This is a blog about electronic cars and components and all about electronic devices.

Sunday, March 27, 2022

Electronic cars | Cars insurance

Electronic Cars insurance 

 Types of Electronic Car Insurance: After the new rule of the Insurance Regulatory and Development Authority of India (IRDAI) implemented from August 1, the obligation to take third party car insurance + on-damage insurance in the package form for your electronic vehicle has ended. 

Now if the owner wants to buy a new electronic vehicle, then the third party insurance and own damage cover can be taken separately.

Talking about the electronic car, with the introduction of this new rule, buying a electronic car will become a little cheaper.  But do you know what is third party car insurance and own damage car insurance?


Types of Electronic Car Insurance

Actually, it is mandatory for every person who buys his electronic vehicle in India to buy a vehicle insurance i.e. motor insurance policy.

This is applicable in case of electronic car, two wheeler or commercial vehicle.  Driving a motor vehicle in a public place without car insurance is a punishable offense as per the Motor Vehicle Act 1988.

Talking about the car, there are 4 types of insurance policies for this, including third party insurance and own damage insurance.  Let us know about them in detail….

Types of insurance 

Third party insurance


It is legally mandatory to have third party car insurance with the car.Under this, compensation is given for the damage caused by your electronic vehicle to any person or other person walking on the road or to any property.  The legal liabilities arising on you due to such an event are settled through this policy.In case of bodily harm or death to any person from your electronic vehicle, you get compensation from this car insurance plan.  But in this insurance there is no responsibility to compensate for any loss caused to the electronic vehicle owner or the driver.As per the rules of IRDA, it is mandatory to take 3 years third party cover for buying a electronic car and 5 years for buying a electronic two wheeler.

 Own damage


The policy which is bought only to compensate for the damage caused to the electronic vehicle is called Own Damage Policy. 
In this, the insurance company gives compensation to compensate for the damage caused to the electronic car.  According to IRDAI, damage is covered under the own damage section in these situations…

  • fire, explosion, spontaneous fire, lightning
  • earthquake
  • flood, storm, cyclone, tornado, thunderstorm, deluge, hailstorm, snowfall
  • While traveling by rail/road, inland waterways, lift, elevator or air
  •  landslides
  •  Burglary / Robbery / Theft
  •  riot and strike
  •  accident due to external factors
  •  malicious act
  •  terrorist act

Comprehensive policy or package policy


When Own Damage Policy is also taken by including third party motor insurance in a single package, then it is called Comprehensive Policy.With such a policy, damage to other person and vehicle as well as damage to your electronic vehicle is also compensated by one policy.IRDA has done away with the requirement of taking this long term package policy.

Now it will be optional for the electronic vehicle owner to take third party insurance and own damage insurance in the package.From August 1, it will be necessary to take third party cover for 3 years for new electronic four wheeler and 5 years for electronic two wheeler.  There will be two options for own damage cover.  First, the customer can take one year's own damage cover bundled with third party vehicle insurance and second, two separate policies for third party and own damage.

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