Due to various factors, the cost of operating an electric vehicle in India is relatively low compared to a traditional (petrol/diesel) vehicle. Here are several benefits of buying electric cars in India.
Even though crude oil is at an all-time low globally, fuel cost is rising daily in India. Ensure you are well aware of all of India’s government policies on electric vehicles.
The Cost Of Running An Electric Vehicle In India: Scenario 1
Calculation for 1 Month
Assumptions:
a. Daily travel is 50 km
b. Cost of Petrol: Rs. 100/ Ltr
c. Cost of Diesel: Rs. 90/ Ltr
d. Cost of Electricity: Rs. 6 / Unit (Home charging)
| Description | Electric Vehicle | Petrol Vehicle | Diesel Vehicle |
| Mileage or Range | 120 (km/ charge) | 16 (km/ ltr) | 18 (km/ ltr) |
| Total Electricity Consumption for a single charge (varies for every vehicle) | 15 units | ||
| Electricity Usage (total electricity 15 units/range 120) | 0.125 unit/km | ||
| Cost of Electricity per km | 0.75 Rs/km | ||
| Cost of Running an EV per day (0.75*50) | 37.5 Rs | ||
| Daily Fuel Consumption (Distance [50kms] / Mileage) | 3.125 Ltrs | 2.77 Ltrs | |
| Cost of Running per day ( Daily fuel consumption x Fuel Price) | 312.5 Rs | 249.3 Rs | |
| Hence, the 1-month cost of running a Vehicle | 1,125/- Rs | 9,375/- Rs | 7,479/- Rs |
The Cost Of Running An Electric Vehicle In India: Scenario 2
Calculation for 5 years
Assumptions:
a. Distance Travel For 5 Years is 60,000 km
b. Cost of Petrol: Rs. 100/ Ltr
c. Cost of Diesel: Rs. 90/ Ltr
d. Cost of Electricity: Rs. 7 / Unit (Home charging)
| Description | Electric Vehicle | Petrol Vehicle | Diesel Vehicle |
| Cost of Vehicle | 9,50,000/- | 8,00,000/- | 9,00,000/- |
| Mileage Or Range | 120 (km/ charge) | 16 (km/ ltr) | 18 (km/ ltr) |
| Maintenance cost for 5 years | 15,000/- | 40,000/- | 50,000/- |
| Cost of Battery maintenance | 35,000/- | 0 | 0 |
| Units of Power consumed | 7,500 Units | ||
| Cost of Electricity in Rs. | 52,500/- | ||
| Fuel Consumption | 3,750 Ltrs | 3,330 Ltrs | |
| Cost of Fuel in Rs. | 3,75,000/- | 2,99,700/- | |
| The Total Expense on Vehicle in 5 years | 10,52,500/- Rs | 18,75,000/- Rs | 14,98,500/- Rs |
Thus, the cost of running an EV (for 5 years including vehicle cost) is 25-30% lesser in comparison to a fuel vehicle.
Electric car insurance covers damages to the vehicle, theft, fire, or accidents. It may also include personal accident coverage for the driver and passengers. *
Electric vehicle insurance premiums in India can be influenced by the car’s value, battery cost, repair costs, and the driver’s profile (driving experience, age, etc.). Insurance companies may offer specialised policies tailored for electric vehicles.*
Claims are subject to terms and conditions set forth under the motor insurance policy.
Several insurance companies in India offer specific insurance products for electric vehicles. It is recommended that EV owners explore various electric car insurance providers and compare their coverage options and premiums.
* Standard T&C apply.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
