Electric car insurance
Between the insurer and the owner of an electric vehicle is a formal contract known as electric car insurance. It guards against damage-causing unplanned incidents for owners of electric vehicles. Due to the requirement for third-party EV insurance, comprehensive electric car insurance is suggested for broader coverage.
What is an insurance policy for electric vehicles?
The next big thing is going to be electric cars, and as their market share increases, so will the number of people purchasing electric car insurance. The purpose of electric car insurance is to offer financial support in the event that the policyholder’s electric automobile suffers an unplanned loss or damage.
Read More: What is bike insurance and how do I purchase or renew it?
Benefits of Purchasing Electric Car Insurance
Even while you are already contributing to the reduction of pollution, it is still vital to safeguard yourself against any unanticipated loss or damage. Here are some advantages of getting an EV insurance policy for your electric four-wheeler:
Financial stability: Getting electric vehicle insurance coverage will give you financial security because the insurer will cover any loss or damage to the vehicle that occurs on your behalf.
Coverage Enhanced: Purchasing third-party insurance is required, however, the decision to purchase comprehensive insurance coverage rests with the car owner. The car owner is advised to buy a comprehensive insurance policy to gain better protection. You can always increase the coverage by purchasing add-ons from the insurer, but you will have to pay a higher cost.
Quick Damage Recovery: With electric vehicle insurance, you can get the damages repaired more quickly than usual. There are instances when you cannot afford the cost of repairs, and that is when an insurance policy steps in to save the day.
Following The Law: In accordance with the Motor Vehicle Act of 1988, it is required to acquire car insurance coverage in India. As a result, obtaining an EV insurance policy protects you from trouble with the law.
Peace of Mind: Buying an electric car coverage gives you peace of mind because you won’t have to worry about unforeseen costs that could occur following a traffic accident.
Inclusions
Accidents on the Road: The insurance will cover any loss or damage resulting from a collision on the road.
Replacement and Repair: On your behalf, the insurer will cover the cost of replacing and repairing the electric car’s damaged component.
Automobile Theft: The total loss provision of the car insurance policy will give coverage in the event that a car is stolen.
Fire: The insurance company will pay for the car’s repairs if it is damaged in a fire accident. However, the total loss provision of the EV car insurance plan will require the insurer to pay for any damage to the vehicle that exceeds 70%.
Personal Accident Cover: In addition to the comprehensive insurance plan, you must also obtain personal accident coverage. The policyholder is covered for medical costs up to Rs. 15 lakh.
According to the Motor Vehicle Act of 1988, third-party liability insurance is a requirement.
A third-party insurance policy covers third-party liabilities brought on by a car accident.
Exclusions
Own Damage: Your electric car will not be covered for damages if you do not have a comprehensive insurance plan.
Drink and Drive: If the driver was operating the vehicle while intoxicated when the collision that caused the damage occurred, the insurer will not provide coverage.
Driving Without a License: If the driver of the car was operating it without a license at the time of the collision, the insurer will not pay for the loss or damage.
Consequential Damage: The insurer will not cover any loss or damage to the car that did not result from a collision with another object or vehicle while it was being driven.
Intentional negligence occurs when damage to your car is purposefully ignored over a period of time, leading to the worsening of the damage.
Now, if you decide to get it mended and count on the insurer to cover it, they will not do so, and you will be required to pay for the fixing or replacement out of pocket.
Lapse Insurance Plan: It’s critical to promptly renew your insurance coverage. The insurer won’t offer any form of coverage once the insurance policy expires.
Read More: Highest Scores in a Single Day of Test Cricket
How Do I File a Claim With My Electric Car Insurance?
You anticipate receiving coverage when any unanticipated loss or damage occurs when you get an electric vehicle insurance plan. You should be aware of how to raise a claim in order to obtain compensation for the harm. Take the actions listed below:
Inform Your Insurance Company: First and foremost, be sure to let your insurer know about the accident and the car’s damage. Just let them know if it was an accident or a natural disaster.
Take Pictures: You can take images of the wrecked car on your smartphone. You can preserve this as evidence to present later. Additionally, it will assist you in making the claim online.
Keep Documents Ready: As soon as you notify the insurance, begin gathering the documents you will need to submit with the claim form.
Inspection: Following notification of the insurer, they will dispatch an inspector to compare the cost of repairs to the extent of the damage. After the survey is finished, the insured electric vehicle will be delivered to a network garage for maintenance.
The insurance will pay for the repair or replacement of the damaged electric car part straight to the network garage once the claims process has started.
In the event of a reimbursement claim, you will be given your money back following the completion of the repairs.
How do I renew my online electric car insurance?
The duration of the electric vehicle insurance is one to three years. It is essential that you renew the insurance policy before it expires in order to continue to be covered under it. Here are the procedures you must take to renew your online electric vehicle insurance.
Visit the official Policybazaar Insurance Brokers Private Limited website, Policybazaar.com, as the first step.
Step 1: Go to Policybazaar.com, which is the organization’s main website.
Step 2: Key in the electric vehicle number.
Step 3: Enter your electric car’s information, including the RTO model and registration year.
Step 4: Complete the registration form.
Step 5: Choose the EV car insurance plan you want from the available options
Step 6: you can add or remove any add-ons based on your needs.
Step 7: If an add-on is added, the insurance premium will go up; if an add-on is removed, the insurance premium will go down.
Step 8: Find and click the “Payment and Summary” option.
Step 9: At this point, it will display the revised insurance premium cost.
Step 10: You can use a debit/credit card, UPI, or net banking to make the payment online.
Step 11: After the payment has been made, you will receive the paperwork containing the Electric Car Insurance Policy on your registered email ID.
Why Should You Buy From Policybazaar?
It’s simple and quick to get an electric car insurance policy from Policybazaar Insurance Brokers Private Limited. You may acquire in-depth information about the insurance plan you want and compare them all in one location.
Here are some benefits of getting electric vehicle insurance from Policybazaar.com:
Services for 24-7 Claim Assistance
Guarantee for cashless repairs
Three-Day Repair Guarantee
Self-Video Claims for Free Pickup & Drop Off Facilities
