The Electric Vehicle (EV) industry is slowly but steadily booming in India. Many, if not all, automobile manufacturers have introduced electric vehicles to the market. The EV’s popularity is fuelled by growing fuel prices and the government’s green initiative. Several motor insurance companies have also come forth with EV insurance to help promote sales. They also provide a car insurance premium calculator to assist you in calculating the cost of insurance.
However, you may readily find those who refuse to replace their conventional vehicles with electric ones. This is because people aren’t aware of the many advantages of electric vehicles.
If you too are unfamiliar with the advantages of electric vehicles, this article is for you.
What are electric vehicles or EVs?
Electric vehiclesor EVs deploy electric motors instead of an Internal Combustion Engine (ICE). Most EVs use a lithium-ion battery to provide power to the electric motor. Since the vehicle relies on electricity, they hardly require any fuel. Some of the common types of EVs are plug-in hybrid, hybrid, battery EVs etc.
Electric vs.petrol cars: Know the difference
Before discussing the advantages of electric vehicles, it’s vital to understand the fundamental differences between electric and petrol vehicles. Here’s everything you need to know about it.
|Parameters||Electric cars||Petrol cars|
|Fuel||It runs on electrical energy.||Running on the roads requires the use of petrol.|
|Power||It comes equipped with electric motors.||Petrol cars are equipped with an internal combustion engine.|
|Cost||Prices are a little higher because they are still new in the market.||Petrol cars are usually cheaper than EVs.|
|Maintenance cost||They are less expensive to maintain.||The cost of maintenance is slightly higher than that of electric vehicles.|
|Fuel efficiency||They have a longer driving range in the city and a shorter range on the highway.||The mileage of a petrol car is higher on highways but lower in the city.|
|Carbon emissions||Electric vehicles emit zero carbon.||Petrol vehicles emit lesscarbon.|
Benefits of using electric cars
Many people resist buying electric vehicles because they only consider the upfront cost of the vehicle. However, we all know that buying a car is a long-term investment. You will have to spend money on fuel, maintenance and other things. EVs require charging to run on the roads. Depending on your car, a single full charge, which roughly costs ₹80, can cover a distance of 280-400 km. Whereas, when you look at the petrol car, it gives a mileage of around 20 km per litre of petrol, which costs ₹100 per litre. As such, one of the advantages of electric vehicles is the cheaper cost of ownership.
- Reduces carbon footprint
Electric vehicles are environmentally friendly and reduce carbon emissions. They do not produce exhaust. As a result, if the car is 100% electric, the need for a tailpipe is eliminated entirely. A lithium-ion battery is used in most electric vehicles. You may charge them whenever you want, and the charging process does not pollute the environment. Furthermore, the EV charging station is not reliant on fossil fuels. They charge electric vehicles with renewable energy. So, if you want to make a positive contribution to the environment, switching to an electric vehicle is the best alternative.
- Low maintenance
Electric vehicles usually have fewer moving components when compared to petrol or diesel engine cars. Furthermore, the engines of these cars often come with an eight-year warranty, so you won’t have to worry about a battery malfunction or fault. In addition, EVs use less engine oil, which is also one of the reasons why EVs require less maintenance.
Now when it comes to braking, EVs use the concept of regenerative braking. Under this, the energy is transferred to the motor every time you apply the brake. As a result, the rate at which the brakeswear and tear isreduced greatly.
The central government and the governments of several states have come forward to encourage the purchase of electric vehicles. They offer coupons, reductions in road tax, registration fees, and other incentives to encourage people to buy electric vehicles. In addition, the government will also provide you with incentives if you choose to scrap your older ICE cars.
- Tax benefits
Electric vehicles also come with a tax advantage. If you buy an EV on loan, you can claim a ₹1.5 lakh tax deduction under Section 80EEB. However, tax benefits are available to individuals purchasing an EV for the first time.
To sum it up
EVs have significant advantages over ICE vehicles. However, the concept of EV is still relatively new in India. The manufacturer relies on imports in terms of several components that are fitted in the EVs. As such, if the mishap occurs and your car is severely damaged, the repair and maintenance costs may burn a hole in your wallet. As a result, it is critical to get car insurance for your vehicle.