Electric vehicles (EVS) differ from combustion engine vehicles, particularly in terms of torque. The torque of an electric vehicle is more linear, providing instant maximum torque, whereas in a combustion engine, maximum torque is reached gradually after the vehicle achieves a certain speed and engages in regenerative braking.
In India, conventional scooters, three-wheelers, fourwheelers, tractors, and commercial vehicles are rapidly being replaced by electric vehicles. On average, more than 3 million vehicles in India are now operating on electricity. With the introduction of electric vehicles, the conditions of insurance policies, the style and constraints of surveys, claim admissibility, salvage value, and the nature of reparability have all undergone changes.
Many imported components lack child parts in India, forcing major replacements instead of repairs. The reparability and cost of repairing EVs are very high. Based on our market survey, it is observed that the repair cost of electric vehicles in India is 30 to 35% higher than that of petrol and diesel vehicles.
In India, the availability of technical parts for electric vehicles is very poor. Even when available, the cost is about 50% higher than similar parts for diesel and petrol vehicles. These parts include:
High voltage battery
Battery control unit
Battery cabinet
Battery box
Charger system
Electrical parts
In India, batteries are not repairable due to the high cost of repairs, making the battery the highest liability in insurance claims. Another significant cost is the driver's airbag system. In India, the frequency of airbag system replacements is 10% higher compared to diesel and petrol vehicles due to the higher collision risk.
Bu hikaye THE INSURANCE TIMES dergisinin September 2024 sayısından alınmıştır.
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Bu hikaye THE INSURANCE TIMES dergisinin September 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
"With over 15 years in the insurance industry, I've focused on steering our company toward profitability and market leadership. Recognizing gaps in policy understanding and time-consuming processes, we founded Riskbirbal Insurance Brokers to offer quick, Al-driven solutions."
Syed Meraj Naqvi is a visionary leader known for his astute business sense and a proven history of propelling overall growth. With over a 15-year career in the insurance industry, he has consistently guided the company towards profitability and carving a prominent position in the market. Today, Naqvi has plans to integrate cutting-edge technology in the insurance and risk management industry and provide seamless experience to small & medium businesses. Thus, he aims to create insurance products and risk management services that involve a mixed model of POS and direct engagement, facilitated by robust software solutions.
Retirement Planning: How insurance can contribute towards building a robust retirement fund
\"Retirement phase of our life is a milestone where we bid adieu to a traditional work routine and set out to begin a new chapter. It's a wonderful phase where we seek to fulfil many of our dreams and aspirations that may have been on hold during the working years.\"
What is next for Insurance Distribution?
In today's fast-paced world, the only constant is rapid change. While change has been a buzzword across all industries, insurance was often perceived as slow and unyielding due to its complex regulatory environment and the nature of its products. However, the last decade has turned this perception around.
Revolutionizing Insurance - The Impact of InsurTech on the Future of Risk Management
InsurTech, short for Insurance Technology, involves using technological innovations to improve efficiency and reduce costs in the insurance industry. The innovations harnessed in InsurTech typically come from fields such as big data, artificial intelligence, machine learning, IoT (Internet of Things), and blockchain.
Mary Celeste: Salvage Insurance Fraud or Real Mystery - Historical Maritime Fraud
BRIG: Two-masted square-rigged ship, typically having an additional lower fore-and-aft sail on the gaff and a boom to the mainmast. Till the beginning of 20th Century it was using for sea trading.
Pension to Elderly Women- A step towards dignified grey years
In India, joint family system was the basis to meet all the social security needs of the joint family members, whether it was poor health, old age, financial or emotional support to the widow and children of any deceased member of the family. With urbanization, industrialization and migration, India witnessed a gradual disintegration of this system, which necessitated the need of a formal social security system.
Effect of Electric Vehicles on Motor Claims
Electric vehicles (EVs) differ from combustion engine vehicles, particularly in terms of torque. The torque of an electric vehicle is more linear, providing instant maximum torque, whereas in a combustion engine, maximum torque is reached gradually after the vehicle achieves a certain speed and engages in regenerative braking.
Curing Insurance Phobia
In my last article, \"Insurance Phobia\" published in the \"Insurance Times\", I enumerated various aspects of why people are afraid of insuring as they feel that insurance is not a transaction worth spending money on for reimbursement of unfortunate loss. They say that they go on insuring but no claims are made.
"The insurance sector in Nepal has really come a long way in the past decade. It has seen some major changes that have boosted its growth and brought it into the modern era.The amount of premiums has been growing at a rate of about 20% every year, from 2010 to 2020."
Mr. Susil Dev Subedi currently holds the position of Director at the Nepal Insurance Authority and serves as the Chief Executive Officer of the Insurance Institute of Nepal (IIN). With 17 years of experience in the industry, Mr. Subedi has led key departments including Supervision, Regulation, Policy, Research, and IT.
Insurance Caselaws
NCDRC Orders Reliance Life Insurance Company To Pay Rs 1 Crore And 50k Litigation Costs.
