Keep these things in mind while insuring electric car, you will not have to regret

Comprehensive Cover: Electric cars are quite expensive as compared to fuel based electric cars. That's why while getting their car insurance, it is advised to get a comprehensive policy instead of third party. If you damage your car, someone else's car or injure someone in an accident, regardless of who is at fault, everything is usually covered under a comprehensive policy. Apart from this, one should also know about ad-offers. (Photo: Getty Images)

Electric Cars are quite expensive as compared to petrol-diesel cars. They also have to pay more money for their insurance premium. That’s why it is very important to know some things before insuring your electric car. Through this, apart from avoiding possible losses, you can choose the right policy.

TV9 Bharatvarsh | Edited By:

Updated on: Nov 26, 2022, 8:45 PM IST

Comprehensive Cover: Electric cars are quite expensive as compared to fuel based electric cars. That’s why while getting their car insurance, it is advised to get a comprehensive policy instead of third party. If you damage your car, someone else’s car or injure someone in an accident, regardless of who is at fault, everything is usually covered under a comprehensive policy. Apart from this, one should also know about ad-offers. (Photo: Getty Images)

Insured Declared Value: Different insurance companies offer different Insured Declared Value (IDV). The market value of the car should be ascertained before getting the IDV of the car checked by your preferred company. Therefore, while checking IDV online, one should choose such a company which offers IDV closest to the market value. IDV is of great benefit in case of electric car theft or total loss of the vehicle. (Photo: Getty Images)

Insured Declared Value: Different insurance companies offer different Insured Declared Value (IDV). The market value of the car should be ascertained before getting the IDV of the car checked by your preferred company. Therefore, while checking IDV online, one should choose such a company which offers IDV closest to the market value. IDV is of great benefit in case of electric car theft or total loss of the vehicle. (Photo: Getty Images)

Policy Premium: The cost of repairing the electric car and changing the battery is very high. That's why the premium of the policy is also very high. However, with third party premium you can get a discount of up to 15%. Customers must keep in mind that the cost of the car and the location of the policy have a great impact on the premium. (Photo: Getty Images)

Policy Premium: The cost of repairing the electric car and changing the battery is very high. That’s why the premium of the policy is also very high. However, with third party premium you can get a discount of up to 15%. Customers must keep in mind that the cost of the car and the location of the policy have a great impact on the premium. (Photo: Getty Images)

Zero-depreciation: The spare parts of electric vehicles are made through high technology, due to which they cost more. In such a case, zero depreciation proves beneficial. This does not affect the depreciating value of the vehicle over time and any loss is fully compensated. (Photo: Getty Images)

Zero-depreciation: The spare parts of electric vehicles are made through high technology, due to which they cost more. In such a case, zero depreciation proves beneficial. This does not affect the depreciating value of the vehicle over time and any loss is fully compensated. (Photo: Getty Images)

Location and Impact: The type of car and its location directly affects the insurance policy. If your location is such where the possibility of car or car battery being stolen is very high, then higher premium will have to be paid. Hence the premium in your area may be higher or lower as compared to other areas. (Photo: Getty Images)

Location and Impact: The type of car and its location directly affects the insurance policy. If your location is such where the possibility of car or car battery being stolen is very high, then higher premium will have to be paid. Hence the premium in your area may be higher or lower as compared to other areas. (Photo: Getty Images)

Pay as you Drive' (PAYD): Electric cars are generally driven within city limits. Compared to petrol-diesel, people travel less distance by electric car. Cars with less mileage in a year are offered a lower premium under PAYD. That's why it is better to find companies that offer such offers before getting insurance. This will save a lot in premium. (Photo: Getty Images)

Pay as you Drive’ (PAYD): Electric cars are generally driven within city limits. Compared to petrol-diesel, people travel less distance by electric car. Cars with less mileage in a year are offered a lower premium under PAYD. That’s why it is better to find companies that offer such offers before getting insurance. This will save a lot in premium. (Photo: Getty Images)


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