Electric vehicles (EVs) are transforming how we travel by using electricity instead of traditional fuels like petrol or diesel. Unlike conventional cars that rely entirely on internal combustion engines, electric vehicles are powered by electric motors that draw energy from rechargeable batteries or fuel cells.
These vehicles are cleaner, quieter, and more efficient, which makes them a popular choice for environmentally conscious drivers.
There are different types of electric vehicles, each offering a unique way to reduce fuel consumption and emissions:
1. Battery Electric Vehicles (BEVs)
BEVs run entirely on electricity. They use large battery packs to power the electric motor, which drives the vehicle. You can recharge thes e batteries by plugging the car into the electric grid. BEVs produce zero tailpipe emissions and rely fully on electric power for motion.
2. Hybrid Electric Vehicles (HEVs)
HEVs combine a traditional engine with an electric motor. The battery in these electric cars charges through regenerative braking and the combustion engine. However, HEVs cannot be plugged into an external power source.
3. Plug-in Hybrid Electric Vehicles (PHEVs)
PHEVs work with both electricity and fuel. You can plug them in to charge the battery or rely on petrol when needed. These electric vehicles offer the benefits of electric driving with the added range of a conventional engine.
4. Fuel Cell Electric Vehicles (FCEVs)
FCEVs use hydrogen fuel cells to generate electricity onboard. They power the electric motor and emit only water vapor, which makes them another eco-friendly option in the electric car family.
Each electric vehicle consists of various essential components that help it run smoothly:
Each electric vehicle consists of various essential components that help it run smoothly:
By using an electric motor instead of a fuel-based engine, these vehicles also help reduce dependence on oil and support a greener planet. Electric vehicles represent a major step forward in clean transportation. Whether it is fully battery-powered electric cars or hybrids that run on both fuel and electric power, each type plays a role in reducing emissions and supporting a more sustainable future.
With continuous innovations in electric motor technology and expanding charging infrastructure, the shift towards electric vehicles is not just a trend, it is the future of mobility.
Electric vehicle insurance is tailored to meet the unique needs of electric vehicles, including electric cars and bikes. This insurance provides financial protection against various risks such as accidents, theft, and damage to the vehicle.
Owning an electric vehicle comes with specific considerations, and an electric motor insurance policy is designed to cover those aspects effectively. In India, having electric vehicle insurance is a smart choice and a legal requirement under the Motor Vehicle Act, 1988. At minimum, all electric vehicles must be covered by third-party insurance, which safeguards against liabilities arising from injury or damage caused to others.
Electric car insurance and electric motor insurance policies are structured to offer peace of mind by covering both third-party liabilities and own-damage claims. This electric motor insurance policy helps owners mitigate the financial impact of unforeseen events while driving or parking their electric vehicle.
Since electric vehicles have distinct components such as batteries and motors, electric vehicle insurance often factors in these elements during policy formulation. In summary, electric vehicle insurance ensures that electric car owners comply with legal requirements and secure protection tailored to their vehicle’s unique technology and risks.
Electric vehicle (EV) insurance is essential for several critical reasons, reflecting both legal requirements and the unique risks associated with EV ownership in India.
Legal Requirement for Electric Vehicle Insurance
Car insurance for electric cars is compulsory in India under the Motor Vehicles Act, 1988. Every electric vehicle must carry at least a third-party electric vehicle insurance policy to be legally driven on Indian roads. Without proper electric vehicle insurance, owners risk facing significant fines and legal penalties.
Financial Protection Against High Repair Costs
Electric car insurance offers vital financial protection from the expensive repairs associated with electric vehicles. Components like batteries and electric motors are costly to fix or replace. An electric vehicle insurance policy helps owners avoid large out-of-pocket expenses, making ownership more affordable.
Coverage Tailored to Electric Vehicle Risks
Electric vehicle insurance policies are designed to cover unique risks related to electric cars. These include battery degradation, damage to charging equipment, and higher repair costs due to specialized parts and limited technicians. Such coverage offered by tailored car insurance for electric cars is important for comprehensive protection.
Protection from Accidents and Unforeseen Events
A good electric vehicle insurance policy safeguards against damage from accidents, theft, natural disasters, and vandalism. It also covers losses that may occur during vehicle transportation, ensuring that owners are protected in various situations.
Third-Party Liability Coverage
Car insurance for electric cars includes third-party liability protection, which covers legal and financial responsibilities if the vehicle causes injury, death, or property damage to others. This coverage is essential to meet legal obligations and avoid costly lawsuits.
