Electric Car Insurance

Electric vehicle car insurance is a type of insurance coverage designed for electric vehicles. Under EV car insurance, vehicles are protected against unforeseen damage, such as theft, accidental damage, and more.

This type of specialised car insurance plan considers the electric vehicle parameters, such as battery design and charging infrastructure, which are very costly to repair or replace in the event of damage. An electric car insurance ensures vehicle owners will remain protected against such financial losses.

With the best electric car insurance, vehicle owners do not have to worry about the hefty repair expenses in the event of damage. Here are some of the benefits of electric car insurance.

Mandatory Legal Compliance

One of the benefits of buying the best car insurance for electric vehicles is legal compliance. No matter what kind of vehicle you drive, having a third-party car insurance plan is mandatory as per the Motor Vehicles Act.

Driving without proper coverage will invite fines and penalties from the traffic police. To avoid such fines, it is crucial to purchase a third-party electric car insurance plan.

EV-Specific Components Coverage

Another benefit of investing in car insurance for electric cars is that it offers coverage to unique EV-specific components. Unlike regular cars, EVs contain expensive components such as batteries, electric motors, and charging equipment. Repairing and replacing these components can be expensive if you do not have insurance for EVs.

Protection from High Repair Costs

Electric vehicles are usually more expensive than conventional cars because they include components such as electric motors and lithium-ion batteries. These components account for a large portion of the vehicle's overall cost.

If any damage or loss happens to this component, then it can lead to significant expenses. With EV car insurance, vehicle owners do not have to worry about that.

Protection Against Range of Perils

Comprehensive EV insurance shields your car from a wide range of unexpected events. It covers losses from floods, earthquakes, riots, vandalism, theft and other natural or man-made damages.

This protection helps you manage repairs or replacement costs without heavy financial stress, keeping your electric vehicle secure throughout the year.

Personal Accident Coverage

Insurance for EV cars also includes personal accident coverage. It provides financial compensation to vehicle owners or drivers of electric cars in the event of accidental death, injury or disability.

The compensation amount in such a scenario is ₹15 lakh. This benefit adds an essential safety layer to your electric vehicle policy.

Third-Party Liability Coverage

Third-party liability cover in EV insurance protects you from legal and financial consequences if your vehicle causes injury, death or property damage to someone else. It handles compensation, legal expenses and settlements arising from such incidents.

This coverage is mandatory for all vehicles and ensures you remain protected from unexpected liabilities while driving your electric car on public roads.

Also Read: Why Are Electric Cars Expensive to Insure?

Vehicle owners who want to buy car insurance for EV need to meet the following eligibility criteria.

• Vehicle owners need to be the registered owner of the electric vehicle. They should have a proper registration certificate.
• They need a valid driving licence to buy EV car insurance.
• The vehicle should meet the Indian statutory requirements.

Also Read: Electric Scooter Rules in India that You Need to Follow

TATA AIG offers different auto insurance plans for electric cars, customised to your vehicle's needs. Let us understand these plans in detail.

Third-party Electric Car Insurance Plans

Third-party car insurance for electric vehicles is mandatory coverage that provides financial protection to insured vehicle owners against third-party and property damage caused by their vehicles.

The plan includes personal accident cover for the owner-driver, up to ₹15 lakhs, in the event of death, disability, or injury while using the insured vehicle. The compensation rate offered under our third-party electric car insurance plan is:

Standalone Own Damage Electric Car Insurance

Standalone own-damage car insurance for electric vehicles offers protection for electric vehicles' own damage caused by fire, burglary, riot, strike, and more. With this coverage, electric car owners can avoid major repair costs and ensure their vehicles are well-maintained.

This car insurance plan also includes unique add-ons, such as electric surge protection, roadside assistance, and more, to enhance vehicle coverage.

Comprehensive Electric Car Insurance

TATA AIG comprehensive car insurance plan for electric vehicles offers coverage for vehicle own damage and third-party damage caused by the vehicle. It is a bundled plan that provides comprehensive security for electric vehicles against a range of risks, including accidents, theft, and flooding.

The plan also includes personal accident cover for the owner-driver and legal liability to third parties. In addition, with our comprehensive electric car insurance plans, vehicle owners can add various add-ons, such as vehicle loan protector, electrical surge protection, etc., based on their driving needs.

The workings of car insurance for electric cars are the same as for a regular car insurance policy. Let us understand it by example. Rahul has an electric car insured under a TATA AIG comprehensive plan.

One day, the car’s battery was damaged in an accident. Rahul files a claim with TATA AG and sends his electric vehicle to a network garage for repair.

Since the battery is part of the car’s insured components, TATA AIG covers the expense after deducting the applicable excess.

This way, a comprehensive electric car insurance policy helps Rahul manage costly repairs without bearing the entire financial burden himself.

