Is Electric Car Insurance Cheaper Compare to Regular Car Insurance Policy?

Electric vehicles are gaining a high level of popularity among consumers. That can be credited to the declining prices and newer models being released each day. However, the biggest factor behind electric vehicles being available is climate change. Environment conscious individuals prefer using modes of travel that do not contribute to climate change. 

Due to higher popularity, sales for electric vehicles have been picking up in India, especially during the last few years. The same situation repeats itself in different parts of the globe. It is predicted that more people are likely to shift from conventionally fueled cars to EVs in the coming years. 

Car insurance for electric cars

The idea of car insurance is to make sure whether roads are safe or not, you will have financial and emotional security. This way, you can relax whether there is an accident or not. This shows that the type of vehicle is little consideration in the question of whether you need car insurance or not. Now you can buy or renew car insurance using car insurance app.

This is a very common question when it comes to electric vehicles. Hence, to anyone that wonders that whether their electric car needs car insurance, you should know your EV is just like any other vehicle. This means that it is mandatory for you to buy car insurance. Just like any other vehicle, your EV is always at risk of getting into an accident. If and when the situation presents itself, you can contact the insurance provider to assist you. The policy will offer you financial support to repair the damages to your vehicle caused by accidents. In the case of an accident, there are several liabilities that arise as well. For example, an accident also causes damage to the car of the other person involved in the accident. In this situation, you are liable to compensate the individual for their damages. Car insurance offers you coverage for any liabilities that arise from third-party property damage, death, or injury. 

Car insurance prices for electronic cars

Anything you choose to buy, the first thing you check is the price. It is a huge factor in deciding whether you will buy it or not. The same applies to car insurance as well. The only difference is that the price for car insurance for each car can be very different. There is a wide range of factors that cause these changes in prices. However, more than anything, it is the car itself that decides how much your insurance will cost. 

Different cars have different specifications and thus, different requirements. For example, a particular car might use a different part than what is usually used for other cars. This means that it would be harder and possibly expensive to repair that car. Hence, how easy to repair your car is a huge factor in how much car insurance. By this logic, electric cars are extremely hard to repair. Since, they are still in their introductory phase in India, finding parts and repair shops is difficult. 

This situation is reflected in the car insurance price for EVs as well. The premium you would have to pay for insurance for electric cars is currently 10-15% lower than petrol and diesel cars. While it is true that electric cars are trickier to repair, it also has the advantage of being low maintenance and environment friendly. However, due to high demand, the rates for electric car insurance are rising as well. 

Just like regular petrol or diesel cars, electric cars have types as well. However, their classification is primarily based on the power they need to run. This classification is also used to set the price of insurance for the vehicle. Currently, the price for insurance for an electric car that can store more than 65 kilowatts is around ₹6,700. Similarly, if your electric car is between the 30-65 kilowatts range, the insurance for it could cost around ₹2,700. While this is the price for comprehensive coverage on electric cars. Even third-party coverage for regular cars is a different story. To buy a third-party policy for a regular car, you may have to pay around ₹3,200.