Everything you need to know before buying car insurance for your electric vehicle

car insurance


Electric cars are not only more exciting than other modern motor vehicles, but they are also a great method to safeguard the environment. Planning to buy a car goes hand in hand with getting car insurance online. If you also intend to buy an electric vehicle, we encourage you to protect your automobile with HDFC ERGO car insurance. This article will guide you through choosing the best car insurance plan for your electric car.


Car insurance, often known as motor insurance, provides financial security for your car during an accident or a natural disaster. Two dangers that are covered by auto insurance include robbery and vehicle theft. Additionally, there may be times when an accident leads to you unintentionally hurting someone else or damaging property.

So, if you just purchased electric vehicles (EVs), you need the right car insurance online. However, there isn’t yet a specific insurance programme for EVs. To protect your finances, you can still choose among the offered policies.

What are EVs?

Electric motors power EVs, which recharge using energy rather than fuel. It can also be run on a battery, solar power, or an electric generator that burns fuel. EVs are not only friendly to the environment, but they also act as a green alternative to diesel and gasoline-powered automobiles. To top it all off, EVs are also extremely affordable in the long run.

Best Electric Vehicles in India

EVs are the future of the automobile industry. Or they’re already mostly here. If you drive and reside in India, you’ve thought about trying out some of the nation’s best electric cars.

Here are the following best electric cars:

Audi e-tron: The e-tron 55 and e-tron 50 are the two models of the Audi e-tron vehicle available in India. These are one of the best electric cars models you can get.

Tata Tigor EV: There are three trim levels for the Tata Tigor EV: XE, XM, and XZ+.

BMW iX: The BMW iX is only available in a single top-spec xDrive40 variant in India. Among the best electric cars, BMW Ix is quite a deal!

Audi e-tron GT: Both the e-tron GT and the Rs e-tron GT versions of the Audi e-tron GT are available.

Jaguar I-pace: There are 12 colour choices for the three versions of the new Jaguar I-Pace vehicle.

Why do you need car insurance for your EV?

The main goal of a car insurance online policy is to protect your financial stability. It will be helpful in an accident, natural disaster, man-made catastrophe, or theft. The following reasons are additional motivations for purchasing electric vehicle insurance:

  1. Legal requirement

Any car you purchase must be protected by insurance, particularly third-party liability insurance, under the Motor Vehicles Act of 1988. It protects you if an accident involving your car causes harm to a third party’s person or property.

  1. Financial protection

If your automobile is damaged and the at-fault party’s third-party liability plan pays for the damage, car insurance can help you financially. Insurance is a no-brainer because repairs for electric vehicles are even more expensive due to the current scarcity of their parts.

  1. Damage Repair

If you caused an accident, your comprehensive vehicle insurance policy’s damage coverage would be necessary to pay for repairing your car. It also protects your car from theft, vandalism, and damage from riots, fires, floods, and other man-made or natural calamities.

Guide to buying the best car insurance: Why is HDFC ERGO the best for you?

If you wish to buy  electric car insurance online, you may consider following the below-mentioned tips:

Set The Right IDV

The “Insured Declared Value,” or IDV, is the highest amount of money an insurance provider will pay out in the event of a total loss or theft. The IDV must be set up correctly.

Decide The Type Of Cover

As a buyer, you must get a comprehensive plan or third-party insurance. Choose the type of insurance when purchasing the best car insurance online for your EV.

What Add-Ons Should You Take?

The discount for depreciation and the coverage for automobile protection are two relevant add-ons that can help you get around some of the limits. The proper add-ons broaden the scope of your insurance policy’s protection.

How can you save money on electric car insurance?

Avoid attempting to make small claims because doing so may reduce your chances of receiving a “No Claim Bonus.” You can consider paying for any minor damages out of cash.

Things to Keep in Mind before Buying car insurance online

Keep in mind the following aspects while buying car insurance online:

Policy type: Choose the right type of insurance for your vehicle. Because of its extensive coverage, a comprehensive policy consistently ranks as the top auto insurance option. You can choose third-party coverage for old, rarely driven vehicles.

Cashless facility: Keep an eye out for the IDV while choosing the finest car insurance online policy. For a greater claim, pick an IDV commensurate with your vehicle’s market value.

Add-on options: Choosing the best options assists in achieving all-around protection. For example, a zero depreciation add-on is essential for vehicles under five years old. The add-on increases claim payment and lower out-of-pocket expenses.

Premium and Coverage: Always evaluate the premiums of the car insurance online policies with the level of coverage they provide.

Claim percentage: The claim settlement ratio reveals the percentage of claims that an insurance provider resolves over CSR. The higher the CSR, the better the company is at handling claims.


Without a question, the demand for electric vehicles is growing. Researching the best electric vehicle on the market is crucial, but utilising its insurance benefits is also important. To avoid financial losses, pick the proper insurance policy for your electric vehicle.

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