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Motor Insurance

Electric Car Insurance

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Premium Starts At ₹1,780*

Electric Car Insurance That Powers Your Peace of Mind

Coverage Highlights

Get comprehensive coverage for your electric car
  • Care for your Electric Vehicle

Round-the-clock assistance for electric car insurance with 11 Roadside Assistance Services

  • On-site Charging, Pickup & Drop

A convenient service offering electric vehicle charging at the user's location, combined with vehicle pickup and drop-off. Enhances user experience by saving time and effort

  • Dedicated EV Helpline with SOS

A specialized service providing 24/7 support for electric vehicle users, including emergency assistance. Ensures quick response and professional help for any EV-related issues or roadside emergencies

  • Comprehensive Protection

Electric car insurance offers financial cover for damages to your electric car. Depending on the policy type, it can protect against third-party damages or damages to your car or yourself. Comprehensive policies are recommended, providing extensive protection and various add-ons, such as personal accident cover. This cover offers financial support in case of an unfortunate incident

  • Drive Legal, Stay Safe

Avoid hefty fines and legal troubles—Third-Party liability Insurance is mandatory under the Motor Vehicles Act, ensuring financial protection against damages to others on the road

  • Customizable Add-ons

Choice of 7+ add-ons including motor protection cover to enhance your EV insurance coverage

  • Note

*TP EV Car Insurance Premiums starting at INR 1,780

Inclusions

What’s covered?
  • Third Party Liability for Bodily Injury & Death (Unlimited Cover)

If an accident is caused by your electric vehicle and you are liable to compensate for any injury or death of others then we will pay the exact amount as by court. This cover is mandatory by law.

  • Third Party Liability for Property Damage (Limited)

If an accident is caused by your electric vehicle and you are liable to compensate for any damage to property of others then we will pay amount up to the SI limit. This cover is mandatory by law.

  • Own Damage Cover

Protects your electric vehicle against accidental damages, fire, theft, and natural calamities like floods or earthquakes. This ensures financial relief for repair costs or vehicle replacement, helping you get back on the road without worries

  • In Transit Damage

If your electric vehicle is damaged while being transported, this covers the repair costs

  • Personal Accident

Coverage if your electric vehcile accident results in death or disability of car owner. This helps provide security for you and your family in case of unfortunate events on the road

  • No-Claim Bonus (NCB)

This bonus is a discount offered by insurance companies for not making any claims during the previous policy period. The NCB applies from the second year onwards and can reduce your premium by upto 50%, based on consistent claim-free renewals. It rewards careful driving and helps lower overall insurance cost

  • Note

Please read policy wordings for detailed inclusions

Exclusions

What’s not covered?
  • Depreciation

Normal wear and tear of the electric Vehicle due to usage and depreciation in value is not covered

  • Intentional Damage

Any damage caused to the electric Vehicle intentionally

  • Damages due to Failure

The damages due to electrical or mechanical failure are not covered

  • Illegal Activities

Any type of illegal activity such as driving without a license, under the influence of alcohol and/or drugs, or using the electric Vehicle for criminal activityAny type of illegal activity such as driving without a license, under the influence of alcohol and/or drugs, or using the electric Vehicle for criminal activity

  • Geographic Limits

Your insurance policy is only valid within India. If your vehicle meets with an accident outside the country, your claim will be rejected

  • War-related Damages

Losses caused by war or nuclear risks are not covered

  • Overloading the Vehicle

If you exceed the weight or passenger limit specified for your electric Vehicle, leading to an accident.

  • Note

Please read policy wording for detailed exclusions

Additional Covers

What else can you get?
  • Motor Protector Cover for Electric Cars

The motor is essential to your electric vehicle, but standard e-car insurance policies often don't cover its repairs. A motor protector cover is an add-on that helps with necessary repairs, saving you from hefty expenses. With this cover, the insurance company handles motor repair costs, ensuring your EV remains in top condition without financial strain

  • Zero Depreciation Cover

This add-on helps cover depreciation, which is typically excluded from standard EV insurance policies. With this add-on, your claim amount won't deduct the depreciation on components during reimbursement

  • 24X7 Roadside assistance cover

Breakdowns are an inevitable part of vehicle ownership. If you encounter a breakdown while traveling, the roadside assistance cover is a valuable add-on. It provides help for issues like a stalled engine or a flat tire, ensuring assistance is just a call or click away, regardless of your access to a service garage