Personal Accident Benefits
Many electric vehicle insurance policies provide personal accident cover, offering financial support to the owner or their family in the event of injury, disability, or death resulting from an accident involving the insured electric vehicle.
Peace of Mind and Investment Security
Electric car insurance provides peace of mind by protecting a significant investment. With the higher costs and complex technology involved, an electric vehicle insurance policy ensures owners are not burdened by unexpected repair or replacement expenses.
Ensuring to have your electric vehicle insurance policy is not just a legal requirement, it is a smart way to protect your electric car and your finances. Here are the key benefits:
Electric vehicle insurance in India is designed to meet legal rules and the special needs of EV owners. The main types of electric vehicle insurance are simple to understand:
Third-Party Insurance
This is the basic insurance required by law for all electric vehicles under the Motor Vehicles Act, 1988. It covers damage, injury, or death caused to others by your electric vehicle. However, third-party insurance does not cover any damage to your own vehicle, theft, or losses from natural disasters. Premiums for this insurance are set by the Insurance Regulatory and Development Authority of India (IRDAI) and often come with discounts for EVs.
Comprehensive Insurance
Comprehensive insurance covers much more. It combines third-party liability with protection for your own electric vehicle. This includes accidents, theft, fire, natural disasters like floods or earthquakes, and man-made problems like vandalism. It also offers personal accident cover for the owner and covers damage during vehicle transport. Comprehensive insurance gives better financial protection and peace of mind.
Electric Car Insurance Plans with Add-Ons
Many electric car insurance plans can be customized with extra options. These add-ons include battery protection for costly repairs or replacement, coverage for charging equipment like cables and home chargers, zero depreciation cover to avoid deductions on claims, and roadside assistance specially made for electric vehicles. Other add-ons include key replacement, tyre protection, and return to invoice cover for extra security.
These types of electric vehicle insurance help EV owners find the right protection for their needs.
To buy an electric vehicle (EV) insurance policy in India, you need to meet certain criteria for electric vehicle insurance to ensure that both the vehicle and the policyholder comply with legal requirements and insurer-specific standards.
1. Ownership and Registration
The applicant must be the registered owner of the electric vehicle. Additionally, the vehicle must be officially registered with a valid Regional Transport Office (RTO) in India to fulfil the criteria for electric vehicle insurance.
2. Valid Driving License
To meet the standard eligibility criteria, the person purchasing the insurance or the driver must hold a valid Indian driving license at the time of buying the policy and during any claim event.
3. Vehicle Type and Use
The insurance policy should match the type of electric vehicle, whether it is a private car, two-wheeler, or a commercial vehicle. It is essential to ensure that the vehicle is not used for illegal activities, racing, or any other activities not disclosed to the insurer. These factors are part of the criteria for electric vehicle insurance.
4. Compliance with Indian Laws
The vehicle must comply with all Indian statutory requirements, including valid registration, adhering to load limits, and avoiding unlawful use. The cover type is only valid within India, meaning that vehicles used or damaged outside of India will not be eligible for claims.
5. Policy Renewal Status
To ensure continued coverage, the electric vehicle insurance policy must be active and renewed on time. Policies that have expired or lapsed will not provide coverage until they are renewed, affecting the standard eligibility criteria.
6. Vehicle Condition
The electric vehicle must be roadworthy when purchasing the insurance. If there is any pre-existing damage, it may not be covered unless disclosed and inspected by the insurer. This is an important part of meeting the criteria for electric vehicle insurance.
7. Age and Specifications of Vehicle
Some insurers may have restrictions based on the age or specifications (such as kilowatt rating) of the electric vehicle. These factors can impact both the cover type and the premium, so it’s important to check the criteria for electric vehicle insurance with your insurer.
8. Documentation
To buy an electric vehicle insurance policy, you’ll need to provide essential documents like:
By meeting these standard eligibility criteria, EV owners can ensure they qualify for the appropriate cover type and enjoy the benefits of a valid electric vehicle insurance policy, offering peace of mind and protection for their EV.
Electric vehicle (EV) insurance can be improved with various add-on covers that provide extra protection beyond the standard coverage. These add-on electric car insurance options help customize your policy to suit your specific needs. Some of the common electric vehicle insurance add-ons include:
These add-on covers can be tailored to your specific needs and the way you use your vehicle, ensuring that your electric vehicle insurance offers the most comprehensive protection possible.
