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Nowadays, before buying a car, people think about whether to buy an electric car or a normal fuel car. But a more important question than this is whether the insurance of an electric car is cheap or expensive. This question comes to the mind of every driver. The answer to this is not easy. The cost of every car is different. The insurance rate is also different. In this article we will explain this issue in simple words. Every topic has been explained in easy language. You will get complete information in every heading.
What is the real identity of electric cars?
Electric cars are those cars that are driven using batteries rather than using fuel. These cars do not have an engine. They have a motor that runs on charge. A special charger is required to charge such cars. These cars do not make noise and do not burn fuel. They are also better for the environment. People also call these cars clean cars. The trend of these cars is increasing every day. The government also supports EVs. That is why people are taking more interest in them.
The difference between normal cars and EVs
Normal cars use fuel, while electric cars use batteries. Fuel cars require petrol or diesel. But EVs require only electric charge. Oil does not change in EVs. The brake system is also different. Maintenance is also less. Parts are easily available in normal cars. Parts of EVs are expensive. But the running cost of EVs is less. All these differences affect the insurance too. That is why the insurance company keeps different rates for both the cars.
On what basis does the insurance company make rates?
The insurance company looks at many factors. First of all, the model of the car is checked. Then the price and safety features of the car are checked. EVs are costly. Hence, their insurance rate is also high. But if the EV is safe, then the rate can be less. The company also looks at the record of the driver. If the driver has a clean record, he can get a discount. All these things together decide the insurance rate.
Electric Car Insurance Expensive
Insurance of EVs can be more expensive than that of normal cars. There are some reasons for this that every driver should know.
The repair cost of EVs is high because the parts are expensive and are difficult to find in the market.
If the battery is damaged, the cost of the new battery can go up to lakhs, and the insurance company has to pay more for this.
There are fewer technicians for EVs, so it takes more time for repairs in the workshop, and the labor cost also increases.
If the car is fully electric, then every part is high-tech, which increases the rate.
All these things directly affect the insurance rate. That is why it is important for every driver to understand that the insurance rate of EVs is not fixed. Every company has a different policy.
Insurance Benefits
Yes, insurance of EVs can also be cheap if a few things are kept in mind. The company gives you a bonus if you are a safe driver. You get a discount if your car has an anti-theft system. The rate becomes less if the car is kept in the garage. Some companies give green car discounts too. There is also a benefit if you use multi-policy. Meaning, the rate can be less if you take the policy for both car and home from the same company.
What is the need to think before taking insurance?
If you are buying an EV, check the insurance plan first. Compare the plans of each company. Don't just look at the rates. Look at the coverage. If the coverage is good, then the difference in rates can be tolerable. See if the claim process is easy or not. A good company is the one that pays the claim quickly. Sometimes even an expensive plan is better if the service is good. That's why every driver should take an insurance plan after careful consideration.
Right insurance plan for EVs
Finding the best insurance plan for EVs isn’t difficult if you keep these things in mind:
Select the plan of a good company whose claim process is fast and feedback is positive.
Take such a policy, which has full coverage for battery damage.
Go to the comparison website and compare rates and coverage.
Take advantage of multi-policy discounts if possible.
Ask the agent in detail and understand what is being covered and what is not.
Keeping these things in mind, you can find the best plan for your EV. Every city has different rates, so it is important to consult the local agent as well.
Safety features of EVs
The more safety features there are, the lower the insurance rate can be. If the EV has an automatic braking system, the chances of an accident are reduced. This reduces the risk for the insurance company. Cameras and sensors also reduce the risk. An anti-theft device is also necessary. If the car has all these features, the company can reduce the rate. Therefore, safety should not be ignored while buying an EV.
Teen Drivers and EV Insurance
If the car driver is young or new, the company can increase the rate. Teen drivers have a higher chance of accidents. That is why their rate is high. But if a teen driver is driving an EV, there are some special plans for him. If his record is good, some companies also give discounts. That is why every young driver should ask these things while taking a policy.
Link to Charging Station and Insurance
A station is required to charge EVs. If the car is charged inside the house all the time, the chance of theft is reduced. The company also looks at this. If the car is being charged at a secure place, the insurance rate can be reduced. If the car is parked in an open area, the risk is reduced. Therefore, the place of parking and charging of the car is also important.
What role will EVs play in the future?
The trend of EVs is increasing day by day. In the coming time, fuel cars will be less in use. EVs are being promoted in every city. The government also provides subsidies. Insurance companies are also making new plans now. The rate of EV insurance will also be adjusted in the future. Increasing competition can bring the rates under control. Hence, the future seems safe for EVs.
Final Thoughts
If you want to buy an electric car, do not ignore insurance. Understand the plan first. Study the coverage deeply. If it matches your budget, buying an EV can be a better decision. Insurance can be expensive, but the running cost of the car is low. So overall expenses still remain under control. Drive safely and understand claim rules.