What are Electric Vehicles?

Electric car insurance in India is insurance which covers your electric car. It covers the financial losses that you might suffer in the case of emergencies involving your car. An EV car insurance policy is mandatory as per the provisions of The Motor Vehicles Act, 1988. Apart from the third-party liability mandate, you can get cover against damages sustained to your electric car by opting comprehensive insurance plan which bundles your own damages and third-party damages covered in one.

● Make and model of the car: The make and model of the car determines its market value. The higher the market value the higher is the premium and vice-versa.

● Type of policy you choose Third-party electric car insurance plans are cheaper compared to comprehensive policies. Third-party plans have a limited scope of coverage which is the reason they are low cost. Moreover, third-party premiums are fixed by the IRDAI and are uniform across insurance companies.

● Registration year and location: Registration year shows the age of the vehicle. Older vehicles have lower premiums and vice-versa. Moreover, where the car is registered also impacts the premium amount. Cars registered in metro cities have higher premiums than those registered in non-metro ones.

● Insured Declared Value The Insured Declared Value, IDV in short, determines the maximum coverage under the electric car insurance policy. Higher the IDV higher would be the premium and vice-versa.

● Available no claim bonus (in the case of renewals) If you are renewing your car insurance plan and you have earned a no claim bonus, you can get premium discounts on renewal. This helps in reducing the premium cost..

● Add-ons selected: If you opt for an e-vehicle comprehensive policy and add add-ons to the coverage, the premium would increase. This is because each add-on comes with an additional premium.

● Details of existing coverage If you are renewing an existing plan, the existing policy details would become important. If your existing policy has lapsed, the premiums would be higher.

HDFC ERGO offers online electric car insurance calculators that help you calculate the premium of your electric car insurance plan instantly. You can just enter the details and the premium would be calculated instantly.

● Step 1 – Visit HDFC ERGO website and enter the vehicle registration number. Proceed by clicking on get a quote.

● Step 2- After clicking on get a quote, you will have to enter your car’s make and model.

●Step 3 – You must choose between a third party car insurance and a comprehensive car insurance plan.

● Step 4 – Give details about your last insurance policy- Date of Expiry, No Claim Bonus Earned and Claims Made. Enter your mobile number and email ID.

● Step 5 - You can now view your car insurance premium. If you have chosen a comprehensive plan, you can customise your plan further by selecting add-ons like emergency assistance, zero depreciation, downtime protection and more.

Calculating EV insurance premium at the HDFC ERGO website is smooth and easy. You can also use our car insurance premium calculator for your convenience.

A claim under an electric vehicle insurance policy happens when your car is damaged, you cause a third-party liability or if the car is stolen. The claim process is as follows –

1. Inform HDFC ERGO of your claim and register it. To do so you can visit HDFC ERGO Claim section and click on ‘Register Claim’.

2. You can also call up the insurer and register your claim.

3. The company would inform you about the nearest garage for cashless repairs if your own car has suffered damages

4. Take your car to the specified garage and get it surveyed. The surveyor of the insurer would visit the garage to survey the damages

5. The surveyor would prepare the claim report and submit it to the insurer. Based on this, the claim would be approved

6. Once the claim approval comes through, the garage would start repairs on the car. The cost of the repairs would be settled directly by HDFC ERGO

7. After the repair is complete, you can pay for the inadmissible amount of repairs and take delivery of your car

8. File your claim and submit the relevant documents to complete the claim process

9. However, in case you take your car to a non-networked garage, you would have to pay for the repair costs when the car is being repaired. First, get the damages surveyed after which you can get the repairs done

10. After repairs, file your claim with the company and submit the relevant documents. The insurer would reimburse you for the repair costs covered under policy

11. In the case of theft of the car, file a police FIR detailing the theft.

12. The police would try to find the stolen car. If they are unsuccessful, they would issue a non-traceable report

13. Submit this report along with the claim documents and the insurer would compensate you for the loss suffered due to the theft

14. In the case of third-party claims, file a police FIR

15. The claim would be taken to the Motor Accidents Claim Tribunal (MACT) which would rule on the third-party liability that you have incurred

16. Once the MACT states its ruling, the insurer would compensate the third party on your behalf and the claim would be settled.