TATA AIG car insurance plans come with unique EV-specific add-ons that enhance the coverage of electric vehicles. Let's discuss these add-ons in detail.

Electric Surge Secure

This add-on covers damage to the EV or its charging equipment caused by electrical issues, such as short circuits, arcing, self‑heating, or water entering during charging.

Manufacturing defects, using non‑approved chargers/batteries, etc, will no longer be covered under this add-on.

Zero Depreciation on Battery

This add-on reimburses the depreciation deducted on the EV battery when it is replaced under an admissible own-damage claim.

It applies to a set number of claims as specified in the policy schedule. The add-on is not applicable if the battery cost is not part of the IDV.

Zero Depreciation

With this add-on, you will get the amount of depreciation deducted from the value of parts replaced under your own damage claim lodged under section 1 of the policy. It applies up to the number of claims specified in the policy schedule.

Also Read: Zero Depreciation

Daily Allowance

This add-on provides a daily allowance to meet hired transport costs if the vehicle is damaged and undergoing repairs, for a maximum of 10 days.

Also Read: Daily Allowance in Car Insurance

Return to Invoice

This add-on pays the difference between the IDV and the on-road price (including registration, road tax, and insurance) of a new vehicle of the same make and model if the insured electric vehicle is stolen or suffers a total loss.

Also Read: Return to Invoice Cover

No Claim Bonus Protection Cover

With this add-on, electric vehicle owners can protect their no-claim bonus even after making a claim during policy tenure .

Also Read: NCB (No Claim Bonus) in Car Insurance

Loss of Personal Belongings

This add-on covers loss or damage to the insured's personal belongings and those of family members caused by perils under Section 1 while the items are in the vehicle during the incident.

Emergency Transport & Hotel Expenses

This cover reimburses costs for an overnight hotel stay and taxi charges to return home or the nearest city if a Section 1 peril damages the vehicle and cannot be driven.

Also Read: Emergency Transport and Hotel Expenses in Car Insurance

Key Replacement

This add-on reimburses costs for replacing lost or stolen vehicle keys, or for locks or keys if the vehicle is broken into. It includes labour for lock replacement.

Also Read: What is KP in Car Insurance

Consumable Expenses

This add-on will cover the costs of consumables such as engine oil, lubricants, nuts, bolts, etc., that need to be replaced or replenished after an accident.

Also Read: Consumables Cover in Car Insurance

Road Side Assistance

This add-on offers services such as emergency fuel delivery, towing, flat tyre repair, battery jump-start, and minor on-the-spot repairs to electric vehicle owners.

Also Read: Roadside Assistance in Car Insurance

Vehicle Loan Protection

This add-on pays the outstanding vehicle loan amount to the financial institution in the event of the owner-driver's death or permanent total disability due to an accident covered under the policy.

When buying the best electric car insurance, vehicle owners need to consider certain factors. These factors help in making an informed decision.

Coverage Type

One factor in buying auto insurance for electric cars is the type of coverage. From third-party to standalone own damage and comprehensive car insurance, you need to select the plan that aligns with your driving needs.

EV Specific Add-ons

Another thing to consider when buying the best electric car insurance is whether the plan includes EV-specific add-ons like battery repairs, electric surge protection, roadside assistance, and more. These additional add-ons offer enhanced coverage to electric vehicles.

Insured Declared Value

IDV or insured declared value is the current market value of your electric car. It determines the maximum amount you will receive if the vehicle is completely damaged or stolen.

A higher IDV gives better protection, but it can also increase the premium. It is advisable to choose the IDV wisely when buying electric car insurance.

Premium

The premium is the amount you pay to keep your electric car insurance active. It depends on factors such as your EV's model, its battery capacity, the add-ons you choose, and the IDV you select. Ensure your electric car insurance premium aligns with your budget.

Buying the best car insurance for electric vehicles with TATA AIG is straightforward. In just a few steps, you can buy car insurance for electric vehicles.

• Step 1: Go to the official TATA AIG website and head to the “Personal” section, and then click on the “Car Insurance" option.
• Step 2: Enter your vehicle registration number and click on the “Get Price” option. If you have a brand new EV car, you can choose the “Insure your Brand New Car” option.
• Step 3: Various car insurance plans will appear; choose the one that best fits your needs and includes EV-specific add-ons.
• Step 4: After completing the CKYC process, pay for electric car insurance using the preferred payment mode.
• Step 5: Once done, the electric car insurance policy with EV-specific add-ons will be sent to your registered email address.

If your insurance for EV cars is about to expire, then you can carry out the renewal process with TATA AIG. Here is how to renew electric car insurance.

• Step 1: Open the TATA AIG official page and click on the “Renewal” section and choose the “car” option.
• Step 2: Provide the policy number or vehicle registration number and then click on the “Renew” button.
• Step 3: The existing electric car insurance plan will appear. Review the plan carefully, modify it if you want to.
• Step 4: Once complete, complete the CKYC process and proceed with the payment for the electric car insurance renewal.
• Step 5: Upon successful payment, the renewed electric car insurance policy document will be sent to your email address.

