Electric Car Insurance

Why Choose Insurance For Electric Cars?

One of the most exciting entrants in the vehicle industry, at present, are electric cars. Once a concept, they have now become mainstream. More and more people are now opting for it. Accessibility is said to be one of the reasons for more consumers opting for electric vehicles, especially cars. Another reason may be that these vehicles are believed to be environmentally friendly. Also, there are some financial benefits to buying electric vehicles. One such benefit is that you end up saving significantly on fuel costs.

You may also be offered some incentives for buying these vehicles.

There are primarily four types of electric vehicles available in the market today. These are:

- Battery electric vehicles

- Hybrid electric vehicles

- Plug-in hybrid electric vehicles

- Fuel cell electric vehicles

But Do Not Forget Electric Car Insurance

As insurance is available for fuel vehicles, it is also available for electric vehicles. Electric car insurance policies are plans that provide financial cover against damages to your electric car. Depending on the type of policy you choose, electric car insurance can offer you protection against third-party damages or damages to your car or self. For example, a third-party liability cover will offer you protection against any damages caused to a third party, in a case where you were involved. On the other hand, are comprehensive policies. If you want to cover your electric car against the financial costs of damages, it is advisable to buy a comprehensive policy cover.

- Comprehensive policies include various add-ons too.

- A personal accident cover is also available when you buy comprehensive policies.

- Such a personal accident cover enables you to seek financial support from your policy in case you were to meet with an unfortunate incident.

Is it necessary for you to get an electric car insurance policy?

According to the Motor Vehicles Act of 1988, it is mandatory for you to get a third-party liability for your car. The requirement extends to your electric car as well. However, it is not mandatory to get comprehensive coverage for your vehicle. Nonetheless, it is advisable to get it, especially if you seek financial coverage against the possibility of an unfortunate accident. To completely grasp the importance of car insurance for an EV, you need to understand how insurance works. Suppose any damage were to befall your car. Repairs would cost a significant amount and, possibly, burn a hole in your savings. When you have insurance, your savings remain relatively unaffected. The insurance provider, based on your policy details, will provide you coverage for the cost of repairs. Similarly, a third-party policy will protect you against having to pay for any damages to another person’s vehicle. Hence, while getting a comprehensive policy may not be mandatory, it is in your best interest to buy one.

Choose the Right EV Policy with Bajaj Allianz General Insurance

While there is a plethora of insurance alternatives for electric cars, a policy from Bajaj Allianz has the following advantages:

*Standard T&C apply

Round-the-Clock Assistance for Electric Car Insurance

Anyone who has an electric car or plans to own one should consider buying a suitable electric car insurance policy. The electric car insurance plan offers financial security for any unexpected loss or damage incurred to and or by the vehicle insured. You can have access to our specialized road side assistance services exclusively designed for Bajaj customers under EV insurance policy.

* In selected Cities

Terms and conditions apply

Check Out the Benefits of Choosing Bajaj Allianz’s Ev Insurance Policy

With an electric car, you are already taking a step towards saving the environment.

But here are some of the benefits of choosing Bajaj Allianz’s EV insurance policy for your car:

Financial coverage

A car insurance policy for your new EV will ensure financial security, as the insurer covers the damages to your car. The electric car insurance rates can be significantly lower than the potential damage costs, thus offering you protection without being heavy on your pockets.

Enhanced insurance coverage

With an e-car insurance policy from Bajaj Allianz, you can not only choose to insure your car with the mandatory third-party coverage, but also opt for a comprehensive policy. A comprehensive plan has better coverage, which includes the damages to your car.Further, comprehensive plans can be enhanced using add-ons that help you to fine-tune the insurance coverage.

A faster fix for damages

Via an EV policy for your car, damages for the repairs can be fixed swiftly.At a time when the repair costs are steep, you need not worry about the expenses, as your EV policy will have your back. Once you consider the costs, you may prefer paying the electric car insurance rates over having to pay for any damages.

