Top News

EV Insurance: When purchasing insurance for a new electric car, focusing solely on a low premium is not the right approach. EV insurance costs more than that for conventional cars, so it is important to pay attention to essential features.

Electric Vehicle Insurance: People are increasingly buying electric vehicles alongside petrol and diesel cars. The primary reasons for this are fuel prices and lower running costs. However, is it wise to look only for a low premium when insuring an electric car? The answer is no; focusing only on the premium is not enough. This raises a common question: why is EV insurance more expensive than insurance for standard cars? What are the underlying reasons?

Is EV insurance mandatory?

If you are planning to buy a new electric car, you should know that third-party insurance is mandatory under the Motor Vehicles Act. However, if you want better protection for your vehicle, opting for comprehensive insurance is a better choice.

Why is electric car insurance more expensive?

There are several reasons why electric vehicle insurance costs more than insurance for conventional vehicles:

• The high-tech electronic components, batteries, and other parts used in electric cars are expensive.
• If these parts are damaged in an accident, the cost of repairing or replacing them is significantly higher.
• Additionally, there are currently fewer service centers available for electric vehicles, which can lead to higher repair costs compared to standard cars.

Insurance companies take all these factors into account.

Keep these important points in mind when buying a policy.

Do not look merely for the cheapest option when purchasing insurance. If your policy does not cover all essential aspects, you might end up paying for expenses out of your own pocket. Therefore, it is best to keep a few things in mind when purchasing insurance, such as:

• Ensure that your insurance policy includes battery protection cover.
• Since the battery is the most expensive component of an electric car, this coverage is essential.
• Also, check if roadside assistance is included.
• Additionally, verify whether 'zero depreciation' cover is part of the policy.
• Many parts of electric cars are quite expensive, so ensure there is coverage for them as well.
• Do not purchase a policy without proper research and without reading the details.
• Carefully read all the terms, conditions, and exclusions.
• Do not limit yourself to policies from a single company; instead, compare plans from different providers.
• Only then should you select a policy that offers the right coverage for your needs.