Electric Car Insurance

​Electric car insurance by Reliance General Insurance - enjoy comprehensive and tailored protection!

As the world moves towards a more sustainable future, electric vehicles (EVs) are becoming an increasingly popular choice for environmentally conscious drivers.

At Reliance General Insurance, we understand that owning an electric car comes with unique benefits and challenges. Our Electric Car Insurance is designed to provide comprehensive coverage for all aspects of EV ownership.

Our car insurance for EV cars ensures that your investment is well-protected, from protecting the high-value battery to covering accidental damages and theft.

With our specialised electric car insurance, you get more than just the standard coverage. We offer additional benefits like roadside assistance, coverage for charging equipment and protection against natural calamities and man-made disasters.

Plus, our cashless repair network across the country ensures that you receive hassle-free service whenever you need it.

Choose Reliance General Insurance for your Car Insurance​ for EV cars and enjoy peace of mind knowing that we have got you covered every mile of the way. Embrace the future of driving with confidence and security, backed by your #CarKaYaar.

What is Electric Car Insurance?

Electric vehicle car insurance is a specialised type of insurance designed specifically for electric vehicles (EVs). While it shares many similarities with traditional car insurance, such as covering damages, theft and third-party liability, it also includes unique aspects tailored to match the needs of EV car owners.

Unique Aspects of Electric Auto Insurance:

• Battery Coverage: One of the most significant differences is the inclusion of battery coverage. Since the battery is a crucial component of an electric vehicle, this insurance protects against damage or failure of the battery due to accidents or other covered incidents.
• Eco-Friendly Discounts: Premiums for electric vehicles differ from those for regular car insurance due to the higher repair costs and specialised parts. We offer discounts for electric vehicle owners to reward your eco-friendly choice. These discounts can result in lower premiums compared to traditional car insurance.

Also Read: Know About Electric Cars

Why Should I Buy Electric Car Insurance?

Protection Against Accidents and Theft

Just like traditional cars, electric cars are susceptible to accidents and theft. Car insurance ensures that you are financially protected against the costs associated with repairs, replacement or compensation to third parties.

EV-Specific Risks Covered

Electric vehicles come with unique risks, such as battery damage, which can be expensive to repair or replace. Our insurance for EV cars includes coverage for battery-related issues, offering you peace of mind knowing that this critical component is protected.

Compulsory as per Law

According to the Motor Vehicle Act, having third-party car insurance is a legal requirement in India. By insuring your electric car, you not only comply with the law but also avoid potential fines or legal issues that can arise from driving without insurance.

Peace of Mind

Driving an electric car without insurance can be stressful, especially considering its high value and specialised components. Our EV insurance policy provides peace of mind by covering unforeseen events, allowing you to drive confidently.

Savings Through Discounts

Many insurance providers offer discounts for electric vehicle owners as an incentive to encourage eco-friendly transportation. These discounts can lead to significant savings on your premiums of car insurance for electric cars over time.

Reliance Electric Car Insurance

Reliance General Insurance offers a wide range of car insurance plans and add-on covers that protect your EV and help you secure adequate financial protection. We offer the following Reliance General car insurance for EVs:

Benefits and Key Features of Electric Car Insurance by Reliance General Insurance

Protection Against Theft

With Reliance General Car Insurance for EV cars, you secure financial protection against multiple perils like theft. You get the reimbursement of the market value of your car so that you are relieved from the financial burden resulting from such incidents.

Personal Accident Cover

We offer a personal accident cover with our comprehensive car insurance policies of up to ₹15 lakhs. This ensures that, along with the car, the owner-driver is also financially covered in case of accidents.

Network of Cashless Garages

In critical situations, getting a quick claim settlement and repair service is crucial. Thus, we have a network of over 11,000+ garages, providing the quickest service and making it the best insurance for electric cars.

Protection Against Natural Calamities

We offer financial protection against damages caused by natural calamities such as floods, earthquakes, storms, frosts, etc. Since these events are unprecedented, securing protection against them gives you peace of mind and adequate coverage to recover from the damages.

Cover for Accidental Damage

With a comprehensive or own damage policy, you get coverage against damages caused to your vehicle due to accidents or collisions. This feature is especially beneficial for electric cars, as repair or replacement costs are higher than for traditional cars.

Our car insurance for EV benefits and features are designed to address the unique needs of electric car owners, providing security and peace of mind.

