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Home / Motor Insurance / Car Insurance / Electric car Insurance

What are Electric Vehicles?

An electric vehicle is an automobile which operates on an electric motor. It is propelled by one or more electric motors, using the energy stored in batteries, instead of an internal-combustion engine. Electric vehicles are lighter and have no exhaust emissions. It functions by taking electricity from the grid and by plugging in an electric charge point. The electricity is stored in rechargeable batteries powering the electric vehicle. There are four types of electric vehicles which include fuel cell electric vehicles, battery electric vehicles, plug-in hybrid electric vehicles and hybrid electric vehicles.

Pros of Electric Vehicles

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.

What is Electric Car Insurance?

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.

Why Insurance is needed for Electric Cars?

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 meet the legal requirement

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.

Quick damage recovery

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.

Peace of mind

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.

To cover potential losses

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:

Third-party liability

Third-party liability means losses and damages arising due to injury or loss caused to a third-party body or property in an accident in which your car was involved. It also covers financial loss which may arise due to the death of an individual in an accident.

Natural and Man-made Calamities

HDFC ERGO e-car insurance covers damages caused to your electric car due to natural disasters such as hurricanes and cyclones and man-made disasters like strikes and riots.

Accidental damages

In the event of an accident, your electric car might also get damaged. The cost of repairing your electric car is also covered in the policy.

Explosion and Fire

HDFC ERGO e-car insurance also covers damages suffered by your car if it explodes or catches fire.

Theft

E-car insurance compensates you for the financial loss suffered if your car is lost or stolen.

Personal accident cover

Personal accident cover provides a lump sum benefit to the driver or owner of the car if they suffer permanent disablement or death in an accident in which the insured car was involved.

In-transit damage

If you are vehicle is under transportation via rail, road, water or air and sustains damages such damages would be covered in the electric car insurance policy.

HDFC ERGO electric car insurance policy offers comprehensive coverage providing 360-degree protection to you and your car. However, there are certain instances which are not covered in the plan and no claim would be paid on such events. The following instances of car Insurance claims are excluded:

Depreciation

All vehicles depreciate as it is used. Normal wear and tear due to the ageing of your electric car is not covered.

Illegal Driving

The insurance company is not liable to pay the claim if you drive the vehicle without a valid driving licence or under the influence of drugs or alcohol.

Consequential Losses

Losses which are not the direct result of an accident are known as consequential losses. Consequential losses are not covered.

Electrical and Mechanical Breakdowns

The cost of repairs due to an electrical or mechanical breakdown of your car would not be covered.

Inappropriate use

If you use your car for criminal or hazardous activities, resulting in damages, no claim would be entertained.

Outside geographical boundary

Damages suffered by your electric car outside the geographical limits of India are excluded from coverage.

Buy a comprehensive car insurance for electric vehicle from HDFC ERGO for complete protection of your car.

List of EV Insurance plans in India

There are mainly two types of electric vehicle insurance for electric cars in India. These includes:

Third-party insurance plan

The third party car insurance plan covers all the liabilities which arise to the third party due to an accident in which the insured vehicle was involved. The Motor Vehicles Act, 1988 mandates a third-party insurance policy for electric vehicles. However, accidental damages to your electric vehicle are not covered under this policy.

Comprehensive insurance plan

Comprehensive policy for electric vehicle covers both third-party liabilities and the own damages caused to the vehicle due to an accident or theft. It is an ideal insurance policy for your electric vehicle. A comprehensive EV insurance policy as its name suggests provides comprehensive coverage to you and your electric car which includes damages arising due to man-made or natural disasters.

Key Features of Buying Electric car Insurance

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. .

Benefits of Buying Electric car Insurance

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.

Why choose HDFC ERGO?

There are various benefits of buying electric car insurance from HDFC ERGO. These include the following –

Pocket-friendly premiums

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.

Easy cashless claims

HDFC ERGO is tied up with more than 6700 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.

Trusted by many customers

HDFC ERGO enjoys the trust of more than 1.5 crore customers. You can also join the HDFC ERGO family and enjoy efficient services and comprehensive coverage.

Quick repair facility

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.

Get the best rates on your electric car insurance plan with HDFC ERGO

Factors that impact Electric Vehicle Car Insurance Premium?

