Income Insurance launches new EV policy
Income Insurance launches new EV policy | Insurance Business Asia
Motor & Fleet
Income Insurance launches new EV policy
Policy addresses concerns such as range anxiety, battery replacement cost
Motor & Fleet
By
Steven Byerley
Income Insurance, a motor insurer in Singapore, has unveiled its latest product, eDrivo Car Insurance, a comprehensive motor insurance policy designed specifically for electric vehicles (EVs).
The new policy offers specialised benefits tailored to address the concerns of EV owners, such as range anxiety and the high cost of battery replacement after an accident.
Among the features of eDrivo are two industry-first offerings: 24/7 emergency mobile rescue and voluntary battery replacement excess. The emergency mobile rescue service is aimed at easing range anxiety – the fear of running out of battery charge mid-journey. To address this, Income Insurance has partnered with Power Up Tech (P.UP), Singapore’s first mobile EV charging service. Through this partnership, P.UP will dispatch mobile charging units to EVs stranded on the road, providing 30 minutes of fast charging to restore up to 20% battery capacity, enough to reach the nearest charging station.
The voluntary battery replacement excess allows policyholders to benefit from a 5% premium discount upfront, while covering the cost of replacing a damaged battery for a fee of $3,000 in case of an accident. This is a significant offering, given the often high costs associated with EV battery repairs, Income said in a news release.
eDrivo Car Insurance also comes with additional EV-specific coverage, including protection against cyber hacking that could result in damage to the vehicle, optional coverage of up to $5,000 for private charging stations, and unlimited battery replacement after accidents.
With Singapore’s plan to phase out internal combustion engine (ICE) vehicles by 2040, and a target for 80% of passenger vehicles to be electric by the same year, the launch of eDrivo aligns with the government’s push towards sustainable transportation. As part of this national transition, all new car registrations are required to be cleaner energy models by 2030.
“As Singapore advances toward sustainable transportation under the Singapore Green Plan, we recognize the evolving needs of motorists, particularly EV owners,” said Cecilia Siah, head of motor business at Income Insurance. “Our aim is to offer tailored insurance solutions that address their real concerns.”
Siah noted that targeted research with EV owners in Singapore revealed key concerns around the risk of being stranded due to battery depletion and the high costs associated with battery damage. “By bridging the knowledge and protection gaps, we can facilitate a smoother transition for motorists adopting EVs,” she said.
Policyholders of eDrivo will also benefit from Income’s Orange Force, a dedicated accident response team that provides guidance on accident reporting and claims. The team is trained in handling EV-specific safety protocols, ensuring comprehensive support in the event of accidents.
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