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Third Party insurance
What is Third Party EV insurance ?
Third-party EV insurance (Electric Vehicle insurance) is a type of motor insurance policy that covers only damages or losses caused by your EV to a third party—that is, other people or property—not to your own vehicle.
Here’s what it typically covers:
Injury or death to a third person caused by your EV.
Damage to third-party property, such as another car, fence, or building.
Legal liabilities arising from the accident.
What it doesn’t cover:
Damage to your own EV.
Theft of your EV.
Fire, natural disasters, or vandalism.
Injuries to you (driver) or your passengers.
Why it matters:
It is usually mandatory by law in many countries (like India or the UK) to have at least third-party insurance for any vehicle, including EVs.
It’s the most basic and affordable form of insurance.
Comparison:
| Feature | Third-Party EV Insurance | Comprehensive EV Insurance |
|---|---|---|
| Covers your vehicle damage | ❌ No | ✅ Yes |
| Covers third-party claims | ✅ Yes | ✅ Yes |
| Covers theft, fire, etc. | ❌ No | ✅ Yes |
| Cost | 💰 Lower premium | 💰 Higher premium |
Third Party EV insurance Premium
In India, third-party electric vehicle (EV) insurance is mandatory under the Motor Vehicles Act, 1988, and is regulated by the Insurance Regulatory and Development Authority of India (IRDAI). These premiums are determined based on the vehicle’s battery capacity.🔋 Third-Party EV Insurance Premium Rates (as per IRDAI)
| Battery Capacity (kW) | 1-Year Premium (₹) | 3-Year Premium (₹) |
|---|---|---|
| Up to 30 kW | ₹1,780 | ₹5,543 |
| More than 30 kW but ≤ 65 kW | ₹2,904 | ₹9,044 |
| More than 65 kW | ₹6,712 | ₹20,907 |
These rates reflect a 15% discount compared to those for petrol/diesel vehicles, as part of the government’s initiative to promote electric mobility.
💡 Key Points to Note
Mandatory Coverage: Third-party insurance is compulsory for all EVs used on public roads in India.
Exclusions: This policy covers only third-party liabilities, such as injuries or property damage caused to others. It does not cover damages to your own vehicle.
Premium Variability: Premiums may vary slightly among insurers due to additional administrative fees or optional add-ons.
If you’re interested in obtaining a comprehensive EV insurance policy, which includes coverage for your own vehicle’s damages, I can provide information on that as well.