Income Insurance has unveiled its new eDrivo Car Insurance, specifically tailored for electric vehicle (EV) owners in Singapore. This plan addresses common concerns such as “range anxiety” and the significant costs associated with battery replacements.
Cecilia Siah, head of Motor Business at Income Insurance, emphasized that research conducted with local EV owners revealed that fears of being stranded due to low battery and the high expense of battery damage were paramount. “Our findings indicate a strong need for enhanced education about the risks associated with EVs, as well as addressing existing gaps in insurance coverage. By bridging these gaps, we can facilitate a smoother transition to EV adoption,” she stated.
The eDrivo policy introduces two groundbreaking features: a 24/7 emergency mobile rescue service and a voluntary battery replacement excess option. The latter allows policyholders to receive a 5% premium discount while committing to a payment of S$3,000 (approximately $2,328.54) for battery replacements if damaged.
Additionally, in collaboration with Power Up Tech, Singapore’s only mobile EV charging service, eDrivo provides rapid DC charging for stranded EVs, offering a 30-minute service that can restore up to 20% battery capacity, enabling drivers to reach the nearest charging station.
The plan also features cyber hacking protection and optional coverage for private charging stations, up to S$5,000 ($3,880.90), as well as unlimited battery replacement in case of accidents.
With the Singapore government aiming to eliminate internal combustion engine vehicles by 2040, the eDrivo plan supports the transition toward a sustainable future, projecting that 80% of passenger vehicles in Singapore will be electric by that year.
(Exchange rate: $1.00 = S$1.29)
Related topics:
