What is Electric Car Insurance?
Electric car insurance is a type of motor insurance that is there to protect electric cars from a number of potential damages and losses, such as those that might happen in the case of accidents, natural calamities, or fire.
Electric cars are becoming more popular as they are cost-effective and better for the environment. And in the same way that regular cars need petrol or diesel as fuel, these cars are charged with electricity like your phone or laptop!)
Since electric cars are not yet very common in India, getting an insurance policy for your electric car can be a little bit different.
Why should I buy Electric Car Insurance?
You can’t predict what might happen to your precious electric cars. These kinds of cars have a lot of complex technical and mechanical parts, that help it run smoothly, but can also give you trouble at any time.
So, having electric car insurance can be a great help and offer financial protection in an unfortunate event like accidental damage, fire, natural calamities, or theft, and can ensure that you drive your car without any worries. You must also keep in mind that having at least third-party car insurance is mandatory in India.
What’s Covered in Electric Car Insurance by Digit?
Why should you buy Digit Car Insurance for Electric Vehicles?
Electric Car Insurance Premium Calculator
Car insurance premiums for private electric cars are based on many factors, like kilowatt capacity, make, model, and age.
| Vehicle kilowatt capacity (KW) | Premium rate for one-year third-party policy | Premium* rate for long-term policy |
| Not exceeding 30 KW | ₹1,761 | ₹4,493 |
| Exceeding 30KW but not exceeding 65KW | ₹2,738 | ₹8,104 |
| Exceeding 65KW | ₹6,707 | ₹20,659 |
FAQs about car insurance for electric vehicles
Do you have to get car insurance for your electric in India?
Yes, like with regular cars, having a car insurance that at least covers for third-party damages is compulsory according to the Motor Vehicles Act 1988.
Which type of insurance is best for your electric car?
There are two main types of insurance policies available for electric cars.
- A Third-Party Car Insurance Policy insures you against damages & losses caused by your car to a third-party person, vehicle, or property are covered.
- A Comprehensive Car Insurance Policy covers both third-party liabilities and damages to your own car as well, and anything else you may want to add by opting for one or more add-on covers available with Digit.
Generally, a comprehensive policy is recommended as it comes with more extensive coverage. Moreover, given that electric vehicles are slightly more expensive – it is recommended you go for an insurance that will cover it completely.
How is the premium calculated your electric car insurance?
Electric insurance premiums are based on many factors, like kilowatt capacity, make, model, and age. You can use our electric insurance premium calculator above to find out the personalized quote for your vehicle.
Does electric vehicle insurance cost more than insurance for petrol or diesel vehicles?
Generally, one factor that goes into calculating car insurance is the cost of the vehicle. While electric vehicles are often higher priced than conventional petrol and diesel vehicles, and they come with parts that are more expensive to repair and replace, the premium is slightly higher than fuel-based vehicles.
However, there is a 15% discount on third-party premiums for electric vehicles to promote the use of eco-friendly EVs. This means that you can actually get insurance for electric cars at comparable and even at lower rates.
Does electric car insurance cover against damages or losses in case of theft, fire, or natural calamities?
Yes! When you opt for a comprehensive electric car insurance with Digit, you will be covered in case your car is unfortunately stolen, and against damages and losses due to a fire, or a natural calamity like floods, earthquakes, cyclone, etc.