Electric vehicle insurance premiums are notably higher than those for traditional cars due to EVs’ higher purchase prices and costly battery replacements. Specialized parts, the need for trained technicians, and limited repair networks further contribute to increased costs. Comprehensive policies with battery protection, zero depreciation, and roadside assistance are crucial for EV owners to mitigate potential financial burdens.

Proposed rules linking traffic violations to higher insurance premiums are under consideration at present. Stricter rules for traffic violations are also being proposed. Experts anticipate that premium pricing might involve a tiered model based on pending challans, potentially using telematics for risk assessment. However, there are valid concerns regarding inflated premiums in cases where challans have been erroneously and wrongfully generated.

Motor insurance premiums involve various factors like payment modes, claim history, and policy purchase method. Choosing strategic options such as spreading payments, leveraging No-Claim Bonuses, opting for Pay As You Drive, avoiding dealer-driven policies, and making smart deductible choices can significantly reduce premiums without compromising coverage.

In India, you can easily check your car insurance details online through platforms such as the Parivahan Portal, IIB Portal, mParivahan app, and state RTO websites. These government-run resources allow you to quickly access your vehicle’s insurance status, policy issuer, and validity by entering the registration number.

Driving in India without third-party (TP) insurance is illegal and can result in financial burdens if caught without a valid policy. However, even when you have a TP cover, there may be instances where your TP insurer may refuse to cover damages and injuries caused to third parties by the insured vehicle. Read on to learn more about such conditions, the recourses available and the number of times you can avail yourself of third-party motor insurance.

Zero depreciation car insurance ensures that the insurance company does not deduct the depreciation value of car parts while settling a claim.

Driving responsibly is crucial for safety, and third-party car insurance is mandatory in many countries, including India. Lacking this insurance can lead to legal penalties, financial liabilities, and potential imprisonment. It also affects future car ownership and insurance dealings. Third-party insurance ensures protection and responsible vehicle ownership.

Car insurance significantly impacts the resale value of used cars. Factors such as Insured Declared Value (IDV), depreciation, claims history, and the type of insurance policy play crucial roles. Comprehensive insurance generally enhances resale value, while third-party insurance may lower it. Properly managing these elements can ensure a fair deal for both buyers and sellers.

The article emphasized the necessity and details of vehicle insurance, urging car owners to keep their policy documents secure. It covered the government’s requirement for third-party liability insurance and various ways to get a duplicate copy, including via emails, insurer websites, apps, customer support, company offices, and insurance agents.

If you are confused by personal finance terms, jargon and calculations, here’s a new series to simplify and deconstruct these for you. In the seventh part of this series, ET Wealth explains the meaning of Insured Declared Value (IDV) in vehicle insurance.