  • Key and Lock Replacement Cover

Keys are commonly misplaced, and modern vehicle keys with electronic chips can be costly to replace. This cover includes the entire locking system, not just the key. With a lock and key replacement cover, these replacement costs are covered by your EV insurance policy, saving you from substantial repair expenses

  • Consumables Cover

This ensures the replacement of necessary fluids and components is worry-free, as your electric car policy covers these expenses, enhancing your vehicle's overall performance

  • Conveyance Benefit

Covers transportation costs while your electric vehicle is being serviced after an accident. This ensures you don't have to worry about commuting during the repair period

  • Personal Baggage Cover

Valuables such as laptops, mobile phones, and other items kept in your electric vehcile are at risk of theft and burglary. A personal baggage cover add-on ensures that the financial loss due to the theft of your personal belongings is covered, providing peace of mind and financial protection

  • Note

Please read policy wording for detailed exclusions

Benefits You Deserve

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Reliable Customer Support

24x7 roadside assistance, on- spot charging, ensuring help is just a call away

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Customizable Coverage

7+ add-ons including motor protection cover

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On the Spot Claim Settlement

Register claim on accident spot and get it settled within minute on our app

At-A-Glance

Compare Insurance Plans Made for You

Feature
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Third Party Liabilty EV Cover

Own Damage EV Cover

Comprehensive EV Cover

Overview Covers legal liabilities arising due to body injury or property damage to others due to your electric car . It is mandatory by law. Covers expenses arising out of damage to your electric car . Full fedged cover comprising of Third Party Liability cover and Own Damage covers
Policy Period 1 or 3 years 1 Year 1 and 3 years
Third Party Liability for Injury, Death & Property Damage Yes No Yes
Accidents & Collisions No Yes Yes
Natural or Man-Made Disasters No Yes Yes
Fire Damage No Yes Yes
Theft No Yes Yes
Compulsory Personal Accident Yes Yes Yes
Add-on: No Claim Bonus No No No
Add-on: Zero Depreciation Cover No No No
Add-on: Lock & Key Replacement No No No
Add-on: 24x7 Roadside Assistance No No No
Add-on: Consumables Cover No No No
Explore more add-ons No 7+ add-ons including motor protection cover 7+ add-ons including motor protection cover

Download Policy Document

Get instant access to your policy details with a single click.

Motor & Health Companion

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Experience seamless vehicle management with the Bajaj Allianz Drive Smart App, featuring on-road assistance, fuel efficiency stats, driving alerts, and more

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Track, Manage & Thrive with Your All-In-One Health Companion

Discover a health plan tailored just for you–get insights and achieve your wellness goals

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Be proactive about your health–set goals, track progress, and get discounts!

Step-by-Step Guide

To help you navigate your insurance journey

How To Buy

  • 0

    Download the Caringly Yours app from App stores or click "Get Quote"

  • 1

    Register or log in to your account.

  • 2

    Enter your car details

  • 3

    You will be redirected to the Car Insurance Page.

  • 4

    Ensure to check your No Claim Discount

  • 5

    Choose right Insured Declared Value (IDV) that reflects your car value

  • 6

    Evaluate Covers, Add Ons, Optional Covers and Exclusions

  • 7

    Select a plan from the recommended options, or customize your own plan

  • 8

    Review the premium and other coverage details

  • 9

    Proceed with the payment using your preferred method

  • 10

    Receive confirmation of your purchased policy via email and SMS

How To Renew

  • 0

    Login to the app

  • 1

    Enter your current policy details

  • 2

    Review and update coverage if required

  • 3

    Check for renewal offers

  • 4

    Add or remove riders

  • 5

    Confirm details and proceed

  • 6

    Complete renewal payment online

  • 7

    Receive instant confirmation for your policy renewal

How to Claim

  • 0

    Download our Caringly Yours App on Android or iOS

  • 1

    Register or login to use Motor On the spot claim for a smooth process

  • 2

    Enter your policy and accident details (location, date, time)

  • 3

    Save and click Register to file your claim

  • 4

    Receive an SMS with your claim registration number

  • 5

    Fill in the digital claim form and submit NEFT details

  • 6

    Upload photos of damaged parts as instructed

  • 7

    Upload your RC and driving license

  • 8

    Receive an SMS with the proposed claim amount

  • 9

    Use the SMS link to agree/disagree with the claim amount

  • 10

    Agree to receive the amount in your bank account

  • 11

    Track your claim status using the Insurance Wallet App

Know More

  • 0

    For any further queries, please reach out to us

  • 1

    Phone +91 020 66026666

  • 2

    Fax +91 020 66026667

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What Our Customers Say

Prompt Assistance

Thank you so much, Bajaj Allianz, for your quick and responsive action towards my claim process. I am shocked that my claim amount has been credited so quickly.

