Income Insurance has unveiled its latest offering, the eDrivo Car Insurance, tailored specifically for electric vehicle (EV) owners in Singapore. This innovative policy includes unique features aimed at alleviating concerns about “range anxiety” and the costly battery replacements that can accompany EV ownership.
Cecilia Siah, head of Motor Business at Income Insurance, noted that research conducted with local EV owners highlighted their primary fears: being stranded due to depleted battery charge and the financial burden of battery damage. “Our findings emphasized the need for enhanced consumer education regarding the risks associated with EVs and gaps in existing insurance coverage,” Siah explained. She believes addressing these issues can facilitate a smoother transition to EV adoption.
The eDrivo plan introduces two unprecedented features: a 24/7 emergency mobile rescue service and a voluntary battery replacement excess option. Policyholders can choose a 5% premium discount by opting for a voluntary excess that requires a payment of S$3,000 (approximately $2,328.54) for battery replacements in the event of damage.
In collaboration with Power Up Tech, Singapore’s only mobile EV charging service, eDrivo offers rapid DC charging for stranded vehicles. This service can restore up to 20% battery capacity in just 30 minutes, enabling drivers to reach the nearest charging station.
Additional benefits of the eDrivo plan include cyber hacking protection, optional coverage for private charging stations up to S$5,000 (approximately $3,880.90), and unlimited battery replacements in the event of an accident.
With the Singapore government aiming to phase out internal combustion engine vehicles by 2040, the eDrivo plan aligns with the initiative to increase the number of electric vehicles on the road. By that year, it is anticipated that 80% of passenger vehicles in Singapore will be electric.
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