In India, electric vehicle adoption is on the rise, with 57% of consumers interested in electric vehicles for their practical benefits and 56% considering them for their environmental friendliness, as per a recent YouGov India survey.
In this blog, we’ll delve into the growing perception that electric vehicles (EVs) are on track to surpass their internal combustion engine counterparts and how this shift might influence factors like vehicle insurance.
1018 respondents from NCCS A and B households between the ages of 28 and 40 who owned an electric vehicle or planned to purchase one the following year were surveyed for the study.
Despite concerns about the current state of public infrastructure for electric vehicles in India, a survey reveals optimism about the future. 89% of participants believe that India will develop the required EV infrastructure by 2030, while 66% expect EVs to outperform petrol and diesel vehicles, resulting in long-term cost savings.
As more people embrace the idea that electric vehicles (EVs) will surpass traditional diesel and petrol vehicles by 2030, it’s essential to consider the changing landscape of the automotive industry, not only in terms of vehicles but also in aspects like electric vehicle insurance. You can use a car insurance calculator to estimate the costs of premiums that you would have to pay.
Why EV?
An EV’s flexibility appeals to 44% of those who intend to buy one. They also think choosing hybrid and fully electric vehicles will give them the ideal options of both worlds.
47% of potential buyers think EVs offer a significantly lower cost per mile than conventional options. 56% of intenders stated they are interested in new technology and want to be a part of the responsible shift in considering about the environment. ##
62% of intenders are concerned about fuel price increases, and 57% are drawn to cutting-edge technology. 51% of respondents claimed that EV operating is less expensive than petrol or diesel vehicles. 48% of the owners claimed EVs were more expensive per mile than standard vehicles. Electric car insurance is becoming a focal point of interest as more people contemplate making the switch to these eco-friendly vehicles.
The Obstacles
As detailed in the report, the main barriers to EV investments include insufficient charging infrastructure and persisting safety apprehensions. Around 40% of potential buyers worry about the scarcity of charging stations, particularly in residential areas, and seek clarity on the time required for a full EV charge. Additionally, another 40% are concerned about recent reports of EV fires.
Potential EV buyers and current owners express significant concerns about battery replacement costs, long-distance travel convenience, charging time, and the availability of residential charging stations. 41% of EV owners consider charging times lengthy, 40% worry about the inadequacy of residential charging infrastructure, 49% are concerned about battery replacement costs, and 43% believe EVs fall short in performance and driving experience compared to traditional vehicles.
As more people believe that EVs will overtake diesel and petrol vehicles by 2030, it’s essential to consider aspects like electric car insurance to ensure a seamless and secure shift toward these eco-friendly alternatives.
##All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.