Motor Insurance

Electric Car Insurance India

Name: Electric Car Insurance India
Brand: Bajaj General Insurance
Rating: 4.7 (1208 reviews)

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Premium Starts At ₹1,780*

Electric Car Insurance That Powers Your Peace of Mind

Coverage Highlights

Get comprehensive coverage for your electric car

Care for your Electric Vehicle

Round-the-clock assistance for electric car insurance with 11 Roadside Assistance Services

On-site Charging, Pickup & Drop

A convenient service offering electric vehicle charging at the user's location, combined with vehicle pickup and drop-off. Enhances user experience by saving time and effort

Dedicated EV Helpline with SOS

A specialized service providing 24/7 support for electric vehicle users, including emergency assistance. Ensures quick response and professional help for any EV-related issues or roadside emergencies

Comprehensive Protection

Electric car insurance offers financial cover for damages to your electric car. Depending on the policy type, it can protect against third-party damages or damages to your car or yourself. Comprehensive policies are recommended, providing extensive protection and various add-ons, such as personal accident cover. This cover offers financial support in case of an unfortunate incident

Drive Legal, Stay Safe

Avoid hefty fines and legal troubles—Third-Party liability Insurance is mandatory under the Motor Vehicles Act, ensuring financial protection against damages to others on the road

Customizable Add-ons

Choice of 7+ add-ons including motor protection cover to enhance your EV insurance coverage

Note

*TP EV Car Insurance Premiums starting at INR 1,780

Inclusions

What’s covered?

Third Party Liability for Bodily Injury & Death (Unlimited Cover)

If an accident is caused by your electric vehicle and you are liable to compensate for any injury or death of others then we will pay the exact amount as by court. This cover is mandatory by law.

Third Party Liability for Property Damage (Limited)

If an accident is caused by your electric vehicle and you are liable to compensate for any damage to property of others then we will pay amount up to the SI limit. This cover is mandatory by law.

Own Damage Cover

Protects your electric vehicle against accidental damages, fire, theft, and natural calamities like floods or earthquakes. This ensures financial relief for repair costs or vehicle replacement, helping you get back on the road without worries

In Transit Damage

If your electric vehicle is damaged while being transported, this covers the repair costs

Personal Accident

Coverage if your electric vehcile accident results in death or disability of car owner. This helps provide security for you and your family in case of unfortunate events on the road

No-Claim Bonus (NCB)

This bonus is a discount offered by insurance companies for not making any claims during the previous policy period. The NCB applies from the second year onwards and can reduce your premium by upto 50%, based on consistent claim-free renewals. It rewards careful driving and helps lower overall insurance cost

Note

Please read policy wordings for detailed inclusions

Exclusions

What’s not covered?

Depreciation

Normal wear and tear of the electric Vehicle due to usage and depreciation in value is not covered

Intentional Damage

Any damage caused to the electric Vehicle intentionally

Damages due to Failure

The damages due to electrical or mechanical failure are not covered

Illegal Activities

Any type of illegal activity such as driving without a license, under the influence of alcohol and/or drugs, or using the electric Vehicle for criminal activityAny type of illegal activity such as driving without a license, under the influence of alcohol and/or drugs, or using the electric Vehicle for criminal activity

Geographic Limits

Your insurance policy is only valid within India. If your vehicle meets with an accident outside the country, your claim will be rejected

War-related Damages

Losses caused by war or nuclear risks are not covered

Overloading the Vehicle

If you exceed the weight or passenger limit specified for your electric Vehicle, leading to an accident.

Note

Please read policy wording for detailed exclusions

Additional Covers

What else can you get?

Motor Protector Cover for Electric Cars

The motor is essential to your electric vehicle, but standard e-car insurance policies often don't cover its repairs. A motor protector cover is an add-on that helps with necessary repairs, saving you from hefty expenses. With this cover, the insurance company handles motor repair costs, ensuring your EV remains in top condition without financial strain

Zero Depreciation Cover

This add-on helps cover depreciation, which is typically excluded from standard EV insurance policies. With this add-on, your claim amount won't deduct the depreciation on components during reimbursement

24X7 Roadside assistance cover

Breakdowns are an inevitable part of vehicle ownership. If you encounter a breakdown while traveling, the roadside assistance cover is a valuable add-on. It provides help for issues like a stalled engine or a flat tire, ensuring assistance is just a call or click away, regardless of your access to a service garage

