By Zack Devin
Electric Vehicles (EVs) are quickly becoming the future of mobility in India. With growing environmental concerns and government incentives, many car owners are switching to electric models. But as EVs bring a whole new driving experience, they also require a fresh approach to insurance. If you own or plan to buy an electric vehicle, understanding the value of supplementary insurance coverage is crucial. These additional covers provide protection beyond basic insurance, ensuring your EV is safe from unexpected situations.
Let’s explore the various supplementary insurance covers that can offer comprehensive protection for your electric car.
Understanding Basic EV Insurance First
Before exploring add-ons, it’s important to understand the basic insurance options for EVs. Third-party car insurance, mandatory by law in India, covers damages or injury caused to others. Comprehensive insurance offers wider protection, covering damage to your own EV from accidents, theft, fire or natural disasters. However, comprehensive plans have limitations and don’t cover all risks unique to EVs. This is where supplementary covers become essential.
Why EVs Need Tailored Supplementary Covers
Electric cars differ from traditional fuel-based vehicles in several key ways. Their battery packs are costly to replace, charging equipment requires protection and electronic systems are more susceptible to damage from power surges or water ingress. Because of these unique factors, EV owners need to consider insurance add-ons that offer targeted and comprehensive protection.
Top Supplementary Covers To Consider For EV
- Zero Depreciation Cover
Provides full claim settlement without deducting depreciation, making it especially valuable for EVs where batteries and parts have high replacement costs. This cover ensures full reimbursement for damaged components, making it ideal for new and expensive electric vehicles.
- Battery Protection Cover
The battery is the heart of an EV, and this cover protects it against non-accidental damage, often excluded from standard policies. Given that battery replacements for premium models can cost between Rs 5-15 lakh, this protection against issues like voltage fluctuations and water seepage is essential for EV owners.
- Charger and Accessories Cover
EVs include at-home and portable charging equipment, which this add-on protects along with associated accessories. It covers theft or damage to charging cables and units, as well as any damage related to home installation, ensuring comprehensive protection for the charging setup.
- Engine (Motor) Protect Cover
This add-on safeguards the EV’s electric motor and related components against damage from water ingress or leakage. It’s especially important in regions prone to heavy monsoons, water-logging or for vehicles regularly parked in open or low-lying areas.
- Return to Invoice Cover
If the EV is stolen or declared a total loss, this cover compensates for the difference between the insured declared value and the original invoice price. It includes the on-road price, covering registration and taxes, ensuring maximum financial recovery.
- Roadside Assistance (RSA) Cover
Given that EVs can unexpectedly run out of charge, especially on long trips, RSA provides essential support like towing, battery jumpstarts or emergency charging. It offers 24/7 assistance, delivering peace of mind during highway or outstation travel.
- Key Loss Cover
EVs use smart keys or remote controls, which can be costly to replace. This cover protects against the expense of lost or stolen keys, helping cover the replacement costs.
- Consumables Cover
This add-on covers the cost of non-reusable items such as nuts, bolts, coolants, and lubricants, which are often excluded in standard policies. It helps with minor yet frequent expenses during service centre repairs after an accident.
Choosing The Right Add-Ons For EV
Choosing the right add-ons for EV depends on several factors. Consider location; areas prone to heavy rain or theft may require more coverage. Also, think about how often you drive, the age and value of your vehicle and maintenance preferences, such as DIY repairs versus authorised servicing. Tailoring add-ons to these factors ensures the most relevant and cost-effective protection.
The Role Of Technology In Managing EV Insurance
Managing EV insurance can be complex, but thankfully, digital tools have simplified the process. With a car insurance app, you can easily track the policy in real time, file and monitor claims efficiently, compare add-on cover prices and receive timely renewal reminders.
Common Mistakes To Avoid
Common mistakes to avoid include ignoring essential add-ons for the battery and motor, underestimating risks to charging equipment, failing to compare prices and benefits of add-ons and choosing the cheapest plan rather than the one that best fits your needs.
Tips For EV Owners On Policy Renewal
When renewing EV insurance policy, re-evaluate the usage and risks to ensure that the coverage remains adequate. Avoid auto-renewing without reviewing new add-ons, and consult the insurer about EV-specific options. Additionally, keep track of No Claim Bonus benefits to maximise savings.
Conclusion
Owning an EV is a forward-thinking choice, but it also demands forward-thinking insurance. Supplementary covers can save you from hefty expenses and offer peace of mind. With EV-specific add-ons like battery cover, charger protection, and motor insurance, the vehicle gets complete protection from all sides.
