Electric Vehicle Industry To Boost Till 2030: Reports

Electric cars (EVs) are steadily gaining popularity, which is causing a fundamental upheaval in the Indian auto industry. According to a recent Research and Markets analysis, the size of the EV industry, which is still in its infancy, is predicted to increase between 2019 and 2030 at a Compound Annual Growth Rate (CAGR) of 43.13%.

With more individuals becoming interested in EVs, the motor insurance industry is also developing and offering protection to car owners through appropriate plans. Having sufficient insurance for electric vehicles is crucial since they face the same risks on the road as other types of vehicles. But do EVs require a different type of auto insurance than do regular cars? Instead of an internal combustion engine, electric vehicles (EVs) run on batteries that are powered by one or more electric motors. EVs may be hybrid or all electric, but their insurance is identical to that of a standard auto insurance coverage. Additionally, third-party insurance is legally required for EVs.

Due to the complex technology and significant maintenance requirements, EV insurance is more expensive than a standard policy. To make it more reasonable for EV owners, the Insurance Regulatory and Development Authority of India (IRDAI) also required a 15% discount on third-party insurance coverage. When it comes to protecting your car, it is usually advised to choose a comprehensive policy that will protect it even in the event of a total loss. In addition, the cost of EV spare parts, as well as their replacement or maintenance, might be extremely high. It's always advisable to take extra precautions to provide maximum safety because no one can truly estimate the level of damage that they can sustain. 

A thorough policy is a first step toward safety, but the process doesn't end there. When operating a complex piece of machinery like an EV, it's critical to choose the appropriate insurance add-ons to provide additional layers of security. The four types of insurance are: Zero depreciation cover, Return to invoice cover, Roadside assistance cover and NCB cover.