Reliance Electric Car Insurance - Inclusion & Exclusion

Inclusions of Electric Car Policy

• Damages Caused by Natural or Man-Made Calamities
• Damages Caused by Road Accidents
• Damages Caused During Transit via rail, road, air & elevator
• Damages caused by fire, theft, explosion
• Damages caused by and to any third-party property or person
• Self-Ignition, explosion and more
• Damage to your car or the belongings in the car in case of an accident
• Damage to a third-party vehicle
• Unexpected Power Surge while charging the lithium-ion battery
• Electrical and/or Mechanical Breakdown

Exclusions of Electric Vehicle Insurance

• General wear and tear of the car
• Car not used for its intended purpose.
• Mechanical and electrical breakdown
• Damage to/by a person driving without a valid driving licence
• Damages due to driving under the influence of alcohol or any other intoxicating substance.
• Loss or damage caused by war or nuclear risks
• Not following the vehicle manufacturer’s recommended and genuine charging equipment and spare parts.
• Damages that are caused by services provided by unauthorised service personnel.
• Any loss or damage that is covered under the manufacturer’s warranty.
• Any damages caused by installing additional electric equipment apart from the one provided by the manufacturer.
• Any costs relating to servicing, maintenance, adjustment or tuning.
• Loss or damage caused by known manufacturing defects that exist at the time of policy commencement date.

*Read the by Reliance General Insurance, brochures and other documents to fully understand your electric car insurance and accident coverage.

Reliance EV Insurance Add-Ons

Following are our top add-ons for electric car owners. We also offer other add-on options available as per the base car insurance policy:

1. Reliance Electric Vehicle Battery Protection Cover

This add-on feature with car insurance for EVs offers coverage for expenses incurred to repair or replace your car's lithium-ion battery and Battery Management System (BMS). Perils that cause damage include water ingression, unexpected power surges during charging and exothermic electrochemical reactions.

2. Reliance Electric Motor Protect Cover

Our Electric Motor Protect add-on cover offers financial protection against repair or replacement expenses due to damage to internal parts of the Electric Motor. The included perils are water ingression and leakage of water coolant.

3. Reliance Electric Vehicle Charger Cover

This add-on offers coverage for the EV charger bought and installed at the time of your car's purchase and also covers the damages caused by riots, natural calamities, accidents, rodent bites, etc.

Additionally, this add-on covers the damages incurred to all the components of your vehicle’s charger.

4. Roadside Assistance

With this add-on cover, you receive enhanced assistance specific to your EV car's needs. This includes towing services for breakdowns, accidents, battery generators, flat tyres, etc.

5. Nil Depreciation

Over time, your car parts are subject to depreciation with use. At the time of claiming your electric vehicle insurance, the depreciated value of these car parts is deducted from your total claim amount, resulting in a lower claim amount. With this add-on cover, you get the full claim amount without the depreciation.

6. Pay-As-You-Drive

If you do not drive your car as frequently, this add-on cover is especially beneficial for you. We offer this add-on to help such customers save on premium costs by paying according to the kilometres covered.

How to Choose EV Car Insurance?

1. Understand Your Coverage Needs

Before choosing an insurance policy, assess your coverage needs to secure the right policy. Since electric cars may require specialised coverage for their components, such as battery, charger or motor, ensure that your policy covers them.

With us, you get coverage for your electric car through the following insurance plans:

• Third-Party Car Insurance
• Comprehensive car insurance
• Own-Damage Car Insurance

2. Determine the IDV

IDV is one of the most crucial factors of your electric vehicle insurance and helps you choose the best insurance for electric cars. It represents the current market value of your car and determines the maximum claim amount you will receive when needed.

While higher IDV results in higher premiums, it also ensures better coverage. Thus, set the IDV correctly to reflect the value of your electric car and get an adequate claim amount.

3. Check for Special Discounts

We offer various discounts that reward eco-friendly choices, good driving, claim practices and safety measures for the protection of your car. Thus, to get the best deal on your electric vehicle policy, check for discounts provided that lowers your premiums.

4. Compare Premiums and Coverage Options

It is important to compare various plans, their coverage options and prices before making the right decision. To understand the impact of add-ons and higher coverage plans, you can use the free car insurance premium calculator tool and compare plans before buying.

5. Consider the Claim Settlement Ratio

The claim settlement ratio indicates the number of claims settled by an insurance company against the total claims received. A higher claim settlement ratio suggests a reliable insurer.

Reliance General Insurance boasts a high claim settlement ratio of 100%, ensuring that our customers receive our claims amounts when needed.

6. Understand Policy Exclusions

Every insurance policy has a set of exclusions that are not covered. To know what is covered and what is not covered, read the fine print and policy wordings carefully.

For electric cars, it is essential to check if the policy covers damages to the battery and other unique components. Knowing what is not covered helps you avoid surprises during a claim.

7. Look for Cashless Garages

A wide network of cashless garages ensures that your cashless claims will be settled well and that you can easily find one near you. Thus, check if the insurer has a wide network of garages that handle electric car services.

We have a network of over 11,000+ garages associated with us that provide high-quality, quick repair services.

