Electric Vehicle Finance and Insurance

Get the lowdown on electric vehicle insurance and how it's tailored to your unique needs. We'll help you navigate the world of coverage, so you can drive with peace of mind, knowing you and your electric companion are well-protected.

Financing and Insuring your Electric Vehicles

Discover the smartest ways to finance your electric dream. From incentives and tax benefits to low-interest loans, we'll guide you through the financial aspects of going electric. Let's make your EV aspirations a reality without breaking the bank.

Financing your electric drive

Embarking on your EV journey is an exhilarating step towards innovation, sustainability, and cost-effectiveness. However, understanding the financing landscape is crucial to make your transition as smooth as possible.

It’s important to research and compare different financing options, keeping an eye out for any special promotions or incentives for EV buyers. Some lenders might offer lower interest rates, extended loan terms, or even 100% financing for choosing an electric vehicle.

Additionally, it’s worth exploring any government incentives or subsidies that could make your EV owning experience even more better!

Your guide to EV insurance

The rise of electric vehicles (EVs) is revolutionizing our transportation, offering eco-friendly and economical options. As more individuals switch to electric, it's essential to understand the nuances of insuring these innovative vehicles.

Coverage options on your insurance

1. Standard Comprehensive Insurance:

Electric vehicles come with distinct maintenance and repair requirements, and this affects their insurance rates. Comprehensive coverage is essential, as EVs are equipped with advanced technology and components. This coverage not only handles damages to your vehicle but also extends protection to liabilities involving third-party property damages and injuries.

2. Essential Add-Ons:

In addition, you can also consider adding below add-ons to ensure your car stays protected always.

Zero Depreciation: This add-on cover ensures comprehensive protection against parts and labour costs claimed under your insurance policy.
Consumables: This add-on provides compensation for consumable items that need replacement due to an accident.
Battery Protect: Safeguard your battery against consequential damages caused by incidents like water ingression.
Return to Invoice: This optional add-on bridges the gap between the Insured Declared Value (IDV) and the invoice value of your car in the event of accidental total loss or total theft.

What factors can affect EV Insurance costs?

In addition, you can also consider adding below add-ons to ensure your car stays protected always.

The power output of the car in kilowatts (KW) plays a role in determining insurance rates.
Your claim history significantly impacts your insurance premiums. Safe driving habits can earn you "No Claim Bonus" discounts, while a history of accidents may lead to higher rates.
The geographical location of your vehicle registration, such as the city, has a direct influence on insurance costs. High-traffic areas and regions with severe weather conditions may result in higher insurance premiums.

Tips for lowering your EV insurance costs

Follow Safe Driving Habits
Maintain a clean driving record to qualify for “No Claim Bonus” discounts and reduced rates.

Making EV Owning Experience Better

Initially, EV buyers were facing a range of financing challenges, such as high-interest rates, low loan-to-value ratios, and limited specialized financing options. Now, to make EV option easily accessible to majority, financiers are mitigating these challenges by providing:

Repayment period: Minimum 3 Years; Maximum 8 Years
Rate of interest fixed: Further concession of 25 BPs – 50 BPs in the applicable rate of interest for normal car loans across the category of customers (with Select Financiers)
Structured schemes: 50% Balloon scheme which helps in lower EMI payments
Margin: Upto 90% of On Road Price
Zero Processing Fee till 31st January 2024 (offered by select banks)
Buy back guarantee being provided by manufacturers which has helped financiers provide structured schemes. E.g.: Assured Buy Back Program by MG offers an optional buy-back program for customers to easily upgrade to their next MG. When customers buy this special package, at the end of 3 years, they get an assured* buyback of 60% of the original ex-showroom value* for MG Comet EV

*T&C Apply

Did you know?

MG ZS EV comes with structured financial schemes which can help to meet your special financial requirements like low and convenient EMI payments.