By lun neh 
The electric vehicle market is still in its infancy due to the epidemic, which has dampened consumer enthusiasm and wreaked havoc on the global supply chain. However, this sector will experience explosive expansion after the pandemic has been brought under control.
This will be driven by several factors, including government programmes for decreasing carbon footprints as part of a worldwide movement and innovations in the private sector to fulfil the anticipated demand.
Therefore, if you only recently got an electric vehicle (EV), you must consider it one of your most valued possessions. This means that you need to get the appropriate type of electric vehicle insurance for it. However, as of right now, no insurance policy is designed just for electric automobiles. However, you still have the option to select a policy from the available options to safeguard yourself financially.
The essential function of an auto insurance policy is to act as a financial safety net in the event of an accident. It will come in handy in an accident if your vehicle is destroyed as a result of natural or manmade disasters or even if it is stolen.
Advice: Using an online car insurance calculator can help you find affordable premiums with desired add-ons, based on your needs.
Additional justifications for why you should purchase insurance for your electric vehicle are as follows:
- Legal requirement:
You are required to carry insurance, specifically third-party liability insurance, for any vehicle you acquire per the Motor Vehicles Act, passed in 1988. Your coverage under third-party liability insurance protects you if your car is involved in an accident that causes injury or damage to the property or person of a third party.
The reasoning behind this requirement was that if everyone possessed third-party liability insurance, then victims would be suitably reimbursed for their losses.
- Insurance against financial loss:
Suppose you are the victim of an accident. In that case, you may submit a claim to the offender’s third-party responsibility plan to receive reimbursement or compensation for the damages sustained by your car. In addition, given the current scarcity of their component components, the cost of repairing electric vehicles is more than average, purchasing insurance is a no-brainer decision.
- Own harm:
It’s possible that you were at fault for the collision that happened. If that’s the case, you’ll need the personal damage coverage that comes with a comprehensive motor insurance policy to pay for the repairs to your vehicle and cut your losses. This is extremely important, considering that electric automobiles are typically more valued than their internal combustion engine (ICE) competitors, particularly in the long run.
In addition, this shields your vehicle from being stolen and against damage caused by natural or artificial disasters such as earthquakes, floods, fires, vandalism, riots, and other similar events.
Which type of insurance should you purchase?
The multi-year comprehensive insurance package is the policy that is recommended for an electric car. This package consists of a third-party liability component that is valid for three years and an own damage component that must be renewed annually. Both components are covered under the policy. This will ensure that you are always protected, even if you fail to remember to renew your damaged auto insurance.
On the other hand, it is strongly suggested that you purchase an all-inclusive electric vehicle insurance policy because this type of plan offers sufficient protection against most potential risks. Please note that the information presented here serves as an example. Before finalising the purchase transaction, please review the policy wording and the prospectus for further information before doing so.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.