Electric Car Insurance Cost in India? Pros and Cons

Ads In 2022, India became the fourth largest country in the world by assessment of the automotive industry and it contributes to about 6.4% of India’s GDP. But the major challenge for the industry is rising pollution and high fuel rate, fuel prices in India are very high (over Rs 100 per liter) in many parts of the states.
to protect your pocket from high fuel prices & High ICE Vehicle Maintenance costs, the only solution is electric vehicles. Yes! EVs are cost-effective, emit zero carbon emissions, and require no high-paying maintenance.
If you already have an electric vehicle, then congratulations you are in a win-win system. As you have insured yourself by buying an EV and not paying more money for fuel and maintenance, it is also necessary to check whether you have taken insurance for your electric Vehicles or not. let us understand why insurance is necessary for electric cars.
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Having insurance for your electric vehicle will be protected your EV against accidental damage, natural calamities, man-made calamities, in-transit damages, etc. Additionally, the owner-driver of the insured vehicle is offered a personal accident cover that protects him/her from accidental injury or death.
Insurance is used for financial protection against physical damage resulting from traffic collisions and liability arising from incidents in the vehicle. Electric car insurance is expensive compared to normal ICE cars. it is Due to the battery technology used in EVs, the cost of replacement of the battery is high due to which the insurance premium is higher as compared to normal ICE cars.
There are several reasons for higher insurance premiums for electric cars.
The premium rates have been fixed at a discount of 15% as compared to other cars.
Electric Car Insurance Cost in India?
The premium rates for third-party liability insurance are decided by the Insurance Regulatory and Development Authority of India (IRDAI) as a new initiative to boost the adoption of electric vehicles in India. IRDAI has fixed third-party liability insurance premium rates at a 15% discount as compared to petrol/diesel vehicles. Source
Third-party insurance rates are based on battery capacity as mentioned in the table below.
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Stephen Freeman

Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.

Electric Car Insurance Cost in India? Pros and Cons – E-Vehicleinfo

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