Income Insurance has unveiled today its latest product, the eDrivo Car Insurance, specifically designed for electric vehicles (EVs) in Singapore.
This new motor insurance introduces a range of coverage options aimed at addressing the unique concerns of EV owners, particularly those related to battery performance and high replacement costs.
Key among the offerings is an industry-first 24/7 emergency mobile charging service. According to the insurer, policyholders whose EVs run out of charge while on the road can access fast charging through a partnership with mobile EV charging services provider Power Up Tech (P.UP).
The service also offers a 30-minute DC fast charge, restoring up to 20% battery capacity which aims to allow drivers to reach the nearest charging station. However, it is important to note that this benefit is available only once per insurance period and does not apply to AC charging cars, Income said.
Another feature mentioned by the insurer is the optional battery replacement voluntary excess, which provides policyholders with a 5% premium discount while allowing them to replace damaged batteries for a fee of SG$3,000 in case of an accident. Income Insurance also offers coverage for cyber hacking, up to SG$5,000 for private charging stations, and unlimited battery replacements under specific conditions.
Cecilia Siah, Head of Motor Business at Income Insurance, remarked, “As Singapore pushes towards sustainable transportation in support of the Singapore Green Plan, motorists in Singapore will be increasingly adopting EVs and we are taking a customer-centric approach to tailor our insurance offerings to meet the real needs of motorists.”
Siah also highlighted that Income’s research had revealed that “consumers needed better education on the potential risks of EVs and gaps in their existing insurance coverage,” which the company aims to address through eDrivo.