Compliance with the law

As a vehicle-owner, you must be aware of the mandatory requirement to have car insurance as per the Motor Vehicle Act of 1988. Therefore, when you choose to buy an e-car insurance policy, it keeps you compliant with the law.

Mental peace

Lastly, mental peace is what you get when you choose to buy an e-car insurance policy.Repairs for your car are taken care of by your EV insurance plan, and thus, you no longer need to worry about expenses.

Add-Ons to Enhance Your EV Car Insurance Coverage

Add-ons are additional features that are available with your e-car insurance on an optional basis. These additional features can help you fine-tune the policy coverage to personalise it based on your needs. Here are some add-ons that you can choose –

Zero-depreciation cover:

Zero-depreciation add-on, also known as bumper-to-bumper cover, is an add - on that helps cover depreciation, which is a part of the general exclusions for your EV insurance policy. Using the zero-depreciation add-on, your claim amount will not deduct the depreciation on the components at the time of its reimbursement.

Motor protector cover:

For electric cars, the motor is the most crucial part-the heart of your vehicle. However, due to the limitations of a standard policy, these repairs are not a part of the standard e-car insurance coverage. Hence, a motor protector cover is what will help you take care of the necessary repairs. In addition, any repairs to the motor may burn a hole in your wallet. Using the motor protector add-on cover, repairs concerning the motor of your EV are covered by the insurance company.

24X7 Roadside assistance cover:

Breakdowns are a part of your vehicle ownership experience. While some may face it with access to a service garage, some don’t. If you are travelling, and you happen to encounter a breakdown situation during your journey, the roadside assistance cover is a handy add-on that helps you get it fixed. Whether it is a stalled engine or a flat tire, help is a call or a click away to get you out of the ordeal.

Lock and Key replacement cover:

Car keys are a common item that often gets misplaced. From losing it in your own home to forgetting it at a café, the possibilities are endless. But when it comes to replacing a key, it is not just the key itself, but the entire locking system of your car. Moreover, modern cars have electronic chips embedded within them, making them even more expensive. With a lock and key replacement cover, these replacement costs are covered by your EV insurance policy, saving you substantial repair costs.

Consumables add-on cover:

Buying an EV car and maintaining one are two separate things. While it may be straightforward to buy one, it is equally challenging to keep up with its maintenance - maybe not financially, but in terms of changing spares and components. In the process, at times, these replacements, if neglected, can adversely impact the overall performance of your car. Hence, timely replacement of necessary fluids and components is essential. With a consumables add-on cover, this replacement becomes a worry-free experience, since your electric car policy covers the various expenses.

Hence, timely replacement of necessary fluids and components is essential.
With a consumables add-on cover, this replacement becomes a worry-free experience, since your electric car policy covers the various expenses.

Personal baggage cover:

Items kept in your car, like laptops, mobile phones and other valuable items, are not safe from theft and burglary. With a personal baggage cover, the financial loss due to the theft of your personal belongings is covered under this add-on.

Conveyance benefit add-on:

Bajaj Allianz’s EV car insurance has another useful add-on where the insurer pays for the time when your car is getting serviced after an accident. Thus, you need not worry about taking care of your commute while your car is getting fixed.

Factors That Determine Your EV Insurance Premium

An EV car insurance is a no one-size-fits-all product. Thus, you and your friend, despite having the same car, may have different premium amounts. Many factors impact the premium calculation in tandem.

Here are some parameters that impact the premium of your EV insurance policy:

1. Type of Car:

The model and make of your EV car have a direct correlation to its premium. Insurance companies maintain a separate report of claim ratios of different models from various manufacturers. Thus, insurers have a statistical approach to deciding the risk for your car. Depending on the risk, the premium is decided by the insurance company. Further, luxury cars and high-end models have a higher premium compared to mid-range and low-end counterpart

2.Insured Declared Value:

Insured Declare Value or IDV is the maximum amount which the insurance company compensates in the event of complete loss or total loss. Thus, the IDV of your car is the maximum compensation that shall be paid by the insurer. Since IDV is the maximum amount which the insurer underwrites, it has a direct relation to the electric car policy’s premium. Thus, the higher the IDV, the higher will be the resulting premium, and vice versa.