Liberty General Insurance stands out in the electric vehicle insurance market for several reasons:
Comprehensive Add-ons
When you buy electric vehicle insurance online with Liberty, you get access to a variety of customizable add-ons. These include emergency roadside assistance, depreciation cover, consumable cover, engine safe cover, and key loss cover. These add-ons are tailored to meet the specific needs of electric vehicle insurance policyholders.
Efficient Claims Processing
Liberty focuses on making the claims process as smooth as possible. They operate 365 days a year, including weekends and public holidays, ensuring that their customers receive timely support whenever they need to file an electric vehicle insurance policy claim.
Customer-centric Approach
With a focus on providing an exceptional customer experience, Liberty’s claims team is specially trained to understand the needs and risks associated with electric vehicles. This leads to better coverage and quicker claim settlements, making Liberty a top choice when you buy electric vehicle insurance online.
Through these efforts, Liberty General Insurance has established itself as a leading provider in the growing market of electric vehicle insurance plans.
Several factors influence the low premium electric vehicle insurance in India. These factors can determine the electric car insurance monthly premium or the EV insurance monthly premium you’ll pay. Here’s a breakdown of what affects your car insurance premium:
By understanding these factors, you can manage your low premium electric vehicle insurance and make informed choices to reduce your electric car insurance monthly premium.
To calculate electric vehicle insurance premium, follow these simple steps:
1. Third-Party Premium
This is set by the Insurance Regulatory and Development Authority of India (IRDAI). The premium is based on the vehicle’s kilowatt-hour (kW) capacity, which determines how much you will pay for the electric vehicle third party insurance premium.
2. Own Damage Premium
This is calculated based on the Insured Declared Value (IDV) of your vehicle. The formula for IDV is:
3. Add-ons
If you select any additional covers like roadside assistance or zero depreciation cover, the cost of these add-ons is added to your premium. Add-ons increase your total electric vehicle insurance premium.
4. No Claim Bonus (NCB)
If you have accumulated a No Claim Bonus for claim-free years, subtract the discount from your premium. Any other discounts you are eligible for will also be deducted.
Total Premium Formula
To find the total premium, use the formula:
Or, more simply:
5. Online Calculators
Many insurers provide online calculators. You can input your vehicle details, select add-ons, and the calculator will show you an estimate of your electric vehicle insurance premium.
Example Calculation
If your EV’s IDV is ₹7,00,000, the insurer’s premium rate is 2%, you select ₹5,000 worth of add-ons, have an NCB of ₹2,000, and the electric vehicle third-party insurance premium is ₹2,904, the calculation will be:
By following these steps, you can easily calculate electric vehicle insurance premium and choose the best policy for your EV.
Electric vehicle (EV) insurance premiums can be higher than those for regular vehicles because of the advanced technology and expensive parts that EVs have. However, there are several practical ways to lower electric vehicle insurance premium without compromising on coverage:
1. Compare Policies Online
To get the best electric vehicle insurance premium, it is important to shop around. Use a premium calculator to compare quotes from different insurers online. This will help you find a cost-effective policy that covers your needs without paying for unnecessary extras.
2. Select Only Necessary Add-ons
Choose only the add-ons you actually need, such as battery protection or roadside assistance. Avoid adding unnecessary riders, as they can increase your electric vehicle insurance premium. A well-thought-out policy with the right add-ons can help you lower electric vehicle insurance premium significantly.
3. Opt for a Voluntary Deductible
By agreeing to pay a higher voluntary deductible, you can reduce your electric vehicle insurance premium. This option works well if you are a careful driver and expect to make few or no claims, as a higher deductible can result in a lower premium.
4. Install Security Devices
If you have accumulated a No Claim Bonus for claim-free years, subtract the discount from your premium. Any other discounts you are eligible for will also be deducted.
Total Premium Formula
To find the total premium, use the formula:
Or, more simply:
5. Online Calculators
Many insurers provide online calculators. You can input your vehicle details, select add-ons, and the calculator will show you an estimate of your electric vehicle insurance premium.
Example Calculation
If your EV’s IDV is ₹7,00,000, the insurer’s premium rate is 2%, you select ₹5,000 worth of add-ons, have an NCB of ₹2,000, and the electric vehicle third-party insurance premium is ₹2,904, the calculation will be:
By following these steps, you can easily calculate electric vehicle insurance premium and choose the best policy for your EV.
