Welcome to Qurated, where we have expertise in recommending an ideal electric car insurance with a thorough coverage. We understand that electric vehicle insurance can be confusing, that's why our team of experts is here to help you understand your options and get the right coverage to protect your electric car. We offer a wide range of ev insurance options that fit your budget with the most essential & critical add ons for complete peace of mind of our esteemed clients
Also called as Nil Depreciation Or Depreciation Reimbursement, this add on covers 100% cost of the part replacement/repair during a claim and thereby avoiding out of pocket expenses of the insured customer as a contribution
Similar to Engine Protect in an ICE car, this is one of the most critical add on in an EV insurance which covers non-accidental consequential damage to the motor and HV battery of an Electric Vehicle
Also called as Invoice Price, this add on covers the difference between current IDV of the car and the price of the car at the time of purchase, thereby returning you original cost of car in case of a Total Loss of the vehicle
This is one of the most important add on that provides a range of services in case your electric vehicle is unable to move due to a mechanical breakdown such as towing and suite of other support services
Often overlooked by many EV owners, this is an important add on which covers the cost of coolants, brake oil, other lubricants, nuts, screws and many other child parts, the cost of which can be significant during a big claim
This is an important add on during buying an EV insurance as it covers the cost of a lost car key which can run into thousands these days as modern keys have a lot of electronics involved in it compared to the conventional ones
Please reach us at support@qurated.in if you cannot find an answer to your question.
As per the Code of Conduct laid out by IRDAI under Chapter-3 of MISP Guidelines in India, no dealership across the country can force a customer to buy an insurance policy compulsorily from them
A customer has an exclusive right to choose insurance of his choice from any valid source across the country
- You can ask the dealership to give you in writing on their letterhead stating they cannot provide the delivery of car or provide future claim services in case the insurance is not taken from them
- Then you can submit the same letterhead as a complaint in the IRDAI Grievance Form
- In such a case of violation from the dealership, the insurance license of the dealership can be forfeited by IRDAI as per the procedure laid down as per law
Factors that may affect your insurance premium include your RTO location, claim history, types of add ons opted for, IDV of the vehicle, etc
A Battery & Motor Protect add on is a separate add on designed to provide cover for non-accidental consequential damage to the motor and HV battery due to water ingression, short circuit due to voltage fluctuation or exothermic fire
Also, the cost of motor and HV battery replacement is very high for electric vehicles
For example, if a Tata Nexon EV customer does not opt for this critical add-on and a claim is lodged for non-accidental consequential damage then the cost of Tata Nexon EV's motor and HV battery can be around 6-8 Lakhs which has to be paid out of pocket in such cases
The damge to HV battery and motor is covered under Zero Dep add on only in case of a physical damage to the car resulting from a accident and not for non accidental consequential damages mentioned above unless a separate add on is opted for
As per General Insurance Council of India, for the first 5 years, the IDV of the vehicle must follow the formula laid down by GIC on their website
After the first 5 years, the insured and the insurer are free to decide the IDV mutually before issuance of the policy
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