The latest offering from Singapore’s Income Insurance, a motor insurer, is eDrivo Car Insurance, a comprehensive policy made especially for electric cars (EVs).
In response to issues raised by EV users, such as range anxiety and the expensive expense of replacing a battery after an accident, the new insurance provides specific benefits.
eDrivo boasts two firsts for the industry: optional battery replacement and round-the-clock emergency mobile rescue. The goal of the emergency mobile rescue service is to reduce range anxiety, or the worry that a battery would die in the middle of a trip. Income Insurance has teamed up with Power Up Tech, Singapore’s first mobile EV charging service, to address this. P.UP will use this cooperation to send mobile charging devices to EVs that are stranded on the road. These units will fast charge EVs for up to twenty percent of their battery life in thirty minutes, which should be sufficient to get them to the closest charging station.
Policyholders can receive a 5% premium savings up front with the voluntary battery replacement excess, which also covers the cost of repairing a damaged battery in the event of an accident for a price of $3,000. Given the very expensive nature of EV battery replacements, Income stated in a news release that this is a noteworthy provision.
Additional EV-specific coverage is included with eDrivo Car Insurance, such as protection against cyber hacking that can cause harm to the car, $5,000 in optional coverage for private charging stations, and unlimited battery replacement following collisions.
The introduction of eDrivo is in line with the government’s quest for environmentally friendly transportation, since Singapore plans to phase out internal combustion engine (ICE) vehicles by 2040 and aims to have 80% of passenger vehicles electric by the same year. By 2030, all new automobile registrations must be cleaner energy models as part of this nationwide shift.
“We acknowledge the changing needs of drivers, especially EV owners, as Singapore moves toward sustainable transportation under the Singapore Green Plan” stated Cecilia Siah, head of motor business at Income Insurance. “Our goal is to provide customized insurance plans that take into account their actual concerns.”
According to Siah, focused research conducted in Singapore with EV owners identified the main worries to be the high expenses of battery degradation and the possibility of becoming stranded due to battery depletion. “By bridging the knowledge and protection gaps, we can facilitate a smoother transition for motorists adopting EVs,” she stated.
Income’s Orange Force, a specialized accident response team that offers advice on accident reporting and claims will also be helpful to eDrivo policyholders. The group has received training in managing safety procedures unique to electric vehicles, guaranteeing complete assistance in case of mishaps.
