Buying an Electric Vehicle Insurance: Here's how to Choose the right add-ons

Providing you with the latest information about the different add-ons you can choose while buying your Electric Vehicle Insurance.

Purchasing an EV (Electric Vehicle) can be a difficult task, but purchasing the right EV insurance can become a tedious task for the electric car owner. With this article, we intend to provide you with the necessary information and help you make an informed decision regarding your EV car insurance.

What is Electric Vehicle Insurance?           

Electric Vehicle insurance is a mandated insurance cover that protects the car and the car owner from expenses caused due to accidents or unanticipated breakdowns. Having an electric vehicle insurance allows the owner to claim expenses from the company instead of paying from his/her own pocket.

Also read: Understanding EV insurance

What are add-ons for Electric Vehicle Car Insurance?

Every company which provides an EV insurance provides the car owner with extra features which can be added to the policy cover. These extras can depend on the preference of the car owner or their budget. 

Certain things must be kept in mind while choosing an add-on:

1. To determine which add-on is best for his or her needs, the car owner should know about add-ons that how each one works.
2. Understand the add-ons' features and coverage in order to avoid any confusion when they're required.
3. The electric car owner must ensure that the add-on fits their financial budget and will satisfy their preferences.

Also read: Owning an EV in India

What are the common add-ons for Electric Vehicle or EV insurance?

Different insurance companies can provide car owners with multiple options, but the most common add-ons for Electric Vehicle insurance are:

1. Add-on for Zero depreciation

The value of the parts inside the car decreases as it ages. When an older car gets damaged, and insurance is claimed, the insurance company deducts a certain value attributed to the age of the parts. Insurance company covers the depreciated value obtained after the deduction of this value. Having a zero-depreciation add-on allows the car owner to claim the entire value of the part rather than the depreciated value.

2. Add-on for Engine Protection

The engine is the most crucial element of the car and any damage to the engine can result in a huge expense. The add-on for engine protection covers all expenses caused due to a breakdown of the engine and saves the car owner a large sum of money.

3. Add-on for Battery Protection

The most critical component of an electric vehicle is the battery. Therefore, it is crucial to safeguard the battery by including an add-on for battery protection. Having this add-on covers all expenses related to the battery.

4. Add-on for Motor Protection

Add-on for motor protection is one of the best add-ons to choose from, and it covers the expenses caused due to an accident with another vehicle or object. It safeguards the owner from unexpected costs arising from an accident.

Final Words

EV Car insurance add-ons provide extra protection for the electric car and the car owner. Hence, a car owner must understand the add-ons, and see if they are working properly before purchasing! 

Disclaimer: This article is intended for general information purposes only and should not be construed as investment or legal advice. You should separately obtain independent advice when making decisions in these areas