Key and Lock Replacement Cover

Keys are commonly misplaced, and modern vehicle keys with electronic chips can be costly to replace. This cover includes the entire locking system, not just the key. With a lock and key replacement cover, these replacement costs are covered by your EV insurance policy, saving you from substantial repair expenses

Consumables Cover

This ensures the replacement of necessary fluids and components is worry-free, as your electric car policy covers these expenses, enhancing your vehicle's overall performance

Conveyance Benefit

Covers transportation costs while your electric vehicle is being serviced after an accident. This ensures you don't have to worry about commuting during the repair period

Personal Baggage Cover

Valuables such as laptops, mobile phones, and other items kept in your electric vehcile are at risk of theft and burglary. A personal baggage cover add-on ensures that the financial loss due to the theft of your personal belongings is covered, providing peace of mind and financial protection

Note

Please read policy wording for detailed exclusions

What is Electric Car Insurance in India?

Electric car insurance is specifically designed to address the particular requirements of these electric vehicles . This insurance offers financial protection against several risks, including theft, car damage, and accidents. Car insurance on electric cars is made to adequately address the unique issues that come with owning an electric vehicle.

In India, insurance for electric vehicles is a wise decision. Moreover, under the Motor Vehicle Act of 1988, third-party insurance is required for electric vehicles, which protects against liability resulting from harm or damage caused to others.

Quick Overview

1
Types of Plans: Comprehensive EV insurance, third-party liability cover, and standalone own damage cover are the different types of electric car insurance policy options.
2
Claim Facility: With our easy claim facility, you can repair your car and receive payments without stress or long delays.
3
Customer Support: We have a 24/7 customer support team to whom you can contact via phone call or email.
4
Eligibility Criteria: Registration documents, a valid driving license, compliance with the law, and vehicle condition are essential for eligibility criteria.

What are the Different Types of Electric Car Insurance Policies Available?

‹

Comprehensive EV insurance Coverage

A comprehensive EV insurance is a package of insurance covering both third-party liability and own personal damage. It offers 360-degree protection against theft, fire, vandalism and accidental damage. This type of electric car insurance is necessary to secure the expensive and high-voltage technology.

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Third-Party Liability Cover

According to the Motor Vehicles Act of 1988, third-party insurance is mandatory for your EV to go legally on the road. It takes care of the liability of third parties such as death, injuries and property damage.

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Standalone Own Damage Insurance

A standalone own-damage policy covers financial losses and damage caused by accidents, fires, thefts, or natural disasters. It can be purchased with an active third-party policy.

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›

Why Should You Choose Electric Car Insurance?

Buying electric car insurance is important since it provides financial protection for specialised EV parts. Here is why you should choose this policy:

Cashless Repairs

Cashless repairs in our 7,200+ network garages enable you to repair your car without paying in advance from your pocket. We will pay your repair bills directly to the authorised network garage.
Easy Purchase

It takes only 3 minutes to purchase electric car insurance online through our platform. You just have to navigate to the ‘Electric Car Insurance’ section and fill in the required details.
Theft and Vandalism

Vehicle theft or vandalism can leave you with financial burdens, especially when your vehicle is damaged or stolen. Comprehensive motor insurance provides coverage for such incidents based on your vehicle’s insured value, helping you handle repair or replacement costs.
Easy Claim Facility

Our easy claim facility allows you to repair your car and receive payments without stress or long delays. We also enable you to manage all processes via our smartphone app.
Transfer of No Claim Bonus

We offer a 50% no-claim bonus, on claim free renewals for EV insurance. This can significantly reduce your own damage premium. The NCB discount is a direct reward, which can be transferred to new cars
Customisable Add-Ons

Bajaj General Insurance offers 7+ add-ons on electric car insurance, which also incur extra premium amounts. You can customise your EV insurance policy with add-on covers to meet your specific requirements.
On-the-Spot Settlement

We use our mobile app to quickly resolve minor accident claims. You upload pictures of the damage and get the authorised cash reimbursement straight into your bank rather than having to wait.
Reliable Customer Support

Bajaj General Insurance offers on-site charging, roadside assistance, and other customer support services around-the-clock. Additionally, you may call us anytime at our toll-free number or send an email.
Protection for Software and Tech

Through specialist comprehensive EV policies and electric car protection add-ons, you can insure your EV software and technology. It pays for the replacement of battery management systems (BMS), sensors, and displays.

