6 Things to Know Before Purchasing an Electric Car
Electric vehicles (EVs) are fast becoming the future of automobiles. Buying an electric car protects you from the rising fuel prices. These green vehicles are also better for the environment. The Indian government provides various subsidies under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME) Scheme, motivating people to favour EVs over conventional vehicles.
6 things to consider when buying an electric car in India
However, to protect your EV from damages from accidents, car insurance is crucial. Along with the car insurance rates, here are some factors you should consider before you opt for an EV.
1. Driving Range- If you are seeking a vehicle that you can drive across cities, then an EV is not the ideal choice. An EV can run as far as its battery life allows it. And while you can easily refill the fuel tank of a conventional vehicle, you may face difficulty in locating a charging station for your EV.
2. Price- The purchase price of an EV is high, as are car insurance rates. This is mainly due to the vehicle's battery. And while manufacturers are trying to replace cobalt with nickel to reduce the final cost of an EV, it will take some years before any prominent improvement comes into effect.
3. Variants- You have several options for the type of EV you want to purchase. If you wish to go completely eco-friendly, you can select a fully electric car. But if you want to maintain some conventionality with less harm to the environment, then you can go for a hybrid vehicle. Hybrid electric/gas automobiles run on both electricity and fuel.
4. Maintenance- It is a known fact that electrical equipment is hard to maintain. The same goes for an EV. The battery of an EV is the expensive part. Any damage caused to the battery will attract a lot of expenses as repair or replacement costs. Repairing or replacing any other parts of the vehicle is also not a cheap deal.
*5. Battery Life and Warranty- *As an EV runs on battery, you need to carefully assess the battery quality. Manufacturers usually offer a warranty on the battery’s charging capacity. But before granting a replacement or free service, the manufacturer will check the duration of vehicle ownership along with the total mileage driven.
6. Tax benefits- Under Section 80EEB of the Income Tax Act, you can avail of tax deductions for interest payments up to ₹1,50,000 on auto loans taken to purchase EVs. This tax benefit is an excellent incentive to consider shifting to this environment-friendly vehicle alternative.
EV specifications to consider
● Charging Specifications- All EVs can be charged with a standard, also called Level 1, and fast, also called Level 2, chargers. But the DC fast chargers, or the Level 3 chargers, work on selected EVs. You can use a standard charger at home, but not the fast and DC fast chargers. Therefore, inquire about the charging options that the manufacturer recommends. Also, check the cabling requirements, connector type, and charging time.
● *Battery Capacity- *EVs of the plug-in hybrid (PHEV) variants can function with small capacity batteries of 4-15 kWh. PHEVS, along with BEV (battery electric vehicle), can also run on batteries of moderate capacities. But if you purchase bigger EVs like those manufactured by Tesla or Nissan, then you will need batteries that have a capacity of 40-100 kWh.
●** Energy Consumption-** An EVs' energy consumption is denoted by eGallon, miles per gallon (MPGe), and kilowatt-hours (kWh) per mile. KWh indicates the electricity required per mile. MPGe compares an EV's running capacity against one gallon of gasoline. eGallon compares the price of driving an EV against a conventional vehicle for the same distance.
● Regenerative Braking- When an EV or a hybrid-powered vehicle is put on brakes or deceleration, energy loss occurs. Regenerative brakes help the energy to travel back to the battery pack. This ensures your EV has more charge left for smooth running.
● *Acceleration- *An essential feature of EVs is their acceleration. EVs can fast reach the set benchmark for checking the acceleration power of vehicles. Look for this quality in the EV you purchase.
● State of Charge (SOC) - This is a meter that is present on the instrument panel of an EV. It displays the level of battery power that your vehicle currently has. The indication is made in terms of percentage.
Do not forget insurance for electric cars with 4-wheeler insurance online
Like all other automobiles, vehicle insurance for your EV is crucial for your financial safety against unforeseen incidents on the road. However, before buying coverage, you need to compare car insurance rates and look into the benefits on offer to find the best insurance provider for your vehicle.
So, get in touch with car insurance companies to determine the most suitable protection plan for your EV. TATA AIG offers attractive deals for electric car insurance. Also, if you have insurance for the car that has expired, you can easily renew your car insurance policy online to stay financially protected. TATA AIG car insurance renewal gives you 30 days to renew your motor vehicle policy. Once renewed, you can seek financial protections against accidents for yourself and the co-passengers.
Nations worldwide are pursuing people to shift to eco-friendly electric vehicles to combat the global warming issues. In such a situation, the best route to ensure road safety while driving these somewhat expensive vehicles is through car insurance. Buy an insurance cover today and drive on the accident-prone Indian roads free from worries.
Here’s a quick recap of the article through some FAQs
What should I know before buying an electric car?
Learning about the maintenance cost and driving range will help you to assess the economic viability of your purchase. Remember to look into the charging options, battery life, and charging time.
What does every electric car need?
Electric vehicles draw electricity from the auxiliary battery to power their accessories. Therefore, a battery charging port is a crucial requirement.
Is it worth it to buy an electric car?
Electric cars are the most eco-friendly vehicles available today, which also help you save on fuel costs. With no gaskets, spark plugs, or valves that get clogged up, maintenance is also hassle-free.
Is insurance cheaper on an electric car?
The cost of insuring an electric car is comparatively higher than the other fuel variants due to the higher manufacturing costs, driven up by the battery prices. You can compare policies online to find competitive car insurance rates.