Convenience, fuel savings, and environmental benefits are a few reasons drivers opt for an electric vehicle. However, while making the switch can provide numerous benefits, you should consider the big picture of electric vehicle ownership.
Understanding how to insure an electric vehicle can ideally save your money and ensure that you have the proper coverage. ##
Electric vehicle insurance vs traditional vehicle insurance –
In most cases, electric car insurance may cost more than insuring a conventional automobile. This is primarily due to the higher purchase price of an electric vehicle and the fact that electric cars generally have higher repair costs, particularly those with expensive technology features.
How to save money on electric vehicle insurance –
If you buy an electric vehicle with a car insurance policy, you can save money on insurance by doing the same things regular car owners do, avoiding accidents and traffic violations. If you already own an electric vehicle and are looking for more affordable rates, consider requesting quotes from several providers. Switching to another company may provide you with a higher deal. ##
What are the benefits of driving an electric car?
Having an electric or hybrid vehicle has more advantages than you may realise. Here are a few examples:
While using a charging station to charge your car’s battery, you can say goodbye to gas stations. You can plug in your car once you reach home from the office, and it can be ready to go the following day if you have a home charging station.
- Reduced environmental impact:
Electric vehicles emit no tailpipe emissions. When driving, an electric vehicle can not eliminate your carbon footprint in transportation. It may significantly reduce it. Furthermore, hybrid electric vehicle models use either gasoline or battery energy. They are a popular option for those who still need to be ready to commit fully to an all-electric vehicle.
- Reduce inhaled emissions:
Tailpipe emissions pollute the environment and your vehicle’s interior to varying degrees, depending on factors such as vehicle type and climate control system. Many dangerous carcinogens are present in automobile emissions, including volatile carbon oxides, organic compounds, and particulate matter. An electric vehicle can help you avoid breathing in these pollutants.
- Reduce fuel costs:
Typically, the cost of fueling an automobile with gasoline or diesel is higher than the cost of operating an electric vehicle with vehicle insurance.
- Extended battery life:
Reports on the performance of electric car batteries vary high. However, according to the National Renewable Energy Laboratory’s predictive modelling, new technology has extended the life of some types of batteries by up to 12 to 15 years. And research into ways to boost the battery life of electric vehicles continues.
- Reduce maintenance costs:
With an electric vehicle, you don’t have to worry about regular oil changes or replacing incidental parts like fan belts, gaskets, and radiator hoses regularly. Some electric vehicle owners have reported driving their vehicles for 70,000 miles or more on the original brake pads.
In conclusion –
All indications are that the electric vehicle market may expand further. They provide a more environmentally friendly mode of transportation, with quieter engines and none of the harmful exhaust fumes found in conventional vehicles. Electric vehicles typically require less regular maintenance and can travel a high distance on original parts.
An electric car’s sticker price may be slightly higher, and electric car insurance rates may be marginally higher. However, you may be surprised. When you shop around, you can often find rates comparable to many conventional automobiles makes and models. To obtain the lowest possible premium, inquire about reward programmes, including rewards for electric vehicles.
* 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.