Electric Car Insurance at a Glance

Sr No.	Feature	What is it?
1	Cashless Repairs	You can have your car repaired at any of our 7,200 network garages without having to pay cash up front. We will pay the authorised network garage directly for your repairs.
2	Easy Claim Facility	You can fix your car and get paid without worrying about long wait times. We also give you the ability to use our smartphone app to manage every process.
3	Transfer of No Claim Bonus	We provide a 50% no-claim bonus, on claim free renewals for electric car insurance. This can reduce your personal damage compensation. The maximum discount is a direct benefit that can be applied to insurance providers.
4	Customisable Add-Ons	Bajaj General Insurance provides more than 7 add-ons for electric vehicle insurance. Each of them has a higher premium. With add-on coverage, you can tailor your EV insurance policy to your unique needs.
5	Reliable Customer Support	Bajaj General Insurance offers on-site charging, roadside assistance, and other customer support services around-the-clock on availing appropriate coverages. Additionally, you can call us or send an email regarding your query at any time.
6	Protection for Software and Tech	Through specialised comprehensive EV policies and electric motor protection add-ons, you can insure your EV software and technology. This pays for the replacement of Battery Management Systems (BMS), sensors, and displays.

What are the Benefits of Electric Car Insurance Policy?

Buying an electric car insurance policy can provide you with complete protection for repair costs. Here are the other benefits:

Protection Against High Repair Costs

Modern technology and specialist parts, which are costly to replace or repair, are used in electric vehicles. Due to battery systems and electrical component failure, even little mishaps might result in large expenses.

Mandatory Legal Compliance

Electric cars must have at least third-party motor insurance in India. You might be fined up to ₹4,000 for not having insurance. Having electric vehicle insurance shields you against fines.

Financial Coverage for Accidents

No matter how cautiously you drive, accidents can still occur. In the event of a collision, having financial support from electric car insurance can pay for your medical costs.

Coverage for Theft/Total Loss

Due to their high value, electric vehicles are susceptible to theft and damage. In case of theft or total loss due to significant damage, electric car insurance pays out.

Protection from Natural Disasters

Electric vehicles are particularly vulnerable to earthquakes, fires, floods, and cyclones. Comprehensive insurance guarantees prompt recovery and restoration by covering damage brought on by such natural disasters.

Peace of Mind

Purchasing electric car insurance supports your EV purchase by providing customisable coverage, optional add-ons, and ongoing protection. You can focus on sustainable mobility with the appropriate policy.

Quick Damage Recovery

The damage to your electric car may be repaired more quickly thanks to your EV insurance policy, which comes in handy. Sometimes, it can be difficult to bear the cost of electric car repairs.

Electric Vehicle Parts Coverage

Coverage for special EV-specific components is another advantage of insurance for electric vehicles. Without insurance, it can be costly to replace and repair the batteries and other parts of the electric car.

Paperless Transactions

You will not have to submit any paperwork to buy electric car insurance online. To select the best coverage, you must provide basic information about your car and yourself.

Compare Bajaj General Motor Insurance Plans

Parameters	Comprehensive insurance	Third-party car insurance	Standalone own damage insurance
Coverage Type	Own Damage + Third-Party	Third-Party Only	Own Damage Only
Own Damage Cover
Third-Party Liability Cover
Theft Protection
Accident Damage Coverage
Fire Damage Coverage
Man-Made Disaster Cover
Natural Calamity Cover
Personal Accident Cover	Optional	Optional	Optional
Zero Depreciation Benefit	Optional Add-on		Optional Add-on
Roadside Assistance	Optional Add-on		Optional Add-on
Engine Protect Cover	Optional Add-on		Optional Add-on
Premium Cost	Medium	Moderate	Medium
No Claim Bonus (NCB) Benefit
Suitable For	Most Car Owners	Legal Compliance Only	Cars with Existing TP Policy
	Buy Now	Buy Now	Buy Now

Eligibility Criteria to Buy Electric Car Insurance

Before purchasing an electric car insurance policy, you must critically analyse its eligibility criteria. Here are the eligibility criteria:

Eligibility Criteria	Specifications
Registration	You should be a registered owner of an electric car. In addition, you must officially register it with a valid Regional Transport Office (RTO) in India to meet the criteria for this insurance.
Documents	To purchase electric car insurance, you must also provide proof of address and identity, a previous insurance policy, and a valid driving license, along with your registration certificate.
Valid Driving License	To meet the standard eligibility criteria, the person purchasing the insurance or the driver must hold a valid Indian driving license at the time of buying the policy and during any claim event.
Compliance With Law	Your electric car must comply with all the Indian statutory requirements. These include adhering to load limits, valid registration, and avoiding illegal use. In addition, this coverage is only valid in India.
Previous Insurance Details	For electric car insurance renewals, you must provide the details of the existing or expired insurance policy. Most importantly, the claim history is needed to determine premiums and eligibility benefits.

