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Insurance Article

5 Key Advantages of Electric Vehicles You Didn’t Know

January 03 2018
man-pushing-green-car-button-concept

With the electric car market slowly gaining traction coupled with the rise in awareness about environmental conservation, the era of e-mobility is slowly emerging to the fore. Now, you might ask, “why should I invest in an electric car?” Listed below are a few of the key advantages of electric vehicles:

  • Huge Cost Savings

  • manager-holding-magnifying-glass-over-money

    Electric cars offer substantial savings as compared to your gasoline-powered car. The skyrocketing prices of petrol and diesel across the country have made it a very expensive proposition for the commoner to drive his/her car. This scenario is ideal for you to pivot towards the electric option. While electric cars segment is still emerging in the Indian auto industry, yet the cost benefits of electric vehicles cannot be overlooked.

    Here’s a running cost calculation comparison of an electric car against a petrol-powered car:

    Electric Car:

    Range 140 km
    Electricity consumption/km 16.5/140 = 0.12 unit
    Electricity unit price (Rs.) in Delhi 8/unit
    Running cost for 1 km Rs. 8 x 0.12 unit = Rs. 0.96 or 96 p
    Running cost for the day Rs. 0.96 x 50 kms = Rs. 48
    Running cost for 1 month (24 working days) Rs. 48 x 24 days = Rs. 1,152

    Petrol Car

    Approx. mileage 15 kmpl
    Petrol price (as of August 25, 2019) Rs. 72 per litre
    Average fuel consumption 50 km (distance covered) / 15 kmpl (mileage) = 3.33 litres per day
    Running cost per day (2019) Rs. 72 x 3.33 litres per day = Rs. 237.6
    Running cost for 1 month (24 working days) Rs. 237.6 x 24 days = Rs. 5,702

    As the above calculations show, you stand to save a ton of money, precisely Rs. 4,550/month when you drive an electric car as opposed to a petrol car. (Note: The calculations have been done with both cars travelling 50 km per day for 24 working days in a 30 day-month.)

  • Government incentives, subsidies and tax relief

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    In a push towards sustainable public transportation, the Government of India has also announced a slew of subsidies and financial incentives for both public and private transport. Adhering to the Paris Agreement commitment towards carbon emission reduction, the Indian government offers subsidies for two-wheeler, three-wheeler and four-wheel electric vehicles.

    For Budget 2019, Finance Minister Nirmala Sitharaman even announced an additional tax benefit of Rs. 1.5 lakh for electric vehicles. This tax rebate applies to the interest of the loan amount used for purchasing EVs.

    Unlike petrol/diesel cars that come with additional costs in terms of hefty GST and road tax, the government has relaxed these mandatory expenses on electric vehicles. The GST on electric cars has been radically slashed from 12% to 5%. This makes buying electric vehicles a financially sound proposition for the customers.

  • Low maintenance and high performance

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    Technological developments and evolutions have resulted in the improved performance of electric cars. Gone are those days when the EVs were mere slow-moving vehicles. Nowadays, electric cars deliver performance at par with your gasoline-powered cars. Auto brands like Tesla with their Model S electric car have revolutionised the electric vehicles industry with enhanced acceleration, improved mileage and a range of luxurious amenities.

    The new-age EVs sport a lighter design as the battery mechanism neither occupies much space nor is too heavy. This, in turn, enables the electric cars to zoom around at much faster speeds, offering an exciting driving experience.

    On the maintenance front, the absence of the petrol/diesel engine setup in electric cars leads to less wear and tear, thus greatly reducing maintenance costs. Today’s electric vehicles are devoid of radiators, fuel injection systems, expensive exhaust systems, etc. and are comprised of significantly less moving parts. Fewer parts equal less maintenance. Simple math!

  • Safer than a regular car

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    Electric cars undergo rigorous safety and crash tests that are on par with the ones for other fuel-powered vehicles. Being lightweight, the electric vehicles feature a lower centre of gravity, which is a great advantage of electric cars. This factor greatly reduces the chances of a roll-over in the event of an accident.

    Most current electric cars are designed with an additional security feature that immediately cuts the power supply in case of a collision. The design and the materials used in the production also provides an additional safety layer as many EV manufacturers use components that are less prone to a major explosion or fire.

  • Increased Mileage

  • hybrid-car-illuminated-dashboard-speedometer-tachometer

    Compared to a petrol car, an electric car offers greater mileage and range, while removing the headache of seeking petrol pumps in case your gas tank becomes empty. With continuous innovations, the electric car ranges are getting better and long-range electric cars are just on the horizon.

    You no longer need to worry about electric cars running out of juice before you reach your destination. Most current-generation electric vehicles are powered by high-performance Lithium-ion and Lithium-polymer batteries that not only last for a long time but also deliver extended range.

    Here’s the list of the electric car models with the best mileage:

    Electric Car Model
    Range (in Kilometers)
    Tesla Model S 500
    Nissan Leaf 170
    BMW i3 160
    Kia Soul 148
    Honda Fit 132
    Chevrolet Spark 132
    Ford Focus Electric 122
    BEV Electron 120
    Mitsubishi i-MiEV 99

    Electric cars come with a host of benefits and are ideal to replace your petrol or diesel car with an electric vehicle. However, the advantages of electric vehicles do not make them invincible. When buying an electric car, it’s advised to get it insured under a comprehensive car insurance plan.

    If the benefits of electric vehicles piqued your interest, then you can also check out our list of the hottest upcoming electric cars for a truly eco-friendly future.

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