Electric vehicle (EV) and hybrid electric vehicle (HEV) owners in India can now avail specially designed insurance covers keeping in mind the specific needs of insurers. Zoono General Insurance has launched three new add-on insurance covers for electric vehicle (EV) owners. A first-of-its-kind cover has been released to protect personal charging stations, charging accessories and cars while charging.
Zoono General Insurance’s EV Add-on cover is designed to complement its standard personal car policies and specifically meet the unique needs of electric and hybrid vehicles, which are the latest trends in the car industry.
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An EV add-on cover has three essential components:
1. Comprehensive coverage
Comprehensive coverage has been introduced for privately owned charging stations that are used only for charging insured vehicles, protecting them against fire, theft and accidental damage, which are common accidents.
The company has extended the coverage to include charging cables, connectors, adapters and all standard charging accessories for protection against accidental damage and theft.
“This add-on cover is applicable to private charging stations, which are owned by the insured and are used exclusively for charging their insured vehicles,” said Pooja Yadav, chief product officer, Zoono General Insurance.
2. Battery Protection
Zuno General Insurance has also included a Battery Coverage add-on, which provides protection in case of damage to the battery or parts of the battery due to water ingress due to the insured peril/short circuit. This will save the car owner from the high cost of replacing the battery in the car if it is damaged due to the above mentioned reasons.
“Any loss or damage caused by fire in the insured electric vehicle is covered in the regular comprehensive vehicle insurance policy; however, in Zuno General’s EV add-on cover, the cover is covered in case of fire due to a specific reason, i.e. stopping the battery charging. is also covered. This is not specifically stated under a regular comprehensive policy and often falls under the gray area, so this gap has been covered through the inclusion of this add-on,” Yadav. Said further.
3. Personal Accident Cover
Under Personalized Accident Cover, customers can add Personal Accident coverage for cases of injury or death resulting from fire, explosion or short circuit at their personal charging station while charging the insured vehicle.
Growing popularity of EV
Electric vehicles are the newest trend in India. The Center has also drafted policies to make EVs more popular. Currently, EVs account for only 4.7 percent of the total automobiles sold in India. But it is expected to cross 10 percent in the next few years. The segment has already seen year-on-year (YoY) growth of over 200 percent in FY23.
880,000 EVs have been sold in India by October 2023. The festive season (October) saw sales of 140,000 EVs across all categories.
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