How Does Electric Vehicle Insurance Work in India?

An electric vehicle insurance covers the damage and liabilities just like a traditional motor insurance.
Here is how it works in India:

An electric vehicle insurance policy pays for damages, legal fees, or injuries from accidents.

The premium of EV insurance is determined by factors like battery cost and the value of your vehicle.

It allows you to use a certified network garage to repair high-voltage systems.

Proof of Address via Passport/DL/Bank or Post Office Passbook/Government Issued Photo ID

You can also customise your insurance policy with essential add-ons like battery protection.

Bajaj General Insurance also settles claims through cashless garages and reimbursement.

Bajaj General’s EV insurance policy ensures you can file a claim easily using our website or mobile app.

For any queries regarding your insurance policy, you can reach us 24/7 via phone call or email.

How is Electric Car Insurance Different from Regular Car Insurance?

Parameters	Electric Car Insurance	Regular Car Insurance
Key components covered	Electric motor, battery pack, charging cables, and onboard charger	gearbox, exhaust system, engines
Parts availability	Many parts are imported, which increases the expense and repair time	Parts of a regular car are mostly available
Repair requirements	Diagnostic tools and EV-trained specialised technicians are required	Tools and mechanics are widely available
Own-damage premium	Own-damage premiums are higher because of expensive parts and repairs	Own-damage premiums are comparatively lower for the same models
Additional add-ons	You can also add a battery protection cover and a charging equipment cover	In regular car insurance, you can add engine protection cover and zero depreciation cover
Third-party premium	You can get a 15% discount mandated by the IRDAI	Standard IRDAI rates are applied to third-party premiums
Government benefits impact	Your electric car IDV may be lowered by registration waivers and road tax	With regular car insurance, there are limited or no incentives

Step-by-Step Guide

How to Buy Electric Car Insurance Online?

How To Buy

1

Download the Bajaj General App from App stores or click "Get Quote"
2

Register or log in to your account.
3

Enter your car details
4

You will be redirected to the Car Insurance Page.
5

Ensure to check your No Claim Discount
6

Choose right Insured Declared Value (IDV) that reflects your car value
7

Evaluate Covers, Add Ons, Optional Covers and Exclusions
8

Select a plan from the recommended options, or customize your own plan
9

Review the premium and other coverage details
10

Proceed with the payment using your preferred method
11

Receive confirmation of your purchased policy via email and SMS

Buy Now

How To Renew

1

Login to the app
2

Enter your current policy details
3

Review and update coverage if required
4

Check for renewal offers
5

Add or remove riders
6

Confirm details and proceed
7

Complete renewal payment online
8

Receive instant confirmation for your policy renewal

Renew Now

How to Claim

1

Download our Bajaj General App on Android or iOS
2

Register or login to use Motor On the spot claim for a smooth process
3

Enter your policy and accident details (location, date, time)
4

Save and click Register to file your claim
5

Receive an SMS with your claim registration number
6

Fill in the digital claim form and submit NEFT details
7

Upload photos of damaged parts as instructed
8

Upload your RC and driving license
9

Receive an SMS with the proposed claim amount
10

Use the SMS link to agree/disagree with the claim amount
11

Agree to receive the amount in your bank account
12

Track your claim status using the Bajaj General App

Claim Now

Know More

1

For any further queries, please reach out to us
2

Toll Free : For Sales :1800-209-0144
3

Email ID: careforyou@bajajgeneral.com

List of Documents You Need to Buy Electric Car Insurance Online

Registration certificate of your car

Valid driver’s licence

Personal identification details

Tax receipts for your car

Bank details

While the documents may differ among insurance companies, vehicle identification and registration details, along with the policyholder’s identification details, are essential.

Download Policy Document

Get instant access to your policy details with a single click.

