Insurer launched insurance covers with add-on for damage to EV battery while charging
MAS Team | 23 November 2023
Zuno General Insurance, formerly known as Edelweiss General Insurance, has introduced three innovative add-on covers for electric vehicle (EV) insurance policies. Positioned as industry firsts, these additions cater to unique needs in the evolving landscape of EV insurance.
It covers loss or damage to the insured EV due to fire, self-ignition, or short circuit while charging its battery or parked at a charging station. This cover, according to Zuno General Insurance, addresses a specific gap in the market. While regular comprehensive vehicle insurance policies cover fire damage, Zuno's EV Add-On extends this to include fires occurring during battery charging—a crucial distinction .The battery coverage add-on not only shields against direct damage but also includes protection for consequential loss to the battery or its components caused by water ingress due to insured peril or a short circuit.
Protection for charging cables, connectors, adapters, and standard charging accessories against accidental damage and theft. Comprehensive coverage for privately-owned charging stations dedicated to charging insured vehicles. This add-on specifically applies to privately-owned charging stations used exclusively for charging insured vehicles. The comprehensive protection encompasses fire, theft, and accidental damage.
Customers can opt for personal accident coverage, offering financial protection in cases of injury or death resulting from a fire, blast, or short circuit at their private charging station during the EV charging process.
Zuno General Insurance designed these add-on covers to fill critical gaps in the EV insurance domain. The personal accident cover, in particular, enhances the scope of protection, acknowledging potential risks during the charging phase.
Safeguarding EV batteries from water damage assumes significance considering the substantial cost associated with replacing these components. Reports indicate that a new replacement battery for EVs could reach up to 50% of the car's original cost, making battery protection a crucial aspect of EV insurance.
High replacement costs often render the replacement of EV batteries economically unviable, underscoring the importance of preventive measures, such as the ones covered by Zuno General Insurance's innovative add-ons.
Zuno General Insurance's strategic approach to address nuanced aspects of EV insurance positions it at the forefront of insurance innovation, marking a significant leap in aligning coverage with the dynamic needs of electric vehicle owners.