EV Insurance

IMPORTANT LINKS AND FEATURES

●Locate charging stations

Battery drains out? Here are some charging stations

●Government guidelines

For EV eligibility in FAME 2 guidelines

●IRDAI guidelines

IRDAI – For insurance related regulations/circulars

●TP rate circular by IRDAI

New TP rate circular by IRDAI

24x7 Roadside Assistance for Electric Vehicle

We are with you always to assist you with our specialized electric vehicle services and ensure peace of mind. Our team is just a call or a click away to assist you or get to you to help you deal with a situation regardless of where you are in India.

Regardless of whether you have to get a tyre changed, need an expert look into the electric vehicle’s motor/battery, etc. You can reach out to us at any time and avail yourself of the spot assistance for diverse situations.

Some other existing services are also available herewith -

Time to get a motor insurance:

Less than 3 minutes

Tailored add-ons:

Enhance protection with list of add ons

No claim bonus transfer:

Up to 50%

Claims settlement ratio:

98%

Cashless services:

Across 7,200+ network garages

Claims process:

Digital - within 20 minutes*

On-The-Spot claim settlement:

With 'Caringly Yours' app

Secure your smiles, drive electric and insure the future of transportation today

EV INSURANCE- DESIGNED TO BE DIFFERENT

Owing to adapting to the new habits of customers who are becoming a major contributor in the transition to electric and sustainable mobility. The Bajaj General EV insurance offers unique services that address the customer worries:

Dedicated EV helpline

●24x7 assistance service

●Expert support for all EV queries

●Query or issue related to insured’s vehicle, it’s battery, charging stations etc.

●Support for any other assistance required such as

●flat tyre, accidental / breakdown towing to nearest dealership etc.

SOS

●Emergency SOS call provision

●SOS button will be linked to the electric vehicle

●Notifies emergency services by pressing the SOS button

On-site charging

●Portable mobile charger.

●First of its kind service in India.

●Accessible in only selected cities providing instant charging support on the way to complete the journey in no time.

Pickup & Drop

●Towing for electric vehicle in case of

●out of energy

●breakdown

●accident

●A driver is arranged to help and provide support to the customer.

EVeryday EV-Insurance for EVeryone

Electric Vehicles (EVs) are becoming increasingly popular in India; the fact that EVs are eco-friendly, economical, and require lower maintenance expenses makes them a great choice among customers. Additionally, the central government is constantly taking new initiatives to boost the adoption of EVs.

Considering the growing focus of governments and industry bodies on greener and more sustainable solutions, the adoption of EVs is only going to increase with time. With more and more people buying EVs each year, the EV industry holds a promising future in India. People who own or intend to buy EVs must have an EV insurance policy.

The EV Insurance policy of Bajaj General Insurance covers EVs from any potential financial loss or damage in case of events like accidents. Insurance for EVs helps to secure vehicle owners from any potential financial risks and provides them financial protection during their time of need. Our policy also provides you 11 roadside assistance services for your vehicle which includes dedicated EV helpline, On- site charging, SOS, out of energy towing and many more services.

Add-ons in Electric Vehicle Insurance

Some add-ons can be opted for under the electric vehicle policy. Here is a rundown of some of the add-ons that are offered for electric vehicles:

Motor protection (It is covered under engine protect add on)

Motor is one of the most crucial parts of an electric vehicle. Being one of the most expensive parts for servicing, you end up spending more to recover your vehicle’s motor from a malfunction or an accident. That’s why the Motor protection is the most ideal solution to feature in your insurance policy. This helps you save the money you would spend on getting your vehicle’s motor fixed

Depreciation cover:

Depreciation amount, partly or fully, on assessed damaged parts allowed for replacement during repairs in event of partial loss to insured vehicle during policy period. Claims are subject to terms and conditions set forth under motor insurance policy.

VPAY- An Add-on Cover- Launching Soon!

A one-stop solution for all your moto own damage-related worries

Consumable expenses:

Buying an EV and maintaining an EV are two different things. There are frequent expenses involved when it comes to the maintenance of your vehicle from servicing spare parts to replacing them, there are expenses surrounding your vehicle all the time. And we are not even talking about the different types of parts that need to be changed every now and then and during an accident. With the consumable expenses coverage, you can let us take care of the expenses involved in the use of consumables for your vehicle at the time of servicing or post-accident.

Choose your own premium and make your policy

1. Option to choose KM based plan

2. KM exhausted during policy period then you can add KM through top –up plan to continue the benefit

3. No claim bonus - As per tariff provision

4. Telematics: premium benefit based on- telematics enabled device or mobile connected or BJAZ driven smart app, and/or driving behavior

Electric Vehicle Industry - An Overview

Driven by the concern over climate change, environmental pollution, and the energy crisis, India’s automobile industry is undergoing a unique transformation. Electric mobility is promising to replace conventional fossil fuel-based transports in India. Almost every developed country is paving the way for a new era of clean mobility.

The demand for EVs is growing in India; this impending shift from internal combustion engines (ICEs) to electric motors has significant implications on the broader automotive ecosystem, including insured and insurers. This transformation will require insurance companies to evaluate new risk factors introduced by changing infrastructure and core technology. With the government pushing for greener solutions and increasing uptake of EVs, insurers expect it to emerge as a key segment in the near future.

EVs are not only eco-friendly, but they also offer a green alternative to diesel and petrol vehicles; to top this, they are also significantly cost-effective in the long run. However, a primary concern remains whether we have a suitable EV insurance policy. Before we delve into understanding EV insurance, let us briefly understand the EV market in India.

