Policybazaar launches insurance plans for Tesla buyers in India
What's the story
Policybazaar, a leading insurance aggregator, has launched specialized electric vehicle (EV) insurance plans for Tesla cars in India. The company is the official insurance partner for Tesla vehicles in India, offering comprehensive coverage options for its high-end EVs. The new plans cover the unique needs of these vehicles, including their expensive batteries and tech parts.
Market impact
Tesla's arrival marks a new era for India's EV ecosystem
The launch of Tesla in India is seen as significant for the country's EV market. Amit Chhabra, Chief Business Officer at Policybazaar.com, said, "Tesla's arrival marks a new era for India's EV ecosystem." He added that with the growing adoption of electric mobility, their goal is to make EV insurance seamless and hassle-free.
Coverage details
New India Assurance has a premium of ₹73,700
Policybazaar is offering multiple insurance plans for the Model Y, which comes in two trims: the Rear-Wheel Drive (₹59.89 lakh, ex-showroom) and Long Range Rear-Wheel Drive (₹67.89 lakh, ex-showroom). Starting with New India Assurance's plan, which offers IDV at ₹55,94,550 and has a premium of ₹73,714, provides zero depreciation, 24/7 roadside assistance, and third-party coverage among other things. It also covers accidental damage for one year, theft of the car, damage due to natural calamities, and manmade hazards.
Enhanced benefits
ICICI Lombard and HDFC Ergo
The ICICI Lombard plan comes with a 5-day repair guarantee, a repair warranty, free pick-up and drop, and free garage facilities. However, it has a higher premium of ₹1,21,186. Meanwhile, the HDFC Ergo plan offers overnight repair service and spot claims up to ₹20,000 but has a premium of ₹2.7 lakh for the Model Y Rear-Wheel Drive version. The premium for the All-Wheel Drive version is ₹3,03,233, which is even higher.
Competitive landscape
Other insurers also offer plans
Apart from Policybazaar, other insurers are also eyeing Tesla owners. ACKO has partnered with Tesla as its preferred insurer, promising a digital policy and claims experience. Liberty General Insurance and Zurich Kotak General Insurance have also launched EV-focused covers. These plans protect batteries, chargers, and offer support like roadside help in case of breakdowns.