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.

How to Calculate Electric Vehicle Car Insurance Premium?

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.

How to buy Insurance for Electric Vehicles Online?

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 Electric Car Insurance Add-ons

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

How to Renew Insurance for Electric Vehicles?

Renewal of electric car insurance plans is as simple as buying them. With HDFC ERGO, you can renew electric car insurance policy instantly online.
• Visit HDFC ERGO Renewal section and provide your registered mobile number, email ID or policy number.
• Click on ‘Renew Now’ and the details of the existing policy would be shown.
• You can make changes to the existing EV motor insurance plan when renewing.
• Depending on the changes, the renewal premium would be updated. Pay the renewal premium online and the policy would be renewed instantly.

If your existing electric car insurance policy has lapsed, renewing it would require an inspection first. You have to request the insurer for an inspection of the car. After the inspection is done, the car insurance policy would be renewed.

How to raise a claim under Electric Vehicle Car Insurance?

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.

With HDFC ERGO’s wide network of cashless garages, get your electric car insurance policy claim settled easily!

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Frequently asked questions on Electric car insurance

1) Can I insure my electric vehicle in India?

Yes, you can insure your electric vehicle in India with a car insurance plan. Just like diesel and petrol or CNG-powered cars, third-party insurance for electric cars is also mandatory.

2) Is vehicle insurance required for electric vehicles in India?

Yes, as per the Motor Vehicles Act, all the vehicles including electric, diesel, petrol and CNG cars require mandatory third-party liability insurance without which it is illegal to drive your car on the roads. Though not mandatory, it is suggested to buy a comprehensive insurance policy which covers both third party and own damages so that your car is insured against possible contingencies.

3) How much does electric car insurance cost

The price of an electric car insurance policy depends on the cost of the vehicle apart from other factors such as the age of the electric vehicle and variant of the model, location of registration. It also depends on the type of insurance policy that you buy. Combining all these factors, the premium of the policy is determined.

4) Why does electric vehicle insurance cost more than petrol or diesel vehicles?

Vehicle insurance for electric cars cost is more than the insurance for diesel or petrol vehicles as the price of car insurance depends on the cost of the vehicle. As the price of electric vehicles is higher in comparison to traditional diesel and petrol vehicles, the premium for insuring electric vehicles is also higher.

5) How can I find the right insurance company for my EV car?

You can do an electric car insurance comparison and find the right company for insuring your EV car. For comparing, look at the coverage offered, the IDV, the premium, the range of add-ons and the claim process. The company that offers the best scope of coverage at the most competitive premium rates and also has the easiest claim process would be the right company for your EV Car. The company would also offer the best electric car insurance for your needs.
HDFC ERGO fulfils all these parameters and offers the best EV car insurance policy for your car. You can, thus, choose HDFC ERGO for your electric car’s coverage.

6) Is the comprehensive car insurance plan mandatory for electric vehicles and how it is beneficial?

No, comprehensive car insurance for electric cars is not mandatory for electric vehicles. However, it is recommended to buy comprehensive EV car insurance for electric cars as it provides financial security against damages and losses due to accidental damage. The comprehensive plan also covers theft of the vehicle. Thus, with its wide scope of coverage, comprehensive plans provide complete financial security and are better.

7) Do I need to carry a PUC certificate while driving an electric car?

PUC stands for pollution under control and certifies that the car is safe to drive without contributing to the rising pollution. Since electric cars do not run on fuel, PUC is irrelevant to them. As such, you don't have to carry a Pollution Under Certificates when using an electric car.

8) Will I be covered for my own damages if I do not have a comprehensive insurance plan?

No, if you do not have a comprehensive insurance plan, your own damages would not be covered. The mandatory third-party liability insurance covers only the liabilities to the third party. To cover your own damages, you can either buy a comprehensive insurance policy or a standalone own damage which would compensate for losses and damages arising to your electric car due to an accident.

9) Will the insurer send an inspector to inspect the damages before initiating the claim process?

Yes, a surveyor would be sent by the insurance company to assess the extent of damages suffered by your electric car in an accident. It is after the surveyor’s report, that the insurance company would approve your claim and you can get your car repaired.