Electric vehicle insurance: Do's and don'ts

As the monsoon season begins, those who use electric vehicles must be careful because their insurance needs are unique. It is crucial to have a comprehensive insurance policy for electric vehicles as it protects against a range of risks, such as damage and loss caused by accidents and incidents.

Hyderabad: Electric cars are becoming more and more popular, but their insurance needs are slightly different from regular cars. When purchasing insurance for these vehicles, there are a few important things to keep in mind. Firstly, a comprehensive motor insurance policy is required. Secondly, it's essential to have third-party insurance before taking the vehicle out on the road. It's also important to take extra precautions during the rainy season and consider additional policies to protect the battery. Finally, any insurance policy should cover the vehicle in case of a traffic accident and fire in the battery.

To ensure complete peace of mind, it's important that electric vehicle owners opt for additional insurance policies, such as zero depreciation, return to invoice, and protection for spare parts. Zero Dep ensures that the insurance company covers the entire cost without taking into consideration any depreciation when repairing your vehicle. This comes in handy when seeking compensation for the on-road value of your car in case of a return to invoice. By including these policies, you can be sure that you're fully protected in the event of any mishap.

Check out: The Importance of a 'No Claim Bonus' in Lowering Your New Vehicle Insurance Premiums.

There are certain extra policies available for EVs that offer complete additional coverage. If, for instance, the battery and electric motor suffer damage due to fluctuations in power, then regular insurance will not provide coverage for it. Similarly, if the EV charger accidentally catches fire, there will be no reimbursement provided.

Therefore, it's advisable to opt for extra insurance policies such as EV charging and battery coverage. Incurring damages to electric vehicles can be quite expensive, particularly in the wet season. Hence, during the monsoon period, EV users must take all necessary measures to ensure a smooth and hassle-free ride. These were the words of Rakesh Jain, the CEO of Reliance General Insurance.