Digit Insurance, a leading digital insurance company originating from India, recently introduced a new comprehensive cover called EV Shield for electric and hybrid vehicles in its motor vehicle specific property insurance policy. Recognizing the growing demand in the Indian market for electric vehicles (EVs), Digit aims to meet the unique insurance needs of EV owners.
With an impressive increase in sales, the electric vehicle market in India has seen a significant growth of 1.5 million electric vehicles between January and December 2023. As this trend continues, experts believe that the Indian electric vehicle market could become a $266 billion industry by 2030, with around 10 million electric vehicles sold annually.
The new comprehensive coverage includes three optional options that address different issues specific to electric vehicles. These coverages include protection against damage to the vehicle’s electrical charging point, the vehicle’s charger (including the charging cable), and specialized roadside assistance services suitable for electric vehicles.
In the event of an accident or damage caused by external factors, the additional coverage will protect against battery or electric motor loss. It will also cover expenses related to water infiltration, short circuits, as well as battery repair or replacement. Importantly, the additional cover will provide all the essential protections for electric vehicles similar to those provided for internal combustion engine (BMW) vehicles.
Mayur Kacholiya, head of motorized products at Digit General Insurance, points out that the severity of damage to electric vehicles can often be higher, leading to costly repairs due to complex components and the need for specialized automotive technicians. Specific supplemental coverage for electric vehicles aims to address these challenges and provide much-needed protection for electric vehicle owners.
In addition to the main coverage, the additional coverage also offers three optional options to improve the overall level of vehicle protection.
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2024-01-21 05:15:14
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