Digit Insurance, one of India’s leading digital full-stack insurance firms, announced the launch of a complete EV Shield add-on cover under its Motor Own Damage policy for four- and two-wheeler electric and hybrid vehicles.
Digit has introduced a specific add-on cover to meet increased demand and handle the unique insurance needs of electric vehicles. The add-on cover offers three optional coverages for EVs, including protection against loss or damage to the electrical panel, car charger, and charging cable, as well as roadside assistance.
The add-on will cover damage to the battery or electric motor caused by an accident or external methods, as well as any costs paid for battery repair or replacement due to water infiltration and short circuit. The add-on will be available under a vehicle’s Motor Own Damage policy and will include all relevant vehicle coverages, just like any Internal Combustion Engine (ICE) car.
Speaking about the launch of EV-specific add-on coverage, Mayur Kacholiya, Head – Motor Product, Digit General Insurance, said, “Our new EV-specific add-on coverage is designed to meet the evolving changes and needs of EV vehicle owners. The severity of damage among EVs can be higher and the repairs for the same can be costly due to expensive components and need for specialised automotive technicians. The specialised add-ons along with additional coverages will provide EV owners the much-needed protection and address the nuanced issues of electric vehicles.”
The additional coverage option will present customers with three elective coverages aimed at delivering comprehensive protection for their vehicles. These three coverages encompass:
Electrical Panel for Vehicle Charging Point: This coverage addresses the potential financial impact of damage or loss to the charging point electrical panel of a two-wheeler EV, which can constitute a significant percentage (8%-15%) of the overall vehicle cost. Protection extends to various scenarios, including damage or loss resulting from animal attacks or scratches.
Vehicle Charger and Charging Cable: Recognizing the substantial cost associated with EV chargers and their accompanying cables, this add-on coverage safeguards against potential losses amounting to tens of thousands of rupees. This protection applies to both mounted and portable chargers, offering customers comprehensive coverage for these crucial components.
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EV Roadside Assistance: Given the limited charge range of EVs, the likelihood of requiring roadside assistance is higher. This coverage provides a solution by enabling customers to arrange for a portable mobile generator in the event of a depleted charge. For vehicles with swappable batteries, the coverage also facilitates battery replacement with a charged one. Additional services include towing and other roadside assistance measures to ensure comprehensive support for EV owners.
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