Policybazaar has launched specialised electric vehicle insurance plans especially for Tesla vehicles in India. The insurance aggregator is the official insurance partner to the Elon Muskled company and provides multiple options based on the customer’s requirements and offers plans from HDFC Ergo, ICICI Lombard, Reliance General Insurance and New India Assurance. The comprehensive protection allows the customers to opt for addons like Battery Protection cover, 24×7 Roadside Assistance, Zero Depreciation, consumables and Return to Invoice price cover.
Commenting on the launch, Amit Chhabra, Chief Business Officer, General Insurance, Policybazaar.com, said, “The arrival of Tesla marks a new era for India’s EV ecosystem. With the growing adoption of electric mobility, we are committed to making EV insurance seamless and hasslefree. Our platform ensures Tesla owners get the most competitive and comprehensive coverage, tailored to the unique needs of electric vehicles.”
The Tesla Model Y is available in two trims—the RearWheel Drive at Rs 59.89 lakh and Long Range RearWheel Drive at Rs 67.89 lakh, exshowroom. Policybazaar is offering multiple insurance plans, and we start with the rearwheeldrive version.
New India Assurance has put the Model Y’s car value or IDV at Rs 55,94,550 and has a premium of Rs 73,714, including 18% GST, zero depreciation, 24×7 roadside assistance and thirdparty coverage. It also comes with accidental damage for 1 year, theft of the car, damage due to natural calamities and manmade hazards, damage to a third party for three years and loss due to fire and explosion. The cashless policy is covered in 65 garages and claims are settled in 95%.
The ICICI Lombard policy is based on the same IDV as the New India Assurance plan. This scheme is offering additional features like a 5day repair guarantee, a repair warranty, free pickup & drop and free garage facilities like free car washes and vacuuming the cabin. The premium is quite steep at Rs 121,186 and offers 93 cashless garages.
HDFC Ergo has a slightly lower IDV of Rs 52,85,582 with the highest claims settled of 99%. It offers overnight repair service and spot claims up to Rs 20,000. It also has the highest premium of 2,70,408 and offers 76 cashless garages.
Starting with the New India Assurance, IDV cover is kept at Rs 64,49,550 and offers zero paper claims up to Rs 1 Lakh, selfvideo claims and 74 cashless garages in Delhi. The premium is Rs 81,200 and includes zero depreciation and 24×7 roadside assistance.
The ICICI Lombard also takes the same IDV as the New India Assurance and offers a 5day repair guarantee, repair warranty, free pickup & drop, zero paper claims and selfvideo claims and free garage benefits. It has a hefty premium of Rs 1,35,935 with zero depreciation and 93 cashless garages.
HDFC Ergo has put the car IDV at Rs 59,91,621 with 99% claims settled with features like overnight repair service, zero paper claims and spot claims up to Rs 20,000. It has a premium of Rs 3,03,233 and 76 cashless garages.