8. Assess Add-On Covers

In addition to the add-ons specific to EV cars, ensure that your insurance provider provides a wider range of other add-on covers for enhanced protection. For electric cars, valuable add-ons may include:

• Nil Depreciation Cover
• Roadside Assistance
• Return to Invoice
• Pay-As-You-Drive Car Insurance
• EMI Protection Cover
• NCB Retention Cover
• Daily Allowance Benefit

9. Customer Service and Support

Good customer service is crucial when choosing an insurance provider. It ensures that they are easy to reach in case of any emergency and when buying or claiming your insurance.

We offer a dedicated customer service team that ensures you receive guidance every step of the way.

How to Buy Insurance for Electric Vehicles Online?​​

1. Visit the Reliance Car Insurance page to buy car insurance for electric cars.
2. Enter your car’s registration number, mobile number and email ID and click on “View Prices”.
3. Once you verify the quote, select the EV-specific and other add-ons that you require from the list of add-ons. Choose the discounts applicable to your car and IDV. Then click on the plan you wish to purchase and click on “Buy.”
   
4. You will receive a quote based on your car’s make and model, as well as your choice of plan and add-ons. Verify the details and proceed with the purchase.
5. Complete the payment and receive the policy through your registered email ID.

If you have any questions or need assistance, go to our Self-Help portal or call our helpline number (+91 22 48903009).

Benefits of Buying Auto Insurance for Electric Cars Online

• The online buying process is quick and convenient.
• It can be completed from the comfort of your home at any time.
• You can compare other plans, add-on options and prices before buying.
• Buying electric auto insurance online requires minimal paperwork.
• You will receive instant quotes when you enter the required information.
• You can experience a transparent buying process with us.

How to Renew Electric Car Insurance Online?

1. Navigate to the Renewals tab on our home page's main menu tab. Click on “Car Insurance Renewal”.
2. Enter your policy number and vehicle details, such as registration number, chassis number or engine number. Alternatively, you can proceed by entering your mobile number.
3. You will then see your policy details and NCB (if applicable).
4. Before proceeding with the electric vehicle policy renewal, modify the insurance if required by opting for add-ons.
5. After verifying your details, proceed with the payment process.
6. We will then send you a confirmation and a digital copy of your renewed electric vehicle insurance via your registered email ID.

Third-Party Electric Car Insurance Cost

Just like the IRDAI sets the premium rates of third-party car insurance for petrol or diesel cars, it also sets rates for EV cars. Here are the rates based on your car’s battery capacity:​

*Note that these rates are subject to change. For the latest rates, you can go to the IRDAI website or visit our third-party car insurance page when buying car insurance for EVs.

Factors that Impact Electric Car Insurance Premium

Our EV car insurance cost depends on various factors that directly impact the premiums.

Battery Capacity

Whether you choose third-party, own-damage or comprehensive car insurance, your electric vehicle insurance cost will depend on your vehicle type and battery capacity.

For third-party insurance, IRDAI sets premium rates based on your car’s battery capacity; the higher the capacity, the higher the premium. Additionally, the costs of repair or replacement are also higher as the wattage increases.

Car’s Make and Model

If you own a luxury EV car, your car insurance premium will be higher than that of an economy car. This is due to the higher repair and replacement costs of high-end models compared to standard models.

Car’s Age

Your car's age directly affects its premium costs. If your car is older, it is more likely to incur depreciation charges, reducing its IDV (Insured Declared Value). On the other hand, a new car with a higher IDV will cost a higher premium.

Type of Insurance

Your EV insurance cost will vary depending on the type of insurance you choose. For example, if your intent is only to fulfil legal requirements and thus purchase third-party insurance, your insurance premium will be lower. On the other hand, comprehensive car insurance with more extensive coverage will cost more.

Type of Car

Your car’s fuel type determines the premium rates. If your car is a petrol car, your premium will be lower than that of an EV car as the repair costs for EV cars are higher.

Insurance Coverage

For EV cars, you will need specified coverage by choosing add-ons like battery protection, charger protection or electric protection. Thus, depending on your coverage needs, your EV insurance costs will vary.

Calculate Electric Vehicle Insurance Cost in India

1. Determine the Insured Declared Value (IDV)

You can determine the IDV while determining IDV for own-damage or comprehensive car insurance policy using the following formula:

IDV = Manufacturer’s Selling Price – Depreciation Cost) + (Accessories Cost – Depreciation of These Accessories).

2. Calculate Your Electric Car Insurance’s Estimated Premium Price

Calculate electric car Insurance premiums using the following formula:

Car Insurance Premium = Own Damage Premium - (NCB + Discounts) + Third-party Liability Premium

3. Use Premium Calculator and Compare Prices

To use our free Car Insurance Premium Calculator by Reliance General Insurance, enter your details, including your car's registration number, mobile number and email address. Based on your input and plan choices, you can know the cost of your EV car insurance.

How to Claim Electric Car Insurance?