Brochure

Policy Wordings

Proposal Form

Claims Form

Customer Info Sheet

Download

How to Choose the Right Electric Vehicle Insurance Policy?

You need to take some considerations to choose the right electric car insurance coverage. Follow the steps below to choose the right one:

Choose an Extensive Policy

By covering both your own car and third-party damages, you must choose comprehensive electric car insurance over third-party insurance. It is more advantageous for you to choose the finest insurance for electric vehicles.

Look for Battery Coverage

Battery damage may not be covered by standard electric car insurance plans. By choosing a battery protection add-on, you can protect yourself from potentially expensive replacement costs.

Review Insurer’s Reputation

Check your chosen insurance provider's ratings or customer reviews before buying an electric car insurance policy. Then pick the one that provides online claim filing and 24/7 customer service.

Choose Charging Equipment Protection Cover

Cables and home charging stations are vulnerable to theft or damage. To ensure complete protection, choose an EV insurance provider that provides certain add-ons that cover these elements.

Set the Appropriate IDV

To ensure your insurance policy reflects the correct IDV, get appropriate EV insurance. Up to a predetermined limit, the IDV can be tailored for comprehensive insurance

Review Add-Ons

With an essential battery protective cover, there are other helpful EV-specific accessories that you may purchase. Roadside assistance, zero depreciation coverage, and motor protection add-ons are a few of these.

Compare Premiums

Compare premiums of different electric car insurance providers. The reason is that different insurers consider the cost of the EV, battery type, and other things to determine the cost of premiums.

Avail Government Incentives

The Indian government is providing EV customers with several incentives under the FAME II program. You can take advantage of them by purchasing EV insurance.

Review Network Garages

Not every electric car insurance provider has a lot of EV-exclusive service centres. You have to check the insurer's garage network, their skills and experiences, and EV mechanics before purchasing a policy.

How Can You Avoid Rejection of Electric Car Insurance Claims?

Here are the steps you can follow to avoid rejection on electric car insurance claims:

After an incident, always notify your insurer right away because waiting too long can result in denial.

Make sure you submit all necessary documents accurately and on time.

To prevent submitting claims for accidents that are not covered by your insurance, be aware of its exclusions and restrictions.

You should report any modifications or additions to your EV to your insurance provider.

Before the insurer's surveyor inspects the car, do not make any repairs.

Make sure your policy is active; claims made after the policy period has ended will not be approved.

Do not make false or inflated claims since they will be rejected and may face legal repercussions.

What are the Important Electric Vehicle Insurance Terms You Should Know?

1
Insured Declared Value (IDV): The insured declared value is the highest sum that the insurer will pay for a complete loss or theft. It is determined by subtracting depreciation from the vehicle's current market value.
2
Premium: According to the policy, it is the amount that the policyholder must pay. Paying the insurance premium on time is crucial to reaping the full benefits of the policy.
3
Fixed Deductible: It is a sum that must be paid during an insurance claim and is set as per the regulator's standard wording. Compulsory or fixed charges are another name for the fixed deductible charges.
4
Claim Settlement Ratio: The claim settlement ratio is the percentage of claims that an insurer successfully settles during a policy year. As a result, a higher ratio frequently indicates reliable customer support and effective claim handling.

Why Insure Your Electric Car with Bajaj General?

Buy Now

Comprehensive Coverage

Enhanced insurance coverage with 11 roadside assistance services

Dedicated EV Helpline

For On-site Charging, Pickup & Drop and SOS

7200+ Cashless Garages

Network of garages for hassel-free repairs

Quick Claim Settlement

Easy claim settlement process

Easy Renewal

Continued coverage for your vehicle

Drive Safely

4.6 lacs+ road accidents reported (Ministry of Road Transport & Highways)

Avoid Legal Fines

Motor Vehicles Act, mandates Third Party Liability Cover for vehicles

Unfortunate Accident

File your claim immediately to ensure swift processing

What are the Factors That Determine Your EV Insurance Premium?

The electric car insurance premiums are determined by the vehicle costs and other factors. Here are some of them that determine your premiums:

Cost of Vehicle

The cost of the vehicle is one of the most significant factors influencing the price of any car insurance policy. EVs are more expensive than gasoline-powered vehicles.

Battery Value

Batteries for EVs are far more expensive than those for regular cars. Since the battery powers an electric car, it also determines the cost of your electric vehicle insurance premiums.