3. Geographical Zone:

The location of your EV car’s registration has an impact on the electric car policy’s premium. This is because India is divided into two zones - Zone A comprising eight metro cities of Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai, New Delhi, and Pune and Zone B comprising the rest of India. Since there is a higher risk of damage to the vehicles in congested metro regions, the risk underwritten is higher, pushing up the premiums.

4. Add-on Covers:

As discussed above, add-on covers are optional riders that enhance your electric car policy’s coverage. Since they cover those aspects that aren’t included in the standard policy’s scope, they impact the premium. Depending on how many add-ons you choose, your premium gets impacted. .

5.No-Claim Bonus:

No-claim bonus or NCB is a concession offered by the insurance company for not raising any claim during the previous policy period. As the NCB considers the previous policy period as a basis for the markdown in premium, it is available from the time second-year premiums begin. With the NCB benefit, you can reduce your overall insurance outflow from 20% to all the way up to 50%, based on consistent claim-free policy renewals.

6. Voluntary Excess:

Every EV insurance policy has a mandatory amount of deductible known as the standard or compulsory deductible. This deductible amount is required to be paid by the policyholder at the time of every claim. However, voluntary excess or deductible is the amount required to be paid by you, the policyholder, over and above the standard deductible. Depending on the amount of voluntary excess a policyholder chooses, a concession is available in calculating the premiums.

7. Security accessories:

Security features that enhance the safety levels of the car tend to impact the electric car policy premium positively. Since these features lower the overall risk, they contribute to bringing down the premium.

8. Special Concessions:

Other than the above reasons, your electric car policy premium may go down due to certain special concessions, which can be in the form of associations to a recognised automobile association, having anti-theft devices fitted to your EV car, and opting for voluntary excess.

Reasons To Get Your Ev Car Insurance Plan From Bajaj Allianz

The Bajaj Allianz’s EV car insurance policy offers the following benefits that you can enjoy:

- Financial security

- Enhanced insurance coverages and services for your EV

- Faster claim settlement

- Compliance with the law

- Peace of mind

- Specialized EV 24x7 assistance

- EV helpline

- On-site charging

3 Key Factors to Consider When Buying Electric Car Insurance

Buying electric car insurance must be a thoughtful process and hence, the following considerations can help you select a suitable plan.

1. The Cost Of The Vehicle

The repair costs for any vehicle are proportionate to its price. Hence, when choosing an electric car policy, you must carefully set the IDV, as it ensures adequate compensation for the necessary repair costs.

2. Special Features Of The Electric Vehicle

Compared to a conventional internal combustion engine car, electric cars work differently. Hence, a consideration for the coverage of the special features of your EV car is essential. Battery replacements and repairs are a critical component and hence, you must check for its coverage in your policy.

3. Add-On Features Offered

The add-on features offered in your policy increase your policy’s scope significantly. As they impact the overall premium, they must be factored in for coverage, as well as the impact on price.

List of Documents You Need to Buy Electric Car Insurance Online

In this digital era, your electric car policy can also be purchased online, along with traditional offline purchases. When you choose to take the digital route, these are a few soft copies of documents you need to keep in hand for a seamless buying process –

- Registration certificate of your car

- Valid driver’s licence

- Personal identification details

- Tax receipts of your car

- Bank details

While the documents may differ among insurance companies, vehicle identification and registration details along with the policyholder’s identification details are essential.

