EV insurance: Ensure all-round protection for battery with add-on cover

Return-to-invoice, zero depreciation for major components are must-haves

Electric Vehicles (EVs) are fast gaining popularity. While they still account for only a small percentage of total automobile sales, their sales volumes are growing rapidly with each passing year. Customers must understand the nuances of EV insurance and ensure that their vehicles enjoy comprehensive protection.

Similarities and differences

There are a few similarities between the insurance covers available for internal combustion engine (ICE) vehicles and EVs. Third-party cover is compulsory for both. EV buyers should also ideally complement it with a standalone own damage cover, or buy a comprehensive cover (which includes both third-party and own damage cover).

Insurance