The landscape of electric car insurance is undergoing a significant shift, directly impacting electric vehicle (EV) owners. As of June 1, a notable change in third-party motor insurance premium rates has taken effect, drawing the attention of individuals interested in electric vehicles. Modifying premium rates raises essential questions about the cost of insuring EVs and what it means for those considering switching to electric. In this article, we’ll delve into the recent changes in electric vehicle premium rates to provide you with a clear understanding of how this development might affect your insurance decisions.
The recent approval by the Centre for updated base premium rates in third-party car insurance marks a significant development set to come into effect on June 1, 2022. These premium rates have maintained consistency throughout the challenging period of the COVID-19 pandemic and were last revised for the 2019-20 fiscal year. The Insurance Regulatory and Development Authority of India (IRDAI) notified the public on May 26, 2022, about the impending implementation of these updated third-party motor insurance rates, thus bringing a fresh perspective on the cost structure for car insurance policies in the Indian market. #
Consumers must stay informed about these changes to make well-informed decisions regarding their electric car insurance policies, whether they currently own an EV or are contemplating a shift to electric vehicles.
Premiums For Electric Vehicles Over The Long Term
A three-year insurance policy for a new private electric vehicle (EV) having a power output of under 30 KW will cost Rs 5,543. The three-year premium would cost Rs 9,044 for an electric vehicle with a power output of more than 30 kW but less than 65 kW. Larger EVs with higher than 65 KW will each cost Rs 20,907 for three years of insurance.
Premium Prices For Electric Vehicles
Private vehicles under 30 KW will be charged an additional Rs 1,780. Personal vehicles with more than 30 kW but less than 65 KW will cost Rs 2,904, and cars with more than 65 KW will cost Rs 6,712.
Two-wheelers
The premium cost for bikes up to 3 KW will be Rs 457, and for vehicles more than 3 KW but under 7 KW, it would be Rs 607. Two-wheelers more than 7 KW but under 16 KW will need to pay a premium of Rs 1,161, and vehicles over 16 KW must pay a premium of Rs 2,383. You can use a car insurance calculator to calculate the costs of premiums. *
In a rapidly evolving world where sustainability and electric vehicles are becoming increasingly prevalent, staying informed about the nuances of electric vehicle insurance is paramount. The recent increase in third-party motor insurance premium rates starting from June 1 has prompted EV owners and prospective buyers to reevaluate theirmotor insurance choices. As electric vehicles continue to gain traction, understanding the intricacies of their insurance rates will be essential for making informed decisions. *
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