How To Lower The Cost Of Four-Wheeler Insurance For Electric Vehicles?

Why Electric Cars Insurance Are Expensive? | Coverfox

Electric vehicles (EVs) often incur higher insurance costs despite their economic and ecological benefits. Owners already paying a premium for their EVs seek ways to mitigate insurance expenses. Comparing policies and exploring insurers specialising in EV coverage can help reduce costs. This blog delves into the reasons behind the elevated insurance expenses for EVs and provides tips for cost-effective coverage. As fuel prices rise and air pollution surges, EV ownership gains appeal. While EVs require less maintenance, their upfront costs and potential repair expenses make comprehensive electric vehicle insurance crucial. 

Top Causes Of Expensive EV Car Insurance:

Electric Car Costs

Electric cars are more expensive because they use motors, batteries, and gearbox modes. Furthermore, because the battery pack is the most expensive part and is composed of lithium ions, the cost of producing electric cars increases. Consequently, higher insured declared values result in higher insurance rates for electric vehicles. 

High Maintenance

Because electric cars have more expensive and complicated parts, they need more frequent and thorough maintenance. A high level of expertise is required to service or repair damaged parts when repairing an EV. Compared to conventional cars, fewer mechanics in India specialise in repairing electric vehicles because these vehicles are still relatively new to the country. As a result, servicing and repairing electric cars requires more labour, which raises the cost of car insurance for electric vehicles.

How Can Electric Vehicle Four-Wheeler Insurance Be Lowered?

The cost of insurance for electric vehicles varies based on the insurer and the kind of coverage chosen. Here’s how to use the internet to find reasonable insurance rates:

  1. Purchase The Policy Online

If the policyholder buys electric vehicle insurance online, they can compare various plans and choose the one that suits their requirements and price range.

  1. Steer Clear Of Small Claims

Policyholders should avoid bringing minor damage claims because doing so will reduce their No Claim Bonus (NCB). It is advised that small repair costs be covered by the vehicle owner’s funds rather than being claimed by the electric car insurance policy. *

  1. Make Use Of The NCB

The policyholder may have accrued a certain percentage of NCB, which can be used to lower future car premium rates if they have had their insurance for a considerable period and have not filed any claims during those years. ## *

  1. Set Up a Theft Prevention Device

The premium cost will significantly decrease if an anti-theft device authorised by the Automotive Research Association of India (ARAI) is installed in the electric vehicle.

There are several reasons why electric four-wheeler insurance is expensive. These include the costly and sophisticated technology these vehicles utilise, the lightweight construction that makes them more prone to damage, and the possible challenge of finding replacement parts.

It is recommended that owners of electric cars purchase a vehicle insurance policy to guarantee sufficient motor insurance coverage. One can use a car insurance premium calculator to determine the cost of insurance and choose an appropriate plan for the electric car. 

* Standard T&C Apply

## 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.

Leave a Reply