Advanced Features

The sophisticated features in your electric car also impact your insurance premium. You will have to spend a significant amount of money if they need to be replaced or repaired.

Depreciation Rates

According to IRDAI standards, depreciation on automobile bodies and parts is normally between 5% and 15% annually. Battery life depreciation is specifically taken into account for EVs.

Geographic Location

Geographic location also determines the premium of an EV insurance policy. The city/zone classification reflects theft and accident risk profiles, which affect your premiums.

Key Factors to Consider When Buying Electric Car Insurance

1
Charging Equipment: Your charging equipment is an important consideration when buying electric car insurance because wall boxes, portable chargers, and cables are rarely covered by default in typical comprehensive policies.
2
Battery Coverage: 30% to 50% of an EV's overall value comes from its battery. Your premium and out-of-pocket risks are strongly impacted by your battery coverage when buying electric car insurance.
3
Wire Protection: Wire protection usually refers to coverage for damage to cables and connectors as well as damage to electrical wiring. It is an essential factor because EVs rely significantly on intricate electrical infrastructures.
4
Sensor and Camera Protection: Sensor and camera protection is a crucial consideration when buying insurance for electric vehicles. Since standard comprehensive insurance frequently excludes electrical failures, you must confirm that your plan covers this delicate equipment.

How to Check the Status of Your Electric Car Insurance Policy Online?

You can check the status of your electric car insurance policy online very quickly and easily by following the steps below:

Open the Bajaj General app and look for the ‘Policy Tracker’ section.

Choose your search method by inputting your policy number, scrutiny number, or quote ID.

Enter the required details and your policy number.

Select between a mobile number or email ID and enter the details.

Also, enter the captcha for the security check.

Click ‘Submit’ to track the status of your electric car insurance claim.

Make Use of An Electric Car Insurance Premium Calculator

Before purchasing an electric car insurance policy, you can calculate the premium. Here are the steps to calculate it:

Enter the registration number of your vehicle or choose the make, model, variation, and year of production.

Determine your local Regional Transport Office (RTO) to guarantee accurate location-based pricing.

Select between a comprehensive insurance coverage and third-party liability coverage.

To determine your no-claim bonus (NCB), which might lower your premium, indicate if you filed any claims on your previous policy.

To safeguard costly EV components, customise your insurance with riders.

How Your Car’s Insured Declared Value (IDV) is Calculated?

List of products specified in the list above are governed by the Indian Motor Tariff.

The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘Sum Insured’ and it will be fixed at the commencement of each policy period for each insured vehicle.

The IDV of the vehicle (and accessories if any fitted to the vehicle) is to be fixed on the basis of the manufacturer’s listed selling price of the brand and model of the insured vehicle at the commencement of the Policy. The IDV shall change according to the depreciation grid below for each block of one year within the policy period.

You can use the following formula to determine your car's insured declared value (IDV):

IDV = Ex-showroom price of a car – Depreciation value) + (Accessory expenses - Depreciation on these accessories)

This IDV calculation formula applies to a brand-new car with after-purchase additions. If there are no extra accessories, the IDV calculation is as follows:

IDV = Ex-showroom price of the car - Depreciation value of the car[AG1]

Name of the Product	BAP UIN
Private Car Package Policy	IRDAN113RP0025V01200102
Private Car Policy - Bundled	IRDAN113RP0007V01201819
Standalone Own Damage Cover for Private Car	IRDAN113RP0001V01201920
Private Car Package Policy – 3 Years	IRDAN113RPMT0001V01202425
Two Wheeler Package Policy	IRDAN113RP0026V01200102
Long Term Two Wheeler Package Policy	IRDAN113RP0008V01201617
Two Wheeler Policy – Bundled	IRDAN113RP0008V01201819
Standalone Own Damage Cover for Two Wheeler	IRDAN113RP0002V01201920
Two Wheeler Package Policy – 5 Years	IRDAN113RPMT0018V01202425
Commercial Vehicle Package Policy	IRDAN113RP0027V01200102
Motor Trade Internal Risk	IRDAN113RP0039V01200102
Motor Trade Package Policy	IRDAN113RP0038V01200102

List of products specified in the list above are governed by the Indian Motor Tariff.

The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘Sum Insured’ and it will be fixed at the commencement of each policy period for each insured vehicle.

How Total Loss (TL) and CTL are Determined?