Cashless Claims of Car Insurance for Electric Cars

1. Notify about your electric vehicle insurance claim within 24 hours of the incident. Intimate your claim by calling us at +91 22 48903009.
2. Fill out the claim form with accurate details about the incident. Attach all the supporting documents.
3. Our surveyor will visit and inspect the claim and the vehicle’s damages. If you opt for a cashless claim, the surveyor will get your EV car towed to the nearest network garage.
4. Once we approve your claim, your repair work will be carried out in the network garage.
5. We will settle the bill amount directly with the garage. You will only have to pay for the non-insured parts, deductibles or depreciation amount.

Also Read: What is Cashless Claim Service in Car Insurance?

Reimbursement Claims of Car Insurance for Electric Cars

1. Notify us about the claim in the same way mentioned above.
2. Take your car to any of the nearest garages and get it repaired.
3. You will need to pay the bill upfront and get it reimbursed later. Upon completion of the repair work, you will also need to save all the receipts and bills.
4. Once it is done, fill out the claim form and attach all the supporting documents, along with the receipts, evidence, invoices, etc.
5. Upon approval of the claim, you will receive the claim amount (without depreciation and deductibles) in your bank account.

Documents Required to Claim EV Car Insurance

• Policy documents
• Copy of driving licence
• Copy of Registration Certificate
• FIR (in case of third-party damage or theft)
• Repair bills and payment receipts from the garage
• Estimate from the repairer

Here is a detailed list of details and documents for electric auto insurance claims.

Car Insurance Vs Electric Car Insurance: Differences Between Traditional Car Insurance & Electric Auto Insurance

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Frequently Asked Questions

• Why do electric cars need specific insurance?

  Electric cars require specialised coverage for crucial components such as batteries, motors and chargers. Insurance specific to electric cars will cover these components, which are usually not covered in traditional car insurance.

• What types of coverage are available for electric cars?

  You can receive basic coverage with our third-party car insurance. However, to receive enhanced coverage and overall protection, you can get access to various EV-specific add-ons through our own-damage or comprehensive car insurance policy.

• Are there discounts for electric car insurance?

  Yes, you can avail yourself of discounts when buying an eco-friendly vehicle while buying car insurance with Reliance General Insurance.

• What factors influence electric car insurance rates?

  Various factors influence the premium rates of car insurance for electric cars, including:

  • Car’s age
  • Make and model
  • Claim and driving history
  • Battery capacity
  • Type of car
  • Choice of insurance policy
• Can I get insurance for a used electric car?

  Whether it is an old or a new car, getting at least third-party car insurance for your car is mandatory by law. Thus, you must get insurance for a used electric car as well.

Disclaimer: *T&C Apply. For more details on risk factors, terms conditions, brochure, and exclusions, please read the policy wording and CIS carefully before concluding a sale.​
Customer Count: The total no. of customers insured data is for FY24 and has been picked up from the number of lives insured for Health, Personal Accident, Overseas Travel, Domestic Travel, Workmen Compensation and Crop Insurance, Weather LOB & Fire LOB provided by IRDAI count that is master policy count. Other than these LOBs, we have also provided data for the number of certificates issued.
Claim settlement ratio: This is the overall claim settlement ratio for FY 2023-24 without claim outstanding at the start of the financial year as per public disclosure of Reliance General Insurance Co. Ltd.
Premium: The premium mentioned for car Insurance excludes taxes for the private car model Maruti Suzuki Alto 800 with a cubic capacity of less than 1000 cc for a 1-year Own Damage Insurance policy for an IDV of ₹2,34,728. The premium used is 2,853/year as of 1 March 2023 and then converted into a per-month basis, which gives us ₹238/month (2,853/12).
Discount: The discount varies basis vehicle specifications, No Claim Bonus discount and Geographical location of the vehicle to be insured. Discounts have been calculated on the basis of the rates prescribed under erstwhile Indian Motor Tariff. Discounts are applicable only to the Own Damage section and discounts may vary as per the vehicle make, model, RTO, age of the vehicle and addition of add-ons like Reliance Limit Sure-Pay As You Drive.
For more details on risk factors, terms conditions, brochure, and exclusions, please read the policy wording carefully before concluding a sale. The details mentioned above are for multiple products, such as Reliance Private Car Policy Bundled. UIN No.: IRDAN103RP0001V03202425; Reliance Private Car Policy Stand-alone Own Damage. UIN No.: IRDAN103RP0002V02202425; Reliance Electric Vehicle Battery Protection Cover UIN No.: IRDAN103RP0001V01201920/A0043V01202223; Reliance Electric Motor Protect Cover UIN No.: IRDAN103RP0001V01201920/A0048V01202223; Reliance Electric Vehicle Charger Cover UIN No.: IRDAN103RP0001V01201920/A0049V01202223