Your Money: Tips to identify the right insurance cover for your EV



By Rahul M Mishra

As electric vehicles (EVs) gain popularity in India, it becomes crucial for owners to ensure they have adequate insurance coverage. Insuring EVs requires specific considerations due to the unique nature of these vehicles and their components. Here are top five tips to keep in mind when insuring EVs in India.

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Coverage for battery

The battery is the heart and soul of an electric vehicle and it represents a significant portion of the vehicle’s cost. Make sure your policy offers coverage for the expensive battery pack to safeguard against unexpected repair or replacement costs in case of damage, theft, or loss. Review the terms and conditions to ensure adequate protection.

Specialised repair network

Select an insurance provider that has tie-ups with a specialised repair network capable of handling EV-specific repairs. Having access to a qualified network will ensure that your vehicle receives the best possible care, minimising downtime and ensuring quality repairs.

Determine the insured value

To ensure comprehensive coverage for your electric vehicle, accurately determine the insured value. Consider factors such as the cost of the vehicle, battery, and any additional accessories or modifications you have made. By evaluating the total value of your EV, you can ensure that you are adequately covered against theft or total loss. Regularly reassess the insured value as the vehicle’s value depreciates over time.

Coverage for charging equipment

If you have invested in a dedicated charging station or other charging equipment for your electric vehicle, check if your insurance policy covers it for any damage, theft, or liability concerns. Verify the extent of coverage and ensure it aligns with your requirements.

Personal accident cover

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Confirm whether your insurance policy provides personal accident cover for both the driver and passengers of the electric vehicle. Ensure that the policy offers adequate protection and consider additional coverage if necessary.

Additional considerations

No claim bonus (NCB): Inquire if the insurance company offers a No Claim Bonus for electric vehicles as it gives a discount on the premium for every claim-free year.

Third-party liability: Ensure that your insurance policy covers third-party liability. This coverage protects you from legal and financial liabilities in case of an accident involving another vehicle or property. It is a mandatory requirement for all vehicles on Indian roads.

Government incentives: Some states or central government schemes may offer special benefits or discounts on insurance premiums for EVs. Take advantage of these to reduce your insurance expenses.


* Go for an insurance provider that has tie-ups with a specialised repair network capable of handling EV-specific work

* If you have a dedicated charging station, check if your policy covers it for any damage, theft, or liability concerns

The writer is co-founder & director, Policy Ensure


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