Accelerating the Future: Why Insurance is a must for Electric Vehicles in India?
Electric Vehicles (EVs) are quickly becoming the future of transportation. With the recent discovery of 5.9 million tonnes of lithium in Salal-Haimana area of Reasi District of Jammu & Kashmir, India is set to become the country with second largest lithium reserve in the world, making it a prime market for EVs. As the EV market is about to expand rapidly in India, insurance support will be paramount to protect these vehicles. As a reference, India imported INR 8800 crores worth of Li-ion batteries in 2020-21. All of these can now, be MADE IN INDIA and infact exported as well.
J Insurance has a specially curated policy for EVs in India, designed to meet the unique needs of this growing market. Here, we'll take a look at the key features of J Insurance's EV insurance, which applies to all types of EVs, including cars, bikes, e-Rikshaws, and more.
Section I: Loss or Damage to the Vehicle Insured
J Insurance will compensate the insured for loss or damage to their vehicle and accessories caused by:
- Fire, explosion, self-ignition, lightening
- Theft (including theft of the battery)
- Riot and strike
- Earthquake
- Flood, typhoon, hurricane, storm
- Accidental external means
- Malicious act
- Terrorist activity
- Landslide, rockslide
- In transit
- Mechanical/electrical breakdown (if opted)
- Roadside assistance (add-on)
Section II: Personal Accident Coverage for Owner Driver
The company also offers personal accident coverage for the owner driver while driving or traveling in the vehicle. This coverage includes:
- 100% of the sum insured for death, loss of two limbs, or sight of both eyes or one limb and one eye.
- 50% of the sum insured for loss of one limb or sight of one eye.
- 100% of the sum insured for permanent total disablement from injuries other than those listed above.
Don't worry, we will not leave you without mentioning the exclusions. We believe in complete transparency at J Insurance and, thus, below is the list of exclusions.
Section III: Major Exclusions
J Insurance will not be liable for payment in the case of:
- Consequential loss
- Wear and tear
- Failures
- Breakage
- Known or deliberate accidental losses/damage
Section IV: Conditions
- A compulsory deductible of 1% of the claim amount, with a maximum of 5000, will apply*. (Conditional)
- No claim bonus is not applicable in this all-risk EV policy.
- The insured must comply with all policy conditions as specified by the company.
- Third-party liability in case of injury, death, and property damage is not covered under this policy.
As the EV market grows in India, it's important to protect these vehicles with the right insurance coverage. J Insurance's specially curated policy for EVs offers comprehensive coverage for loss or damage to the vehicle, personal accident coverage for the owner driver, and more.
Who is J Insurance working with for Insurance for EVs?
J Insurance is in partnership with all 34 General Insurance companies in India. However, the above mentioned policy is in collaboration with prominent players in Motor Insurance segment like ICICI Lombard, Go Digit, Bajaj Allianz, Tata AIG, United Indian Insurance Co. & The New India Assurance.
J Insurance is currently providing this solution to prominent players like Shell Rechargeable Solution, Shigan Quantum technologies, Orient Ecomev and others.
What to do next?
Don't wait until it's too late – get your electric vehicle insured with J Insurance today. Call us at +919911557723 and learn more.
We, at J Insurance, will support your company with complete end-to-end solution for insurance of EVs of your company and complementing requirements like Property & Asset Insurance for the manufacturing/assembling plant of batteries and EV, Transit Insurance for your EVs and components in Transit and more. Reach out to us today at +91 9911557723 or write to us at [email protected]
In conclusion, insurance is a must for electric vehicles in India as the market is about to expand rapidly. J Insurance has a specially curated policy for EVs that offers comprehensive coverage, including loss or damage to the vehicle, personal accident coverage, and more. With its key features and flexible coverage options, J Insurance is the best choice for insuring your electric vehicle.