The IDV arrived as per the above method may be further adjusted basis various factors such as location, make and model etc, with agreement of the Insured and as captured in the Policy Schedule.

The age-wise depreciation schedule shown above is applicable only for Total Loss/Constructive Total Loss (TL/CTL)/Cash Loss claims.

IDV of vehicles beyond 5 years of age and for obsolete models (i.e. models that manufacturers have discontinued) is to be determined on the basis of mutual agreement between the Insurer and the Insured.

IDV shall be treated as the Market Value throughout the Policy Period without any further depreciation for the purpose of Total Loss (TL)/Constructive Total Loss (CTL)/Cash loss claims.

For electric vehicles (EVs), the projected cost of repair is compared to the vehicle's Insured Declared Value (IDV) to determine Total Loss (TL) and Constructive Total Loss (CTL). Due to the high cost of EV battery packs, insurance frequently declares them totalled if repairs cost more than 75% of the IDV.

A vehicle is categorised as a CTL if the total cost of recovering and/or fixing it is above 75% of the IDV. The maximum amount insured, known as the IDV, decreases over time.

Total loss is usually reported when the car is stolen and never found, totally flooded in a flood, or permanently destroyed. In certain situations, it is deemed a complete loss if the repair expenses surpass 100% of the IDV or the current market value.

AGE OF VEHICLE	% OF DEPRECIATION FOR FIXING IDV
Not exceeding 6 months	5%
Exceeding 6 months but not exceeding 1 year	15%
Exceeding 1 year but not exceeding 2 years	20%
Exceeding 2 years but not exceeding 3 years	30%
Exceeding 3 years but not exceeding 4 years	40%
Exceeding 4 years but not exceeding 5 years	50%

Frequently Asked Questions on Electric Car Insurance

Is it necessary to have car insurance for an electric car in India?

If you own a car, electric or otherwise, it is necessary for you to get insurance cover for the same. According to the Motor Vehicles Act of 1988, you are required to get at least a third-party liability cover for your vehicle. It is ideal to get a comprehensive cover as it can protect you financially if you or your vehicle were to face any damage.

Which type of insurance should you choose for your electric car?

It is best to get the maximum possible coverage for your electric vehicle. Getting third-party liability coverage is necessary as it is mandated by the Motor Vehicles Act. However, this only provides you with financial protection for the damages to a third party. If you seek broader coverage, opt for a comprehensive plan.

What is the method of calculating the electric car insurance premium?

Several factors come into play when it comes to calculating the car insurance premium for your electric car. Some of these factors are the make and the model of your car, its age, and the engine capacity.

Is electric vehicle insurance more expensive than insurance for petrol or diesel vehicles?

The price of your car insurance for an electric car may depend on the price of your vehicle. Some electric cars may be priced higher than their petrol and diesel counterparts. Moreover, parts of electric vehicles also tend to be priced higher. Hence, it is possible that the cost of electric vehicle insurance is relatively higher

Does electric car insurance cover theft, fire, or natural disasters?

A third-party liability cover will not cover your vehicle against these possibilities. However, a comprehensive plan may offer you protection against them. When buying a policy, check for the coverage and inclusions of the plan. This will help you understand what you are protected against.

What add-ons should one take?

There are several add-on options available if you are opting for comprehensive electric car insurance. Some of these are motor protector cover for electric cars, zero depreciation cover, consumables cover and 24X7 roadside assistance cover. Each of these will help you stay protected in different ways. Choose a cover based on your needs and what is feasible for you.

Is it mandatory to get a comprehensive car insurance plan for electric vehicles?

Motor vehicle regulations do not require you to take comprehensive car insurance for electric cars. Only a third-party liability cover is mandatory. However, getting a comprehensive cover can get you additional coverage against various possibilities.

How to save on electric car insurance?

You are required to renew your insurance before it expires. You may be able to get better electric car insurance rates than if you haven’t claimed your insurance previously. This may earn you a ‘no-claim bonus’.

Is towing covered by electric car insurance?

If you have a comprehensive cover that provides roadside assistance, towing your car to the nearest service centre will be covered by your insurance. However, it is also subject to the inclusions of your insurance policy.

What is commonly covered under EV insurance?

When you buy comprehensive EV insurance for cars, it may cover you against the following: - - Accidents - Natural disasters - Fire - Theft Third-party coverage is a part of comprehensive EV insurance for cars and is also available as a standalone, which can cover you against damage to third parties.