The skyrocketing cost of fuel shows no signs of stopping. Pollution is also increasing. Electric vehicles will be at the forefront of a revolution in personal mobility. Also, it’s got all the necessary government support.
Advantages of purchasing electric vehicles in India
Now is the perfect time to switch to an electric vehicle. Electric vehicles are becoming a great mobility alternative because to a number of factors. The most notable of these are the significantly lower purchase and operating expenses of electric vehicles. According to some worldwide estimates, operating expenses may be only one-fifth as high as those for traditional petrol and diesel vehicles.
Then there are the considerable subsidies which both the central government and the state governments give out to promote the use of electric vehicles. Electric cars are now feasible for intercity travel, albeit with some advance planning, as the charging infrastructure across the nation is expanding at a rapid rate.
With the cheapest model costing only Rs. 8.5 lakh, electric automobiles are now also offered in more economical price ranges. Thus, choosing an EV is the proper decision, especially if you want to improve the air quality.
Now that you’ve decided it’s about time to switch to an electric vehicle, it’s also time to calculate one significant expense related to the buying of an electric vehicle, in addition to the actual purchase price. Electric car insurance* is the name of this expense.
There are some fees that are necessary for EVs even though the federal and state governments continue to aggressively support electric cars through direct subsidies and sizable discounts on road taxes. We’ll offer you a quick overview of the benefits of purchasing electric vehicle insurance in this article.
Hazards do exist
Although it uses a different energy source than a gasoline or diesel vehicle, an electric vehicle can access the same roads as other vehicles. Naturally, electric vehicles also suffer the same dangers as a conventional vehicle would on such roads. Motor insurance protects the owner of an electric vehicle from high costs resulting from potential damages in the event of an accident. **
Legal Prerequisite
Electric vehicles, whether they have four or two wheels, are treated the same way as petrol and diesel-powered vehicles in terms of the legislation. Motor insurance is now required for electric vehicles as a result. Driving an electric vehicle in India would be against the law if you didn’t comply with this. If you drive an electric vehicle without motor insurance, the results might be severe. **
A Few Examples
First, law enforcement officers have the authority to penalise an owner of an electric vehicle who is in violation of the law by driving without insurance. Second, by taking this risk, the owner is putting a lot of money at risk that would need to be invested on repairs in the event that the electric car is involved in a collision with another car or suffers damage from freak occurrences like a tree falling over it or a fire.
Finally, the owner of the uninsured electrical vehicle will be responsible for covering hospital costs in the event of injury or compensating the victim’s family in the event of death if a fellow road user is killed or injured in an accident involving the vehicle. Lastly, the driver of the electric vehicle may go to jail if they are unable to pay the victim’s damages. **
Available Specific Covers
As we’ve already mentioned, there are a variety of situations when automobile insurance is essential for electric vehicles. Let’s elaborate on a few such instances.
If you have chosen “Engine Protect Plus” or a “flood damage” protection plan, your auto insurance will pay for it if your electric car’s motor malfunctions while driving on a flooded road. Even for electric cars, such a cover is essential given that Indian towns frequently flood during the monsoon season.
Invoice protection, popularly known as return to invoice, comes next. An electric car owner who chooses this coverage will receive their entire purchase price back in the event of a complete loss (an accident or damage that costs more than 75% of the insured stated value of the vehicle). Owners can also reduce the total cost of insurance by choosing the return-to-invoice package because the insured stated value can be reduced to a minimum.
There are numerous more such electric-car-specific insurance coverages that are available, making ownership convenient, affordable, and secure. Hence, without a second thought, make sure to purchase and maintain coverage for your electric vehicle. **
**Standard T&Cs are in effect
Insurance is the topic of the solicitation. For more information on the advantages, limitations, limits, and terms and conditions, read and understand the sale brochure or policy language before making a purchase.
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