Electric vehicle (EV) insurance premiums can be higher than those for regular vehicles because of the advanced technology and expensive parts that EVs have. However, there are several practical ways to lower electric vehicle insurance premium without compromising on coverage:
1. Compare Policies Online
To get the best electric vehicle insurance premium, it is important to shop around. Use a premium calculator to compare quotes from different insurers online. This will help you find a cost-effective policy that covers your needs without paying for unnecessary extras.
2. Select Only Necessary Add-ons
Choose only the add-ons you actually need, such as battery protection or roadside assistance. Avoid adding unnecessary riders, as they can increase your electric vehicle insurance premium. A well-thought-out policy with the right add-ons can help you lower electric vehicle insurance premium significantly.
3. Opt for a Voluntary Deductible
By agreeing to pay a higher voluntary deductible, you can reduce your electric vehicle insurance premium. This option works well if you are a careful driver and expect to make few or no claims, as a higher deductible can result in a lower premium.
4. Install Security Devices
Adding certified anti-theft devices and advanced security systems to your EV can lower the risk of theft. As a result, insurers may offer you discounts on your electric vehicle insurance premium.
5. Maintain a Claim-Free Record
Avoid making small claims and work towards a No-Claim Bonus (NCB). Accumulating an NCB can significantly reduce your electric vehicle insurance premium over time, as each claim-free year leads to better discounts.
6. Choose the Right Coverage
Don’t over-insure. Assess your needs and choose the coverage that makes sense for your EV. For older vehicles, a basic plan may be sufficient. Avoid opting for expensive add-ons that you don’t need, as they will increase your electric vehicle insurance premium.
7. Review and Renew Smartly
At the time of policy renewal, use a premium calculator to check if you can get a better deal elsewhere. Some insurers offer competitive rates for new customers, so review your options before renewing your policy.
8. Opt for Long-Term Policies
Consider opting for long-term policies instead of renewing annually. Many insurers offer discounts for multi-year plans, which can help you lower electric vehicle insurance premium in the long run.
9. Maintain Your EV Well
Regular maintenance ensures your EV is in good working condition and reduces the risk of breakdowns and claims. A well-maintained vehicle is less likely to require repairs, which helps you keep your electric vehicle insurance premium low.
By following these tips, you can manage and effectively reduce your electric vehicle insurance premium while ensuring your EV is well-protected.
Choosing the right electric vehicle insurance policy involves understanding your specific needs, the value and use of your EV, and the available coverage options. Here’s how to make an informed decision:
Pro Tip: Buy electric vehicle insurance right now online for instant coverage, transparency, and the ability to customize your policy with the right electric vehicle insurance cover.
Buying your electric vehicle insurance policy online offers several advantages:
With these electric vehicle insurance benefits you can rest assured that your EV is protected with the right coverage.
To buy electric car insurance online, follow these steps:
Tip: You can get an EV insurance quote online and adjust add-ons to see how they affect your premium before finalizing your purchase.
Timely electric vehicle insurance renewal is essential to keep your EV protected and legally compliant. Letting your policy lapse can lead to unwanted hassles, increased costs, and even inspection requirements. That is why many EV owners now prefer doing their electric vehicle insurance renewal online, a faster, easier, and more efficient option.
Renewing online offers several key benefits. First, it ensures uninterrupted coverage, so your vehicle is always protected in case of accidents, theft, or natural calamities. Second, timely insurance policy renewal allows you to retain your No Claim Bonus (NCB), which can significantly reduce your premium.
Online platforms make electric car policy renewal simple and stress-free. With just a few clicks, you can review your current plan, compare add-ons, and make updates based on your changing needs, without visiting a branch or dealing with paperwork. Some insurers also offer exclusive online discounts, helping you save more.
Another important advantage of a timely renewal is avoiding unnecessary vehicle inspections, which are often required if the policy has lapsed.
In short, opting for electric vehicle insurance renewal online gives you peace of mind, convenience, and cost-efficiency, making it the smart choice for every electric car owner.
Follow these steps for electric vehicle insurance renewal online:
Tip: Always renew your electric vehicle insurance policy renewal before expiry to avoid lapses in coverage and maintain your NCB benefits.
Filing an electric vehicle insurance claim involves a process similar to conventional vehicles but requires special attention to electric car claims due to unique components like batteries and charging equipment. Understanding the steps can help you navigate electric vehicle accident claims smoothly.
Inform the Insurer Immediately
Notify your insurer as soon as possible after the accident, theft, or damage occurs. Most insurance companies require intimation within 24–48 hours to initiate electric vehicle accident claims effectively. You can report the incident through their website, mobile app, or helpline.
