MUMBAI: As Tesla introduces its pioneering fleet of electric vehicles to the Indian market, insurance companies have designed comprehensive electric vehicle specific covers that guard against moisture buildup and electrical faults besides managing complex risks like exothermic reactions and charger problems. The covers that been launched to meet the infrastructure and technological demands of these cutting-edge vehicles offer features like battery and motor cover, charger protection, zero depreciation on replaced parts, return to invoice in case of total loss, flatbed towing to hydra services and temporary accommodation.
For an IDV of ₹55,94,552, the premium ranges anywhere from ₹40,000 to ₹2,20,000 depending on the choice of features and
insurer.
For instance a Tesla Model Y in Bangalore with IDV of Rs 56.89 lakh will pay a total premium of Rs 1.42 lakh to ICICI Lombard which includes Rs 58716 for own damage cover, Rs 19913 for zero depreciation, Rs 16500 for battery protection cover, Rs 41164 add on premium, third party premium of Rs 20907, Rs 4552 for consumables, Rs 199 for roadside assistance and Rs 21742 of GST at 18 per cent.
While Liberty General Insurance, Acko General and Zurich Kotak General Insurance have been announced as the preferred insurance providers for the American auto maker, leading aggregator Policybazaar has tied up with HDFC Ergo, ICICI Lombard, Reliance General Insurance and with state owned New India Assurance offering a wider choice to Tesla customers.
Says Pankaj Verma, Chief Technical Officer (Products & Underwriting), Zurich Kotak General, “Unlike conventional policies that require customers to piece together separate covers, EV Protect Policy (for Tesla) offers comprehensive, tech-driven protection in a single seamless solution.”
“Depending on the vehicle and add-ons chosen, premiums range between ₹80,000 and ₹1,25,000 annually. While we cover a wide range of real-world risks, we remain focused on transparency — exclusions include unauthorized repairs, willful negligence, and issues stemming from improper battery usage or wear and tear,” added Verma.
“With just a few clicks, customers can compare, customise and buy the most cost-effective insurance for their Tesla, ensuring comprehensive protection and peace of mind. They can also
opt for add-ons like Battery Protection cover, 24*7 Roadside Assistance, Zero Depreciation, Consumables and Return to Invoice price cover for a comprehensive protection plan,” said Policybazaar.
Liberty General Insurance’s EV Secure will offer Battery Secure, an add-on cover that supports repair and replacement, besides roadside support for EVs, on-the-spot charging and flatbed towing to hydra services, temporary accommodation, and continued travel arrangements. The policy offers customizable add-on options including Full Depreciation Shield, Gap Value Protection, coverage for consumables and Tyres, key replacement cover, personal belongings protection, EMI support, and passenger assistance benefits.
Tesla made its much-awaited entry into India on Tuesday with the launch of its Model Y at a starting price of Rs 59.89 lakh. The company’s first experience centre is in Mumbai. The mid-sized electric SUV Model Y will be offered in India in two variants — rear wheel drive with base price at Rs 59.89 lakh, and long-range rear wheel drive at a base price of Rs 67.89 lakh.
