With Tesla’s entry into India, special insurance plans for electric cars have been introduced. Now customers can choose insurance options for their EV that cover everything from the battery to the digital system.
As soon as Tesla bookings started in India, insurance companies have stepped up their preparations in the electric vehicle (EV) segment. Now special insurance plans are available in the market which are designed keeping in mind the needs of electric cars as compared to traditional vehicles. Features have been added in these plans keeping in mind the battery, electronic system and digital features of the EV.
What is special in these plans?
In the new plans, the customer gets not only basic insurance but also features like technical parts, charging unit, on-site breakdown help and invoice value cover. Most companies have designed such coverage keeping in mind EV buyers which is long-distance reliable as well as pocket-friendly.
What is the range of premium?
The insurance premium for a luxury EV like Tesla Model Y can start from Rs 40,000 in different companies and go up to Rs 2.20 lakh. The big difference in this is the value added cover that customers include in their plan.
Which companies are in the fray?
The country’s leading insurance companies—such as HDFC Ergo, ICICI Lombard, Reliance General and New India Assurance—have now come up with EV-specific offers. Customers can compare and analyse these on digital platforms such as Policy Bazaar and buy the policy online as per their requirement.
ACKO becomes Tesla’s preferred partner
ACKO has signed an exclusive deal with Tesla under which it guarantees Tesla customers a fully digital insurance facility and fast claim process. It claims to offer EV owners a smart experience with app-based tracking and minimal documentation.
New companies with new thinking
Liberty General Insurance and Zurich Kotak General Insurance have also made changes in their plans for electric vehicles. Their plans also include a helpline for charging related problems and a battery safety core. This is making EV insurance not just a cover but a complete service package.
Insurance has also changed with the advent of the EV era
As the demand for electric vehicles is increasing in the country, customized insurance products are also developing at the same pace. The entry of Tesla has accelerated this trend. Now customers can get insurance not just for the vehicle but also for every digital and technological aspect associated with it.
