Electric car insurance: everything you need to know - Admiral.com

The automotive industry is experiencing a surge in interest in electric vehicles due to rising fuel costs and environmental concerns. Purchasing an electric car requires specific insurance compliance, covering risks like damage, fires, natural disasters, theft, and third-party harm. The ideal car insurance for electric vehicles extends coverage to the unique components, such as batteries and charging infrastructure, which can be costly to replace or repair. *

Electric vehicle insurance policies often include additional benefits, such as coverage for damages at charging stations and replacement protection for lost charging cables. The rising popularity of electric vehicles has prompted more electric bike insurance companies to offer specialized policies, making it easier for owners to find comprehensive coverage tailored to their needs. *

What Is Covered By Insurance For Electric Vehicles?

Electric vehicle insurance typically includes coverage for road accidents, covering losses and damages resulting from such incidents. Electric car insurance covers repair and replacement costs for damaged parts, theft, fire damage, and natural disasters. It is recommended to supplement comprehensive insurance with personal accident coverage and adhere to the Indian Motor Vehicle Act for third-party liability coverage.*      

Which Exclusions Apply To Electric Cars?

Note the following exclusions when choosing the ideal insurance for electric cars:

  • Own Damage: Any harm done to the electric vehicle will not be compensated if the driver does not have a comprehensive insurance policy.
  • Insurance Does Not Cover Driving While Intoxicated: Insurance policies typically do not provide coverage for incidents involving driving under the influence of alcohol or drugs. 
  • Operating A Vehicle Without A Licence: The insurer will not offer coverage if the driver did not have a valid licence during the collision that resulted in damage.
  • Consequential Damage: The insurance will not pay for it if the electric vehicle sustains damage or loses anything while travelling and is not directly at fault for colliding with another car or object.
  • Intentional Negligence: The insurance company will not pay for damage if an electric vehicle owner wilfully ignores damage to their car and waits until it worsens before deciding to have it fixed. The cost of the replacement or repair will be covered exclusively by the vehicle owner.
  • Insurance Plan Lapsed: It’s critical to renew the insurance coverage for electric vehicles promptly. Insurance companies won’t offer any coverage if the policy expires.

While electric vehicle insurance provides essential coverage, it’s crucial to be aware of exclusions. Understanding what is not covered, such as certain types of accidents or specific damages, helps policyholders make informed decisions and consider additional coverage where needed. Being mindful of these exclusions ensures a more comprehensive approach to protecting electric vehicles against potential risks.

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.