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Vikram Singh

Delhi

4.6

21st May 2021

Claim Support

Super fast claim settlement! I initiated a claim for my car windscreen, which was broken due to a tree fall today, and it was settled within one hour. I appreciate the efforts of Omkar.

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Deepak Bhanushali

Mumbai

4.5

18th May 2021

Quick Assistance

Thank you for helping me with just one tweet. You guys are really awesome. This is the fourth year I am continuing with you for car insurance. Keep it up!

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Naveen Tyagi

Delhi

5.0

1st May 2021

Claim Support

I really appreciate the way I was treated concerning my claim. The customer service was both professional and friendly, which enhanced my confidence in Bajaj Allianz. 

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Pramod Chand Lakra

Jaipur

5.0

27th Jul 2020

Reliable Service

The vehicle was used by our Zonal Manager. We appreciate your timely and prompt action in getting the vehicle ready for use within a short span of time.

SibaPrasadMohanty

Siba Prasad Mohanty

Pune

5.0

26th Jul 2020

Diverse Options

A range of options to choose from." Being a perfectionist, I prefer the best of everything. I wanted my car insurance policy to be airtight as well. 

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Rahul

Lucknow

5.0

26th Jul 2020

FAQ's

Is it necessary to have car insurance for an electric car in India?

If you own a car, electric or otherwise, it is necessary for you to get insurance cover for the same. According to the Motor Vehicles Act of 1988, you are required to get at least a third-party liability cover for your vehicle. It is ideal to get a comprehensive cover as it can protect you financially if you or your vehicle were to face any damage.

Which type of insurance should you choose for your electric car?

It is best to get the maximum possible coverage for your electric vehicle. Getting third-party liability coverage is necessary as it is mandated by the Motor Vehicles Act. However, this only provides you financial protection for the damages to a third party. If you seek broader coverage, opt for a comprehensive plan.

What is the method of calculating the electric car insurance premium?

Several factors come into play when it comes to calculating the car insurance premium for your electric car. Some of these factors are the make and the model of your car, its age, and the engine capacity.

Is electric vehicle insurance more expensive than insurance for petrol or diesel vehicles?

The price of your car insurance for an electric car may depend on the price of your vehicle. Some electric cars may be priced higher than their petrol and diesel counterparts. Moreover, parts of electric vehicles also tend to be priced higher. Hence, it is possible the cost of electric vehicle insurance is relatively higher

Does electric car insurance cover theft, fire, or natural disasters?

A third-party liability cover will not cover your vehicle against these possibilities. However, a comprehensive plan may offer you protection against them. When buying a policy, check for the coverage and inclusions of the plan. This will help you understand what you are protected against.

What add-ons should one take?

There are several add-on options available if you are opting for comprehensive electric car insurance. Some of these are zero depreciation cover, own damage cover, and personal accident cover. Each of these will help you stay protected in different ways. Choose a cover based on your needs and what is feasible for you.

Is it mandatory to get a comprehensive car insurance plan for electric vehicles?

Motor vehicle regulations do not require you to take comprehensive car insurance for electric cars. Only a third-party liability cover is mandatory. However, getting a comprehensive cover can get you additional coverage against various possibilities.

How to save on electric car insurance?

You are required to renew your insurance before it reaches expiry. You may be able to get better electric car insurance rates then if you haven’t claimed your insurance previously. This may earn you a ‘no-claim bonus’.

Is towing covered by electric car insurance?

If you have a comprehensive cover that provides roadside assistance, towing your car to the nearest service centre will be covered by your insurance. However, it is also subject to the inclusions of your insurance policy.

What is commonly covered under EV insurance?

When you buy comprehensive EV insurance for cars, it may cover you against the following: - - Accidents - Natural disasters - Fire - Theft Third-party coverage is a part of comprehensive EV insurance for cars and is also available as a standalone, which can cover you against damage to third parties.

Are batteries covered under EV insurance?