The insurance rates for electric cars depend on various factors, such as add-ons, insured declared value, and more. Let us discuss these factors in detail.

Scope of Coverage

The scope of coverage you require is one factor that affects your EV car insurance cost. For instance, if you choose third-party EV insurance, the premium will be lower because the coverage is limited.

However, if you choose comprehensive insurance for EVs, the premium will be higher due to the extensive coverage.

Add-ons

With comprehensive electric car insurance, you can customise your base policy with add-ons. The premium value will increase based on the number of add-ons you combine.

EV Age and Model

The electric car’s age and model also impact the premium. For instance, the premium will be higher for a new model EV than for an older, lower-model EV.

Insured Declared Value

The IDV of your electric car is the maximum amount you will receive as compensation for your vehicle in case it is stolen or damaged beyond repair.

It is calculated as the EV’s market value minus depreciation. Thus, the higher the IDV, the higher the premium value.

Security Devices

Based on the number of security and anti-theft devices you have installed in your electric car, the premium value can vary. The more devices, the lower the premium; the fewer devices, the higher the premium.

The Insurance Regulatory and Development Authority of India (IRDAI) calculates third-party electric car insurance premium rates based on the car's kilowatt-hour capacity. Let us look at the current rates decided by IRDAI below for one-year plans.

(The rates above are decided by IRDAI and are subject to change based on recent updates and revisions. Thus, always check for these updates for the rates from time to time.)

The comprehensive EV insurance plan includes third-party and own-damage liabilities for your electric car. Let us look at the formula to calculate this below.

For the third-party cover, the cost will be based on the list given by IRDAI.

For own-damage cover, we need to calculate the electric car’s IDV and include the other calculations as mentioned below.

For IDV, the formula = (electric car’s showroom price + price of accessories)-depreciation value, as given by IRDAI.
Once you have the IDV, use the same to calculate your own damage cover value as mentioned below.

The premium for own damage =

(IDV X Insurer’s premium rate) + (add-ons) - (NCB + other discounts)

For the total comprehensive calculation, add the third-party insurance premium value to the own damage insurance premium value using the formula below.

= (third party premium) + (IDV X Insurer’s premium rate) + (add-ons) - (NCB + other discounts)

Filing a claim for electric vehicle car insurance with TATA AIG involved two methods: cashless and reimbursement claims. Policyholders can choose the procedure that best suits their needs. Here is a step-by-step procedure to file both claims.

Cashless Claim for EV Cars

• Step 1: After an accident, inform us within the specified timeframe either by calling the helpline number (022 6489 8282) or using the self-service portal.
• Step 2: After explaining the incident to our representative, locate the network garage in your area using the network garage locator tool.
• Step 3: Take your electric vehicle to the network garage and provide the policy and other documents to the garage owners.
• Step 4: After that, we will assign a surveyor to assess the damage and loss to electric vehicles.
• Step 5: Once approved, the garage owner will begin the repair process, and we will settle the bills directly.

Reimbursement Claim for EV Cars

• Step 1: Electric car owners need to notify us about the incident via the self-service portal or by calling the helpline number (022 6489 8282)
• Step 2: After that, take your vehicle to any garage of your choice and get the repair done.
• Step 3: Once the repair is done, pay the repair fees and collect all the original receipts and bills.
• Step 4: After that, file a reimbursement claim from the TATA AIG website and submit all the documents.
• Step 5: We will review the claim form and other documents, then approve it. Upon approval, you will get the claim amount in your bank account.

Here is the list of documents you need to submit at the time of filing an electric car insurance claim.

• Duly completed and signed the car insurance claim form.
• Copy of car insurance policy documents.
• Car insurance, repair bills, and estimates.
• Vehicle registration copy.
• Any other additional documents asked by the TATA AIG representative.

Buying new car insurance is an important step when you bring home an electric four-wheeler. EVs have advanced components, such as batteries and charging systems, that can be costly to repair. Choosing the right four-wheeler insurance with strong coverage can save you from paying big bills later.

TATA AIG offers different four-wheeler insurance plans for both electric and fuel-powered cars. These policies are designed to suit your needs and driving habits. A comprehensive car insurance plan protects your EV or regular car from accidents, theft, fire, natural disasters and third-party liabilities. It also covers the vehicle’s own damage, which helps you avoid major repair expenses.

You can enhance your coverage with useful add-ons, such as bumper-to-bumper insurance, roadside assistance, and protection for key electrical components, including the battery and charging system.

In addition, our plans offer benefits such as nationwide cashless garages, a no-claim discount on premiums, 750+ claim experts, and more, providing policyholders with a top-notch experience. Secure your electric car with our affordable plans. Buy car insurance now.