EV insurance guide: Save money while covering battery, motor and charging gear

When insuring electric vehicles, ensure coverage for the battery, motor, and charging equipment. Understand co-pays and exclusions to choose comprehensive coverage.

Image Credit : Tata website

Electric Vehicle - Right Insurance Needed

When buying an electric vehicle, choose the right insurance for its protection. Battery, motor, charger, sensors need special attention. Understand co-pays, exclusions, riders, and choose comprehensive coverage. Insurance = Smart investment reducing financial burden!

Image Credit : Asianet News

EV Insurance Cost - Example

If an EV costs ₹12.50 lakh, its IDV is ₹11.80 lakh. Third-party insurance is up to ₹7,900/year, and Own Damage Cover is up to ₹9,600/year. Total annual insurance cost is around ₹17,500. Adding riders increases the cost, but enhances protection.

Image Credit : Google

Battery Coverage - Your Vehicle's Heart

The battery is crucial, costing 40%-50% of the EV's price. Regular policies often exclude battery coverage, leading to significant losses if it fails. A separate battery rider policy, especially within the first 5 years, is crucial.

Image Credit : Google

Coverage & Premium - Must Match!

The EV model, battery capacity, and usage determine coverage and premium. Flood-prone areas have higher premiums. Even with comprehensive insurance, some parts aren't fully covered due to depreciation. Add 'Zero Depreciation Cover' for full claims.

Image Credit : Google

Factors Affecting Claim Amount

Policies have Co-payment and Deductible clauses. Co-payment requires you to pay a portion of the claim. Deductible means no claims below a certain amount. These reduce your claim amount. Choose policies with lower Co-pay and Deductible.

Image Credit : @evshift | X

Rider Policies - Extra Protection

Separate battery and motor insurance, Zero Depreciation, and Roadside Assistance are rider policies. They cost extra but offer valuable benefits. Motor and battery issues are common in EVs, making these riders essential.

Image Credit : Google

Charger, Sensor, Camera - Covered?

Home chargers, sensors, and in-car tech accessories may be covered under the main policy or as riders, depending on the insurer. Add riders for these. Check for coverage against fire and theft, common EV risks.