Electric Car Insurance

Electric Car Insurance

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What is an Electric Car Insurance?

Electric cars are going to become the next best thing and with the rise in electric cars in the market, there will also be a rise in electric car insurance buyers as well. Hence electric car insurance has been designed to provide financial aid for unforeseen loss or damages caused to the policyholder’s electric car.

Electric car insurance is a specialized type of auto insurance designed specifically for electric vehicles (EVs). Like traditional car insurance, it provides financial protection against various risks, including accidents, theft, and damages. However, it also includes specific coverages and considerations unique to electric vehicles

Electric Car Insurance Present

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Key Features of Electric Car Insurance:

Coverage for Battery and Charging Equipment:

Includes protection for the battery, which is one of the most expensive components of an electric car.

Covers damage or theft of charging cables, wall boxes, and other charging equipment.

Comprehensive and Third-Party Coverage

Protects against a wide range of risks, including accidents, theft, fire, vandalism, and natural disasters.

 Covers legal liabilities arising from injuries or damages caused to third parties by the insured vehicle

Roadside Assistance

Provides assistance in case of breakdowns, including towing services to the nearest charging station or repair facility.

May offer specific services for electric vehicles, such as flat battery recovery.

New Car Replacement

In case of a total loss (theft or severe damage), the policy may offer a new car replacement for a specified period after purchase.

Coverage for Home Charging Stations:

Certain types of life insurance policy plans, such as ULIP, endowment, or savings plans offer wealth creation benefits along with protection benefits. You can choose the types of plans based on your risk appetite and build a corpus for your future goals

Discounts and Incentives

Policyholders can claim tax benefits on the premiums paid under sections 80C and 80D. They can also claim tax exemptions under section 10(10D) as per the prevailing tax laws.