The number of people buying electric vehicles is increasing rapidly. The government is also promoting EV. This will reduce the demand for petrol and diesel on one side and there will be a decrease in pollution on the other side. If you are also planning to buy electric vehicles, then know the important things about its insurance.
How much does it cost to issue an electric car?
Currently, the premium of third-party insurance of electric cars worth more than 65 kW (KW) is around Rs 6,707 annually. The premium of 30 to 65 KV will come at Rs 2,738. The premium of a vehicle less than 30 kV will come to Rs 1,761. The premium of the complication policy varies from different insurance company. It depends on the model and ad-on.
Talking about a two-wheeler, the annual premium of third party insurance is Rs 410 for 3 kV capacity, Rs 639 for 3 to 7 kV, Rs 1,014 for 7 to 16 kV and Rs 1,975 for more than 16 kV capacity.
Is it expensive to issue electric vehicle?
Yes, the comprehensive issue of electric vehicle is expensive than petrol and diesel. The reason for this is that its repair cost is more due to Advance Technology. Battery replacement cost is also high. The servicing cost is also higher than the petrol-diesel vehicle.
Do you get a discount on the insurance premium of electric vehicles?
IRDAI has asked insurance companies to give 15 per cent discount on the third-party insurance premium of electric vehicles.
What is ideal coverage for electric insurance policy?
Since, the cost and service charge of the parts of electric vehicles is more, which advises you to buy a computer policy.
Should Ed-on be taken?
There are ad-on additional benefits, which can be added to the insurance policy. For this you have to pay extra premiums.
Is a complication insurance policy required for electric vehicles?
No, according to the law, a Complication Insurance Policy is not mandatory for EV. However, it is beneficial to take, as it gives protection from many types of liability.