Some Other Existing Services Are Also Available Herewith

Time to get a motor insurance: Less than 3 minutes

- Tailored add-ons: Enhance protection with list of add ons

- No claim bonus transfer: Up to 50%

- Claims settlement ratio: 98%

- Cashless services: Across 7,200+ network garages

- Claims process: Digital - within 20 minutes*

- On-The-Spot claim settlement: With 'Caringly Yours' app

Secure your smiles, drive electric and insure the future of transportation today

Check The Status Of Your Electric Car Insurance Policy Online

Even if you do not remember your electric car policy details, or have misplaced your policy documents, there is an easy way to check the status of your car insurance for an electric car online.

The online mode of interacting with your policy is efficient and fast.

Here are five steps to know the status of your policy online –

1. Log on to the official IIB web-portal.

2. Enter the necessary details into the web portal. These details include name, email ID, mobile number, address, car registration number, etc.

3. Once you have filled in all the details and verified them, click on the submit button.

4. The details of the policy associated with your details will appear.

5. That means your policy is still active.

However, if it is not active, the results will show the details of the previous policy.

6. If following this method does not get you the required results, you can search again by using the engine and chassis number of your car.

Make Use Of An Electric Car Insurance Premium Calculator

An EV insurance calculator is a nifty tool provided as an additional facility where you can estimate the premium of your policy based on the selection of the plan, as well as the various add-ons with it. This facility is generally available on the insurance company’s website for no additional charges. Setting the right IDV, helping you select appropriate add-ons, and ensuring the premium fits within your budget, are some advantages of using one. In addition, you can also use an EV insurance premium calculator to compare different plans and choose one based on your requirements.

Basis of Arriving at Insured Declared Value (IDV) of the Insured Vehicle:

List of products specified in the list above are governed by the Indian Motor Tariff.

The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘Sum Insured’ and it will be fixed at the commencement of each policy period for each insured vehicle.

The IDV of the vehicle (and accessories if any fitted to the vehicle) is to be fixed on the basis of the manufacturer’s listed selling price of the brand and model of the insured vehicle at the commencement of the Policy. The IDV shall change according to the depreciation grid below for each block of one year within the policy period.

THE SCHEDULE OF DEPRECIATION FOR FIXING IDV OF THE VEHICLE

The IDV arrived as per the above method may be further adjusted basis various factors such as location, make and model etc, with agreement of the Insured and as captured in the Policy Schedule.

The age-wise depreciation schedule shown above is applicable only for Total Loss/Constructive Total Loss (TL/CTL)/Cash Loss claims.

IDV of vehicles beyond 5 years of age and for obsolete models (i.e. models that manufacturers have discontinued) is to be determined on the basis of mutual agreement between the Insurer and the Insured.

IDV shall be treated as the Market Value throughout the Policy Period without any further depreciation for the purpose of Total Loss (TL)/Constructive Total Loss (CTL)/Cash loss claims.

Basis of Arriving at TL (Total Loss)/CTL (Constructive Total Loss) of the Insured Vehicle:

The insured vehicle shall be treated as a CTL if the aggregate cost of retrieval and/or repair of the vehicle, exceeds 75% of the IDV of the vehicle, subject to terms and conditions of the policy.

The liability of the Company shall not exceed the Insured's Declared Value (IDV) of the vehicle in the event of total loss/ constructive total loss/cash loss for the year in which loss has occurred. IDV as on date of loss shall be computed as specified under basis of arriving at Insured Declared Value (IDV)

If a damaged motor vehicle is assessed as being unrepairable and hence a wreck i.e. a ‘total loss’ or ‘write-off’, You shall have the option to retain the wreck and accept a ‘cash loss’ settlement (being the IDV less the assessed value of Salvage based on competitive quotes procured by the Insurer including any submitted by or through the Policyholder).

Note: For the purpose of computation TL (Total Loss)/CTL (Constructive Total Loss) of the Insured Vehicle aggregate cost of retrieval shall mean Company’s aggregate liability as per the terms and conditions of the policy.