Comprehensive car insurance policies for electric vehicles may cover the cost of battery replacement if you opt for a battery replacement cover. Opting for additional cover may slightly affect your electric car insurance rates.

What does an electric car insurance policy typically cover?

An electric car insurance policy usually covers damages, theft, and third-party liabilities, similar to traditional car insurance. However, it may also include specific coverage for the battery and charging equipment.

How does electric car insurance differ from regular car insurance?

While sharing similarities, electric car insurance may differ from regular car insurance in how it addresses battery-related issues, charging equipment coverage, and the potential for specialised repair networks.

How is the cost of electric car insurance determined?

The cost is influenced by factors like the car's value, battery type, driving history, location, and chosen coverage. Insurers may also consider the specialized repair costs of electric vehicles.

What information is usually needed to obtain electric car insurance?

Typically, you'll need to provide details about the car (make, model, battery specifications), your driving history, and personal information.

Are there any common exclusions in electric car insurance policies?

Exclusions may include wear and tear on the battery, damage from improper charging, or intentional damage. Also, unauthorized modifications can void portions of the coverage.

What incidents are commonly covered by electric car insurance claims?

Claims often cover accidents, theft, and damage to the car or battery. Coverage for charging equipment damage may also be included.

What should I do if my electric car is damaged or stolen?

Notify your insurance provider promptly, document the incident with photos, and obtain a police report if necessary.

What documents are required to file an electric car insurance claim?

Documents required to raise a claim include policy details, a police report (if applicable), photos of the damage, repair estimates, and potentially battery diagnostic reports.

Does electric car insurance cover the replacement of damaged battery?

Coverage for battery replacement varies by policy. Some policies may include it, while others may offer it as an add-on.

How long does it take to process an electric car insurance claim?

Processing times can vary based on the claim's complexity and the insurer's procedures.

Can I renew my electric car insurance policy?

Yes, electric car insurance policies are generally renewable.

Can I change my coverage level when renewing the policy?

Usually, you can adjust your coverage at renewal, subject to the insurer's approval.

What happens if I don't renew my electric car insurance policy?

Car insurance for third-party damage is required by the law from every vehicle. Additionally, without coverage, you would be financially responsible for any accidents or damage that occur.

Does my electric car insurance premium usually change upon renewal?

Premiums may change based on factors like claims history, driving record, and changes in the car's value or battery technology.

When should I renew my electric car insurance policy?

It is best to start the renewal process before the expiration date to avoid any lapse in coverage.

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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:

Features

Offerings

Cashless repairs

Across 7200+ network garages

Cashless hospitalisation facility

Across 8600+ hospitals

Quick purchase journey

Takes less than 3 minutes

Claim facility

Cashless claims

Transfer of No Claim Bonus

Available, up to 50%

Customizable add-ons

7+ add-ons including motor protection cover

Claims processing

Digital facility within 20 minutes

Claim settlement ratio

98%*

On-the-spot settlement

Available through the Caringly Yours app

*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:

 

Sr.No.

Name of the Product

BAP UIN

1

Private Car Package Policy

IRDAN113RP0025V01200102

2

Private Car Policy - Bundled

IRDAN113RP0007V01201819

3

Standalone Own Damage Cover for Private Car

IRDAN113RP0001V01201920

4

Private Car Package Policy – 3 Years

IRDAN113RPMT0001V01202425

5

Two Wheeler Package Policy

IRDAN113RP0026V01200102

6

Long Term Two Wheeler Package Policy

IRDAN113RP0008V01201617

7

Two Wheeler Policy – Bundled

IRDAN113RP0008V01201819

8

Standalone Own Damage Cover for Two Wheeler

IRDAN113RP0002V01201920

9

Two Wheeler Package Policy – 5 Years

IRDAN113RPMT0018V01202425

10

Commercial Vehicle Package Policy

IRDAN113RP0027V01200102

11

Motor Trade Internal Risk

IRDAN113RP0039V01200102

12

Motor Trade Package Policy

IRDAN113RP0038V01200102

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

 

AGE OF VEHICLE

% OF DEPRECIATION FOR FIXING IDV

Not exceeding 6 months

5%

Exceeding 6 months but not exceeding 1 year

15%

Exceeding 1 year but not exceeding 2 years

20%

Exceeding 2 years but not exceeding 3 years

30%

Exceeding 3 years but not exceeding 4 years

40%

Exceeding 4 years but not exceeding 5 years

50%

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.