Factors To Consider While Purchasing Insurance for your Electric Car
On Indian roads, electric cars have become a common sight, and several electric car options are available in the market. It is essential for electric car owners to ensure financial protection for them.
This is where electric car insurance policies come into play. The insurance coverage of these policies extends to natural and man-made disasters, theft, accidents, third-party liabilities, transit damages and self-ignition.
But how do you choose the right electric car insurance policy? This blog will delve into some of the critical aspects to consider when buying an insurance policy for your electric car, which might help you choose the best policy.
Key Factors to Consider When Purchasing the Best Insurance For Electric Cars
Coverage for Electric Car- Specific Components
Electric car features or components are quite different from traditional vehicles, and the financial protection they require is also different. Therefore, purchasing comprehensive electric car insurance should ideally include coverage for loss or damage to car parts specific to electric cars.
To avoid the risk of overlooking components exclusive to electric cars, ensure that you review the insurance policy thoroughly. For example, the main component you would want to ensure coverage for would be the battery.
Dedicated Electric Car Assistance and Helpline Services
Owning an electric car can be intimidating, especially for first-time owners. Therefore, insurance providers usually offer 24/7 assistance services and dedicated electric car helplines.
These services ensure that you get effective and prompt support for general electric car queries, including charging stations and battery power. Therefore, when looking for insurance for the best electric cars, ensure that the insurance provider offers this extent of support.
Add-On Covers
In addition to the coverage offered by your electric car insurance policy, various add-on covers can boost the protection of your electric car.
Some popular add-on covers available under electric car insurance include zero depreciation car insurance, consumables expenses cover, key replacement cover, return to invoice cover, daily allowance cover, tyre protection cover, roadside assistance cover, and more.
Access to these add-on insurance covers can ensure better protection for your electric car. Therefore, choosing an insurance provider offering an extensive list of add-on covers is advisable.
Support For Electric Car Breakdowns
Whether an electric or fuel-powered car, breakdowns are an unfortunate and unavoidable part of owning a four-wheeler. Dealing with breakdowns in electric cars might be more challenging due to the lack of electric vehicle-specific garages.
Some car insurance providers offer quick and effective assistance services to their policyholders to help them deal with such situations. The emergency assistance services ensure prompt help in critical situations. Moreover, the pickup and drop services can offer another range of benefits. This might include towing services for electric cars for breakdowns, accidents, and energy depletion.
Therefore, when looking for electric car insurance, you must research and choose a policy that offers essential support during breakdowns.
Exclusions: Specific to Electric Cars
Exclusions refer to situations in which the insurance provider will not offer coverage. Some common exclusions in car insurance policies include damages to the car while driving under the influence of drugs or alcohol, electrical or mechanical breakdowns, damages due to wear and tear, and so on.
It is likely that electric car insurance policies might have different exclusions; thus, remember to keep this in mind. To know the complete list of exclusions, it is best to read your electric car insurance policy document thoroughly.
Easy Claim Procedures for Electric Cars
Understanding the claim procedures specific to electric cars is essential. Consider insurance providers and policies that provide an efficient and seamless claim settlement process tailored to electric car requirements. Additionally, you might want to ensure that the insurance provider’s cashless garage list includes repair shops that work with electric cars.
Claim Settlement Ratio (CSR)
Another important factor to consider is the claim settlement ratio of the insurance provider. The claim settlement ratio is known as the percentage of claims settled by the car insurance company out of the total claims received within a period. A higher CSR indicates the reliability of the insurance provider in settling claims.
To Wrap It Up
While some electric car prices are quite affordable, they are a significant investment. Therefore, you must purchase an electric car insurance policy to ensure the best value for your money and peace of mind, knowing that your electric car is well protected.
Consider some essential factors like insurance coverage, claim settlement ratio, add-on covers, assistance and helpline services, easy claim procedures, support for breakdowns and policy exclusions to help purchase the best insurance policy for your electric car.
By considering these factors, you can ensure comprehensive prediction for your EV. Look for providers like Tata AIG that offer EV-specific add-ons along with their regular add-ons under their comprehensive plans.
