Five ways to understand green auto insurance

financialexpress.com:

In a world where environmental consciousness is paramount, it is no surprise that the automotive industry is making a significant shift towards sustainability. This shift is evident not only in the proliferation of electric vehicles but also in the emergence of green auto insurance. Green auto insurance, also known as electric vehicle (EV) insurance, is a specialised coverage designed for electric vehicles and hybrid cars. As the adoption of EVs continues to grow, understanding green auto insurance becomes crucial.

This article aims to shed light on the concept of green auto insurance and its significance.

Green auto insurance is a relatively new concept, but it holds immense promise for those who are concerned about the environment and the future of mobility. Green auto insurance provides coverage specifically tailored to the unique needs of electric vehicles.

It goes beyond traditional auto insurance policies by offering protection for the EV battery and electric components. It provides incentives and benefits to individuals who drive electric or hybrid vehicles or take steps to reduce their carbon footprint. In India, where EVs are gaining popularity, green auto insurance plays a vital role in safeguarding the substantial investment made in these vehicles.

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Green auto insurance policies typically cover the EV battery, which is the most expensive component of an electric vehicle. As the battery’s replacement cost can exceed Rs 10 lakh, having insurance coverage for it is crucial. Additionally, green auto insurance may include coverage for charging equipment, specialised EV-related coverages, and even roadside assistance for dead batteries.

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