File an FIR (if required)
In cases of serious accidents, theft, or third-party injury/death, filing a First Information Report (FIR) at the nearest police station is essential. Minor damages may not require an FIR, but check your policy terms to ensure your electric vehicle insurance claim process is not delayed.
Document the Damage
Take clear photos of the damage, the accident scene, and any evidence relevant to your electric car claims. Record details like date, time, location, and witness contacts to support your claim.
Submit the Claim Form and Documents
Complete the insurer’s claim form, available online or offline, and attach all necessary documents. This step is necessary for electric vehicle accident claims to proceed without hurdles.
Inspection and Survey
The insurer will appoint a surveyor to inspect your vehicle and assess damages specific to electric cars. Cooperate fully to expedite your electric vehicle insurance claim.
Get the Vehicle Repaired
Claim Settlement
After all assessments and documentation, the insurer processes the electric vehicle insurance claim and settles it either directly with the garage or reimburses you.
When filing electric vehicle insurance claim, having the right documents ready ensures a smooth and hassle-free process. Below is a checklist of essential documents for electric vehicle insurance claim submission:
Ensuring you have all the required documents for electric vehicle insurance claim submission will help avoid delays during the filing electric vehicle insurance claim process. Keep these ready and organized to facilitate faster claim settlement.
To minimize the risk of your electric vehicle insurance claim being rejected:
In this digital-first world, accessing important documents like your electric vehicle insurance policy online has become quick and hassle-free. Whether you need to keep a soft copy for easy reference or submit it for vehicle verification, here’s how you can download your insurance policy in just a few steps:
If you are unable to access your account or prefer an alternate method, many insurers also allow you to request the policy document via email. This ensures you always have access to your insurance policy copy download when needed, whether for claim submission, traffic checks, or renewals.
Remember, downloading your electric vehicle insurance policy online saves time and also helps to reduce paperwork and contributes to a more eco-friendly future.
Familiarize yourself with these key electric vehicle insurance terms and conditions:
Understanding these terms and conditions of electric vehicle insurance policy ensures you choose the right long-term electric vehicle insurance and make successful claims.
Answer. You can get a FASTag both online and offline. Online, visit the website or app of a bank or service provider. Fill out the application, upload your vehicle’s registration certificate (RC), KYC documents, and a passport-size photo, then pay the required fee. Offline, visit a bank branch, toll plaza, or authorized POS, submit your documents, and get the tag instantly.
Answer. You can check your FASTag balance in different ways.
1) Log into your FASTag issuer’s mobile app or website and check the balance section.
2) Give a missed call to the issuer’s designated number.
3) Receive SMS alerts after every toll deduction.
4) Use customer care helplines or send an SMS with your vehicle number to the specified number.
Answer. The best FASTag depends on your needs. Remember to look for user-friendly apps, wide acceptance, and good customer service. Their services should offer seamless transactions and reliable support. Compare features, fees, and benefits before choosing.
Answer. Yes, FASTag can be directly linked to your bank account if you buy it from a bank. This allows toll payments to be deducted automatically from your account. Alternatively, you can link FASTag to a prepaid wallet, which you can top up from your bank account or other payment methods. Linking to a bank account or wallet ensures hassle-free payments at toll plazas.
Answer. The minimum balance required in FASTag varies by vehicle type and provider. For most cars and jeeps, it’s typically between ₹100 and ₹200. For light commercial vehicles and buses, the minimum can be ₹300–₹500. Always check with your specific provider for exact requirements and keep your balance above the minimum to avoid service disruption.
Answer. If your FASTag balance reaches zero or falls below the minimum required, it will not work at toll plazas. Your tag may get blacklisted or hotlisted, meaning you cannot use it for toll payments and may have to pay double tolls in cash. Recharge your FASTag promptly to avoid inconvenience and penalties.
Answer. For instant FASTag, visit a toll plaza or authorized POS location with your RC and KYC documents. You’ll get the FASTag on the spot after verification and payment. Online, some providers offer quick processing, apply, upload documents, pay the fee, and receive the tag by courier or for immediate activation if digital.
Answer. Generally, FASTag does not allow a negative balance. If your balance is insufficient, transactions are denied, and your tag may be blocked or hotlisted. Some banks may allow a very small negative balance temporarily, but you are required to clear it immediately, or your FASTag services will be suspended until you recharge.
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