New Delhi: A specific add-on cover has been launched by Digit General Insurance to meet the rising demand and the unique insurance needs of electric vehicles (EVs). In 2023 EV sales were at 15.29 lakh. India’s EV market is pegged to become a USD 266 billion market with projected annual sales of 1 crore EVs by 2030.
The add-on cover will come with three optional additional coverage to protect against any loss or damage to the electrical panel for vehicle charging point, vehicle charger including charging cable, and also offer roadside assistance services specific to EVs, the company said in a media release.
The add-on will cover damages to battery or electric motor due to accident or external means, and also pay for any expenses incurred for repair or replacement of the battery due to water ingression and short circuit. The add-on will be offered under the Motor Own Damage policy of a vehicle and will provide all relevant vehicle coverages similar to any Internal Combustion Engine (ICE) vehicle, the company added.
Mayur Kacholiya, Head – Motor Product, Digit General Insurance, said, “Our new EV-specific add-on coverage is designed to meet the evolving changes and needs of EV vehicle owners. The severity of damage among EVs can be higher and the repairs for the same can be costly due to expensive components and need for specialised automotive technicians. The specialised add-ons along with additional coverages will provide EV owners the much-needed protection and address the nuanced issues of electric vehicles.”
The add-on will be offered to EVs as well as hybrid vehicles (electric and petrol/diesel). In case of claim, the policyholder simply needs to notify the insurer within three days. The entire claims process will be 100% digital and the insured would not need to submit any physical documents, the release added.
