Due to expensive petrol and diesel, now the trend of car buyers is moving towards electric vehicles. Electric vehicles are costlier than petrol and diesel vehicles, but due to the incentives given by the government to buy them, people are now coming forward fast for booking electric vehicles. This has been proved by the tremendous response received by Scooty recently launched by Ola and other electric vehicle companies. According to a PTI report, the first lot of luxury car maker BMW’s Electric Sports Activity Vehicle (SAV) was sold out on the day it was launched.
As people are taking interest in electric vehicles, so are the questions being asked about their insurance. In such a situation, it is important to know what things should be kept in mind while buying insurance for an electric vehicle.
Since electric vehicles are costlier than diesel-petrol vehicles, a policy should be taken which has adequate coverage. If you buy comprehensive coverage, it protects you from third party liabilities and own damage caused to the vehicle. OD coverage can provide relief in the repairing bill in case of damage or theft to the vehicle due to accident, natural calamity, riots and fire. By taking personal accident cover, you get security cover in case of bodily injury, partial or complete disability or death.
Insured Declared Value
Higher the Insured Declared Value ie IDV, higher will be the premium. However, in case of any loss, higher IDV gets you more compensation. Since electric vehicles are expensive, a policy with higher IDV should be taken so that you can get a more adequate claim in case of any loss.
Since the premium has to be paid at a fixed interval, choose it in such a way that you do not face any inconvenience in paying it. But it should also be seen that you do not compromise on coverage. Choose a policy that can provide maximum coverage at an affordable premium.
claim settlement ratio
The claim settlement ratio is an important parameter while buying an insurance policy. It is important to see how the company’s claim settlement ratio is. One should always buy an insurance policy from a company where claim settlement can be done without any hassle.
You can also add additional benefits i.e. add-ons while buying an insurance policy for an electric vehicle. However, for this you have to pay a higher premium. You can get the add-on done under a comprehensive policy. For example – you can add Zero Depreciation Benefit. This means Depreciation is not added to the claim amount and you get the full amount of the loss.