage. This allows electric vehicles to be a viable option for families and travellers.
8. Bеttеr Safеty Fеaturеs
Electric vehicles often have advanced safety features included. Some of these are automatic emergency braking, forward collision alerts, lane-keeping assistance, and additional functions. These characteristics improve the safety of both drivers and passengers, which is essential in India’s crowded streets.
9. Integration of Renewable Energy Sources
Electric vehicle owners can choose to power their vehicles with renewable energy sources such as solar power. This diminishes reliance on fossil fuels and further reduces the carbon footprint. By incorporating renewable energy, owners of electric vehicles help create a more sustainable future.
Importancе of Car Insurancе for Electric Vеhiclеs
Even though electric vehicles have many safety advantages, it is important to safeguard your investment with the right car insurance. All car owners in India, including those with EVs, are required to have motor insurance. A comprehensive plan offers financial and legal security in the event of accidents, theft, or natural disasters.
Bеnеfits of Electric Car Insurancе
The following are some of the benefits of electric care insurance:
1. Accident Protеction
Insurance for electric cars provides coverage for damages caused by unexpected accidents. This guarantees that you are financially protected from repair expenses and medical bills
2. Third-Party Damagе Protеction
Electric car insurance will cover the costs associated with any accident involving your insured vehicle that causes injury to third parties or damages to their properties. This coverage is mandatory under the Motor Vehicles Act. It guarantees legal adherence and monetary safeguarding.
3. Financial Sеcurity
Electric vehicle insurance offers financial protection against risks such as theft and damages to the car due to natural or manmade calamities. This ensures that you are not burdened with unforeseen repair or replacement costs.
4. Pеnalty Avoidancе
Not having insurance while driving can lead to substantial penalties. Having valid insurance for an electric car avoids fines and legal troubles, providing peace of mind while on the road.
5. Protection against Natural Disasters
Floods, earthquakes, and storms can cause considerable damage to vehicles. Car insurance provides coverage for this, helping reduce potential financial losses
6. Firе Protеction
Electric vehicles, just like all other automobiles, are susceptible to fire risks. Insurance for electric cars includes coverage for damages caused by fires, offering financial protection to the policyholder.
7. Thеft Protеction
Thеft of an electric vehicle can lead to significant monetary damage. Insurance offers protection against such an incident, aiding in recovering from loss.
Add-On Insurancе Covеrs for Electric Vеhiclеs
To еnhancе your comprehensive еlеctric car insurancе, considеr adding thе following riders to your policy:
1. Zеro-Dеprеciation Covеr
This add-on ensures full coverage of repair or replacement costs by the insurance company, regardless of depreciation. This is especially beneficial in preserving the vehicle’s value in the long run.
2. Roadsidе Assistancе Covеr
This rider provides help such as emergency tow truck services, flat tyre repairs, and vehicle retrievals to avoid being stranded in the event of a breakdown.
3. Consumables Covеr
This add-on covers the cost of items such as nuts, bolts, engine oil, and lubrication. It makes sure you don’t have to pay for small but necessary replacements.
4. Rеturn to Invoicе Covеr
If the vehicle is completely lost or damaged beyond repair, this cover will reimburse the entire invoice value of the vehicle. This includes registration and road tax expenses, so you are not put at a financial disadvantage.
Conclusion
Electric cars are the future of transportation due to their cost-effectiveness, environmental advantages, and advanced features. Although there are many benefits to owning an EV, it is crucial to ensure it is protected with comprehensive insurance. Electric vehicle insurance offers financial security and peace of mind, allowing you to enjoy the advantages of your EV without any concerns fully.
Disclaimеr: Thе abovе information is for illustrativе purposе only. For morе dеtails, plеasе rеfеr to policy wordings and prospеctus bеforе concluding thе salеs.