Page 20 - Insurance Times Octoberr 2022

Way, the CCTV Camera will immediately identify the vehicle FAQs about car insurance for electric vehicles
and the corresponding tax will be debited automatically
(who considers to buy):
from the bank account of the owner of the vehicle. The most
Do you have to get car insurance for your electric car
noteworthy change among these is the increasing adoption
in India?
of electric vehicles (EVs). Despite the COVID-19 pandemic,
Which type of insurance is best for your electric car?
electric vehicles (EVs) manufacturers sold 5,32,485 units in
India during the last two financial years. With the How is the premium calculated for your electric car
Government pushing for complete electric mobility insurance?
&continuous rising fuel prices, these figures will expand by
Does electric vehicle insurance cost more than
26% between 2021 and 2023.
insurance for petrol or diesel vehicles?
Are the covers of ICEs & EVs same & adequate to cover
So, if you are planning to buy a new car soon, you should
the actual requirements?
start looking at the futuristic Electric Vehicle (EV) options.
Almost all top automobile brands in India have started What perils, hazards, risks and accidents are available
offering electric cars to their customers. You can select from to the car owner, driver, occupants & third parties.
a range of impressive options from some world-renowned
car manufacturers.
Prevailing Current Backdrop:
In the last few years, electric cars have been creating a buzz
At the same time, you need your car insurance for covering
around the world and for good reasons. With climate change
your Electric Vehicle to ply on the road covering under a basic
looming over us, switching to electric car is the best decision
cover (mandatorily the Third-party Liability i.e., Act-only
you can make for yourself and future generations. They
policy must be taken by you for covering fatal damage /
reduce harmful air pollution and greenhouse emissions, and
grievous heart of the passersby on the road) from any of
some parts of these cars are made from eco-friendly or
PSU or Private General insurance companies in India (availed
recycled materials, reducing the burden on the planet.
under either on-line/ off-line mode) to protect against:
a. Accidents: Damages and losses that may arise out of
As per a NITI Aayog report, India could save 64% of energy
accidents and collisions with the other vehicles, tree
demand for road transport and 37% of carbon emissions by
and / or other street side objects.
2030 by pursuing a policy of shared, electric, and connected
b. Theft: Covers for the losses incurred when your car is mobility.
unfortunately stolen.
c. Fire: Damages and losses caused to your car due to an While the momentum for upcoming electric cars in India is
just taking off, it holds a promising future with the
accidental external & internal fire due heat/flame.
government taking some encouraging steps to further this
d. Natural Disasters: Damages and losses to your car in
movement. For example, the GST on a Li-ion electric car
case of natural calamities such as floods, cyclones, etc.
battery has been reduced from 28% to 18% to promote EVs.
e. Personal Accident: If there is a car accident and
unfortunately, it leads to death or disability of the
owner
f. Third Party Losses: In cases where your car causes
damages and losses to someone else, their car or
property.

Although the cost of buying electric car insurance is on the
higher side, there are many advantages to purchasing an
electric car. Some of them include low maintenance charges,
freedom from fuel price hikes, and reduced pollution levels.
Moreover, you can get EV car insurance discounts by buying
an online policy and installing anti-theft devices in your car.

20 The Insurance Times, October 2022