WHAT DO WE NEED TO KNOW ABOUT CAR WARRANTY INSURANCE WHEN WE PURCHASE AN ELECTRIC VEHICLE?
Warranties and insurance are two entirely different aspects especially when it comes to vehicles.
The two are as different as oil and water and will not mix together though they both in their own way, help you to ensure that your vehicle is on the road protecting you and others and also protecting itself.
The insurance industry has become very competitive and every gimmick is extended by insurance companies to increase their insurance premiums and even oil and water is mixed together to achieve their objectives.
Though it is a very difficult task to mix water and oil by trying to do it insurance companies create new insurance covers which to a very great extent would benefit car buyers and it is they who would get a good deal, but whether it is the case is another aspect altogether.
The insurance companies collect a substantial premium to cover mechanical defects too and this could always be for used cars because new cars would enjoy the manufacturer’s warranty, at least within the first year of purchase.
There are also instances where used car sellers themselves extend warranties to used car buyers by building in the cost of the premium into the price and extending it to the buyer.
Though the buyer may be aware of it would not concern him much as he is about to enjoy that warranty insurance when he starts driving the car on the roads and any mechanical problems he faces if they are covered by the insurance policy he would be covered and be compensated.
Purchasing an electric vehicle
If you are intending to purchase a brand new electric vehicle most of the parts except the consumables would be covered under the first-year warranty.
The main component in an electric vehicle is the battery and the related charging system, of which the battery has a life span and when it is at the end of its life a new battery has to be installed which is quite an expensive affair.
Hence when you buy a used car and if the external looks and general condition is satisfactory and it is within your budget the most important aspect that you should ensure is the life span of the battery.
The life span of the battery would also depend on how the battery has been charged during the time it was used and so many other aspects that would either give it a further reasonable period or go dead a month after you purchase the electric vehicle.
An insurance company could provide you with a warranty insurance to specifically cover the life span of the battery in which case they would use the technology available to assess and then extend.
Obtaining insurance covers for other consumables would depend on what you want when driving the car around and if any insurance company is willing to extend a warranty insurance for the whole car it is still your prerogative whether or not to take it out.