How to overcome all these challenges with motor insurance runs?
The conventional motor insurance policy was developed several decades ago. At that time there was no concept of electric vehicle or hybrid vehicle. However, the body that oversees the insurance industry does not fail to understand the changing market and the new needs that arise depending on it. Hence, the vision system gives insurance companies the freedom to introduce innovative insurance products that meet the contemporary needs within the norms. Based on this, insurance companies have designed insurance facilities that provide solutions to the challenges mentioned above.
What should electric vehicle users look for when buying a motor insurance product?
Find out what the insurance policy you are going to buy should cover.
1. Check if there is separate coverage for the battery. That means there should be coverage in case of battery loss during charging or incidents like fire or flooding.
2. If the electric vehicle causes property damage or injury to a third party and the vehicle owner is sued, check to see if there is coverage.
3. All parts like plastic, metal, glass or fiber should have zero wear and tear coverage.
4. Wall mount charger and charging cable require separate cover. Although these are not directly attached to the vehicle, they should be covered under the motor policy with a special mention.
5. Check if infotainment gadgets, music systems and other electronics are covered.
With the development of the necessary infrastructure for electric vehicles, coupled with efforts by governments to promote the use of environmentally friendly, renewable energy, the mass adoption of electric vehicles is not far off.
Therefore, electric vehicle users should ensure that they choose and avail motor insurance policies that have coverage accordingly.