Zurich Kotak General Insurance has launched a new electric vehicle (EV) insurance add-on called EV Protect, the business announced on Wednesday in a media release.
The product, introduced as part of Zurich Kotak’s existing motor insurance portfolio and covers incidents such as power surges, short circuits, water damage, and even charger damage from theft or rodent attacks. Personal accident cover is also included.
Alok Agarwal, Managing Director and Chief Executive Officer at Zurich Kotak General Insurance, noted that a shift is taking place, with consumers preferring sustainable transportation options, which is transforming the auto market dynamics. He also said that the new product aims to provide an “ecosystem of protection” for EV owners.
The timing of the launch coincides with Tesla’s formal entry into the Indian market. Zurich Kotak confirmed that EV Protect will cover Tesla models, alongside other electric vehicles, through a “premium protection plan that ensures your EV stays as cutting-edge on the road as it is under the hood.”
India’s motor line significantly contributes to the growth of the country’s general insurance industry. In May, it contributed ₹75.26bn (US$875m) to the industry, marking an 8.2% year-on-year increase.