Electric Vehicle Market in India

The Indian EV industry is quite new but the sector holds immense potential to grow. We have strong policies like FAME I, FAME II, and state-level competitive EV supportive policies. Today, India has the potential to be a global EV manufacturing hub. India is a unique market as it is easy to attract fleet operators, public transportation, and shared mobility platforms. The next couple of years are crucial for the Indian EV industry as the market is poised to grow like never before.

CARE TO INSURE THE FUTURE- YOUR ELECTRIC VEHICLE

At Bajaj General Insurance your security and safety have always remained our prime concern. Now you can easily secure your valued EV with our EV insurance policy and sense peace of mind.

As per the Motor Vehicles Act, all the vehicles running on the Indian road need to have third-party vehicle insurance. Failure to comply with this rule will attract a hefty penalty along with other legal consequences. Having EV insurance will help customers to get optimum protection for their vehicles.

EVs have specific needs when it comes to insurance. With our EV insurance policy, we promise to deliver end-to-end solutions and offer innovative products and services to meet the unique needs of your prized possession. Opt for our EV insurance and remain worry-free as your vehicle hit the road!

FEATURES OF BUYING EV INSURANCE POLICY

Our EV insurance policy comes with various features that are beneficial not only for the owner of the vehicle but for other parties as well and also it provides financial security in terms of cost of ownership. Having the right EV insurance in place helps the vehicle owner abide by the law as well as enables them to protect their vehicle.

Comparison Between ICE Engine Premium and Electric Vehicle Premium

Bajaj General two wheeler insurance third-party premium for electric vehicles

Third-party Premium for ICE

Bajaj General four wheeler insurance third-party premium for electric vehicles

Third-party premium for ICE

Disclaimer: The electric motor insurance premium may vary as per the vehicle

Please refer - Important link and features for detailed review of current Third Party Liability rates.

Steps to Claim Vehicle Insurance Policy

Filing for a vehicle insurance claim isn’t as complicated as you think, only if you choose the right insurance provider. Before you finally decide to claim the insurance, here are some prerequisites that you must take care of.

✓Contact your insurer as soon as you meet with an accident and file an FIR.

✓Get assistance in towing the vehicle to the nearest garage only after securing all the evidence of the accident scene.

✓The network garage will provide you with a quote regarding the estimated cost of repair.

✓You will need that bill to present it to the insurance providers.

✓The insurer will verify the documents and evaluate their authenticity, and only then the claim process can begin.

✓Know that the deductibles and depreciation value can’t be claimed. Only the remaining amount will be paid to you as compensation.

✓After accounting for all this, the process you will have to follow goes like this:

Step 1: Register for claim

Log in to our website or call our toll-free number to register for a claim. The delay you make in making a claim and contacting us, there is a higher chance that the evidence you can use will get tempered.

Step 2: Submit mandatory documents

We will need you to submit the following documents to ensure that the motor insurance claim process goes without a hitch:

✓Chassis and motor number

✓Date and time of the accident

✓Location and description of the event

✓Car inspection address

✓Kilometre readings

✓Police complaint (in case of accidents and theft)

Step 3: Claim settlement

The moment you submit the documents, we will initiate the process and dispatch the money after verification directly to the receiving party.

Basis of Arriving at Insured Declared Value (IDV) of the Insured Vehicle:

List of products specified in the list above are governed by the Indian Motor Tariff.

The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘Sum Insured’ and it will be fixed at the commencement of each policy period for each insured vehicle.

The IDV of the vehicle (and accessories if any fitted to the vehicle) is to be fixed on the basis of the manufacturer’s listed selling price of the brand and model of the insured vehicle at the commencement of the Policy. The IDV shall change according to the depreciation grid below for each block of one year within the policy period.

THE SCHEDULE OF DEPRECIATION FOR FIXING IDV OF THE VEHICLE

The IDV arrived as per the above method may be further adjusted basis various factors such as location, make and model etc, with agreement of the Insured and as captured in the Policy Schedule.

The age-wise depreciation schedule shown above is applicable only for Total Loss/Constructive Total Loss (TL/CTL)/Cash Loss claims.

IDV of vehicles beyond 5 years of age and for obsolete models (i.e. models that manufacturers have discontinued) is to be determined on the basis of mutual agreement between the Insurer and the Insured.

IDV shall be treated as the Market Value throughout the Policy Period without any further depreciation for the purpose of Total Loss (TL)/Constructive Total Loss (CTL)/Cash loss claims.

Basis of Arriving at TL (Total Loss)/CTL (Constructive Total Loss) of the Insured Vehicle:

The insured vehicle shall be treated as a CTL if the aggregate cost of retrieval and/or repair of the vehicle, exceeds 75% of the IDV of the vehicle, subject to terms and conditions of the policy.

The liability of the Company shall not exceed the Insured's Declared Value (IDV) of the vehicle in the event of total loss/ constructive total loss/cash loss for the year in which loss has occurred. IDV as on date of loss shall be computed as specified under basis of arriving at Insured Declared Value (IDV)

If a damaged motor vehicle is assessed as being unrepairable and hence a wreck i.e. a ‘total loss’ or ‘write-off’, You shall have the option to retain the wreck and accept a ‘cash loss’ settlement (being the IDV less the assessed value of Salvage based on competitive quotes procured by the Insurer including any submitted by or through the Policyholder).

Note: For the purpose of computation TL (Total Loss)/CTL (Constructive Total Loss) of the Insured Vehicle aggregate cost of retrieval shall mean Company’s aggregate liability as per the terms and conditions of the policy.