Electric vehicles have created huge strides in technology since they were introduced. In recent years, electric cars have created a buzz across the world for good reasons. With climate change looming over us, switching from motor vehicles
to electric cars is the best decision that you can make for yourself and the generations to come. The benefits of electric vehicles include the following:
● Electric vehicles run on batteries. No fuel is required so you can save money on fuel costs. As the prices of petrol are increasing day by day, electric vehicles help you save on the high cost of fuel.
● Electric vehicles
reduce the emission of pollutants and is environmentally friendly
● Electric vehicles are cost-effective and so they help you save money on maintenance cost.
● Electric vehicles are not only lighter but also have high acceleration
and are faster.
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.
Car insurance is mandatory in India whether the car is electric or not. Moreover, you require a protection shield for your priced possession to ensure that the financial loss caused as a consequence of an accident is covered. You may need insurance for electric car due to the following reasons:
To be able to drive your electric car legally, you need to buy third-party liability insurance. As such insurance is needed for electric cars to comply with legal norms and avoid penalties.
You can get the damages of your car recovered quicker than usual with insurance as damages suffered by your car in an accident are also covered in a comprehensive car insurance policy. There may be times when you would not be able to afford the cost of repairing. In such instances, the insurance would cover the repair cost.
Insurance provides peace of mind. It assures you that you and your family are adequately covered against possible losses or liabilities which may arise in future. You can be secured financially knowing that third-party liability, theft and potential losses would be covered by an insurance policy.
Losses may arise anytime, anywhere. Your car might suffer damage in an accident or due to man-made or natural calamities. The damages may result in huge repair costs. A car insurance policy covers you from the contingencies of potential losses which may drain you financially if you do not have an EV car insurance policy.
HDFC ERGO offers three types of electric car policy. The coverage of an electric car insurance policy depends on the type of policy that you buy. HDFC ERGO electric car insurance policy covers the following types of financial liabilities:
There are mainly two types of electric vehicle insurance for electric cars in India. These includes:
Key Features | Benefits |
Damage to the insured vehicle | If your electric car suffers damages due to a fire, accident, theft or loss of the electric car while in transit, you get coverage for that. |
Third-party damages | If your electric car damages / injures thirdparty property/person or even causes death to the other person, you are protected under an EV insurance policy. |
Network garages | HDFC ERGO electric car insurance policy provides cashless settlement of claims through its large number of network garages across India. |
No claim bonus (NCB) | NCB is a discount you can avail on the policy renewal premium, if you have not made any claim in your previous year's car insurance policy. |
Addons | You can enhance your comprehensive car insurance policy by selecting different addons like zero depreciation, downtime protection, etc. . |
Electric Car Insurance | Benefits |
Insurance against liabilities | It provides coverage against all the liabilities which arise to the third parties if your car causes financial loss to them. Third-party liabilities may be huge and might drain you financially. |
Financial security | This policy provides financial security to you and your family against any damage or loss caused to you or your car. With the financial protection of an electric car insurance policy, you can drive your car without any financial burden or stress. |
Coverage against theft | If your car is stolen, you may face a financial crisis to buy a new car. An electric car insurance policy pays a lump sum to help you buy a new car if your insured car is stolen. |
Customization benefit | HDFC ERGO offers the benefit of customisation through additional add-ons as per individual insurance requirements. HDFC ERGO offers a variety of add-ons such as zero depreciation cover, emergency assistant cover, no-claim bonus, etc to customise your plan. |
There are various benefits of buying electric car insurance from HDFC ERGO. These include the following –
HDFC ERGO electric car insurance plans have affordable premiums making the policy easy on your pockets. Furthermore, with a no claim bonus going up to 50%, you can also claim premium discounts and save on the electric car insurance cost.
HDFC ERGO is tied up with more than 8000 garages across India. This helps you locate a networked garage easily in your locality. You can get your car repaired easily, on a cashless basis, without facing the financial brunt yourself.
HDFC ERGO enjoys the trust of more than 1.6 crore customers. You can also join the HDFC ERGO family and enjoy efficient services and comprehensive coverage.
Under HDFC ERGO’s car insurance plans you can get overnight repair facilities that provide you with hassle-free repairs and quick delivery of your car so that you don’t face any inconvenience.
The premium of insurance for EV Cars depends on a lot of factors. These factors can help you calculate the premium amount. The factors include the following –
● 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.
While buying an electric car insurance policy, it is necessary to know how its premium is calculated. Here’s a step-by-step guide for calculating your electric car insurance premium –
● 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.
HDFC ERGO allows you the online facility to buy electric car insurance. You need to go through the following steps:
Step 1: Visit the HDFC ERGO website, enter the registration number of your vehicle and click on ‘Get Quote’.
Step 2: On the next page, provide the details of your car and choose the type of policy.
Step 3: Add any optional add-ons. The final premium would display. You can pay the premium online, and the policy will be issued instantly.
HDFC ERGO offers a range of add-ons at an additional premium to customise your electric car insurance policy as per individual needs and requirements. Add-ons are additional coverage which enhances the coverage benefits of a car insurance policy. You can select one or more add-ons offered by HDFC ERGO as follows:
Add-ons available | Brief Description |
Zero depreciation cover | Under zero depreciation cover, the insurer does not deduct depreciation from the amount of claim and you get the full value of the parts replaced or repaired. As such, you can get a higher claim settlement if you buy zero depreciation cover |
Engine and gearbox protection | This add-on insures you of the financial loss due to damage to the engine and gearbox of the car. |
No-claim bonus protection | No-claim bonus protection protects your no claim bonus earned so far even after you have made a claim in the policy. |
Downtime protection | Downtime protection add-on covers the expenses spent on travelling by cabs for daily and routine purposes while your electric car is getting repaired. |
Return to invoice | Return to invoice add-on pays you the invoice value of your electric car if your car is stolen or is completely damaged |
Emergency assistance cover | This add-on provides 24*7 assistance if your electric vehicle suffers a mechanical or technical breakdown on the road. It is also known as roadside assistance cover |
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.