Insurance and the E-car: An Investment into the Future
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In the last few years, electric cars have become increasingly popular for their fuel efficiency and environmental benefit. Buying an electric vehicle is different from buying a traditional car. Since electric vehicles require different insurance coverage, it’s important to familiarize yourself with the process.
An electric vehicle policy works like a standard car insurance policy. The policy protects your vehicle from several liabilities such as fire, theft, and damages. With the right cover for your electric vehicle, you’ll save money.
Why should you insure your electric car?
A conventional vehicle can have insurance in the same way as an electric vehicle. In addition to liability, bodily injury, collision, and comprehensive coverage, electric car insurance policies offer the same insurance options.
Your insurance policy covers the losses that you may incur if you injure or damage a third party’s property.
An insurance policy helps you avoid statutory penalties. Since the comprehensive plan typically includes third-party liability coverage, you’re protected from non-compliance penalties.
You can avoid paying hefty bills. In the event of an accident, fire, calamity, riot, or theft, Own Damage coverage helps pay for the large part of the repair bill. In the event of damage covered, you’re not charged for expensive repairs.
Also, in the event of accidental death, bodily injury, or disability resulting from an accident, you’re compensated under the law-mandated Personal Accident (PA) Cover. However, you’ll have to purchase a separate plan.
Why is it expensive to insure an electric car?
Insurance for an electric vehicle is typically more costly than insurance for a conventional car. It’s primarily because electric vehicles are more expensive to purchase and have higher repair costs.
The latest electric vehicles come equipped with high-capacity batteries, advanced sensors, and other features. So, the cost of repairing an electric vehicle increases as it gets more modern.
While electric cars don’t make you an inefficient driver, from the point of view of an insurance company, they do make for a more expensive claim. It’s partly due to the higher price of electric cars. The insurance company has exposure to more costly costs if it insures an electric car.
Are there ways to save money on electric car insurance?
Avoiding accidents and traffic violations can lower their insurance costs. Also, consider getting quotes from several providers such as Assurance auto insurance if you have an electric vehicle and are looking to find affordable rates. Switching providers might help you save.
Another option is to avail a discount program. Insurers offer discounts for various reasons, including purchasing multiple policies and maintaining a claim-free record. Another approach to save on electric vehicles insurance premium is to find rebates and tax credits from local, state and federal programs.
What are the factors to consider while buying an electric car insurance?
Buying or renewing electric car insurance through digital processes is recommended. There’s no need to fill out lengthy paperwork or exhaustive forms.
Purchasing direct insurance is possible. Agents and middlemen do not involve themselves in the process. As a result, the benefit is passed in the form of lower premium amounts to you. So, you’ll receive affordable auto insurance with a well-designed coverage.
Claim settlement is easy and quick. You can raise a claim anytime, anywhere, by logging in to your account. Additionally, with the instant claim settlement feature for minor damages, you don’t have to worry about settling your claim.