What is E-CAR INSURANCE?
One of the most exciting entrants in the vehicle industry, at present, are electric cars. Once a concept, they have now become mainstream.
More and more people are now opting for it. Accessibility is said to be one of the reasons for more consumers opting for electric vehicles, especially cars.
Another reason may be that these vehicles are believed to be environmentally friendly.
Also, there are some financial benefits to buying electric vehicles. One such benefit is that you end up saving significantly on fuel costs.
You may also be offered some incentives for buying these vehicles.
BUT DO NOT FORGET ELECTRIC CAR INSURANCE
As insurance is available for fuel vehicles, it is also available for electric vehicles. Electric car insurance policies are plans that provide financial cover against damages to your electric car.
Depending on the type of policy you choose, electric car insurance can offer you protection against third-party damages or damages to your car or self.
For example, a third-party liability cover will offer you protection against any damages caused to a third party, in a case where you were involved. On the other hand, are comprehensive policies.
If you want to cover your electric car against the financial costs of damages, it is advisable to buy a comprehensive policy cover.
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Is it necessary for you to get an electric car insurance policy?
According to the Motor Vehicles Act of 1988, it is mandatory for you to get a third-party liability for your car. The requirement extends to your electric car as well. However, it is not mandatory to get comprehensive coverage for your vehicle. Nonetheless, it is advisable to get it, especially if you seek financial coverage against the possibility of an unfortunate accident.
To completely grasp the importance of car insurance for an EV, you need to understand how insurance works. Suppose any damage were to befall your car.
Repairs would cost a significant amount and, possibly, burn a hole in your savings. When you have insurance, your savings remain relatively unaffected. The insurance provider, based on your policy details, will provide you coverage for the cost of repairs. Similarly, a third-party policy will protect you against having to pay for any damages to another person’s vehicle.
Hence, while getting a comprehensive policy may not be mandatory, it is in your best interest to buy one.