Government Initiatives and New Product Launches are Driving the Global EV (Electric Vehicle) Insurance Market Growth

The EV insurance market is anticipated to grow at an exponential CAGR of 27.81% during the forecast period (2024-2031). The market growth is driven by the increasing EV sales across the globe, and the rising government initiatives to promote large-scale EV adoption and support sustainability. The EV insurance market is segmented by coverage (first-party liability coverage, third-party liability coverage, and others), by vehicle age (new vehicle and used vehicle), by application (personal and commercial), and by distribution channel (insurance companies, banks, insurance agents/brokers, and other financial institutions), and by geography (North America, Europe, Asia-Pacific, and the Rest of the World).

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The major companies serving global EV Insurance include Allianz SE, Allstate Insurance Company, AXA Insurance Ltd, Liberty Mutual Insurance Company, and Progressive Casualty Insurance Company among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions, contributing significantly to the market growth. For instance, in 2023, Aksigorta launched e-kasko, a comprehensive electric vehicle package, in Türkiye. The plan covers the consumers against the risk of incorrect charging, towing costs to a repair shop, coverage against theft of charging equipment, damage caused by third parties, battery coverage, and support for running out of charge.

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Recent Developments

In January 2024, Fairfax Financial-promoted online non-life company Digit Insurance launched an add-on cover named 'EV Shield'. It offers an array of protections for electric vehicles, including coverage for damage to the battery or electric motor resulting from accidents or external factors, and expenses associated with repairing or replacing batteries affected by water ingression or short circuits. The company offers three optional additional coverages under the EV Shield, including, coverage against, loss or damage to the charging point's electrical panel, damage to EV chargers both mounted and portable chargers, arrangement of portable mobile generator in case of charge depletion or swapping the vehicle's battery if it is replaceable.

In November 2023, Zuno General Insurance launched the Electric Vehicle (EV) Add-On Cover. It provides comprehensive protection for electric vehicles. The cover includes three essential components- private charging station cover (industry first), personal accident cover - a pioneering addition to enhancing EV owners' safety (industry first), and battery coverage.

In May 2022, in an attempt the boost EV adoption in India, the Ministry of Road Transport and Highways, in consultation with the Insurance Regulatory and Development Authority of India published Motor Vehicles (Third Party Insurance Base Premium and Liability) Rules, 2022 vide notification dated 25.05.2022. The rules came into force on 1st June 2022. According to the rules, a discount of about 15 % and 7.5% on the premium has been allowed for electric and hybrid electric vehicles, respectively.

In April 2023, ACKO General Insurance launched an 'Extended Battery Warranty' plan targeting electric vehicle (EV) owners. The plan has been developed in collaboration with Ola Electric and Ather Energy. It boosts EV affordability by enabling banks to lengthen loan terms and reduce monthly installments. The policy safeguards battery life for up to four or five years and provides performance coverage for up to 60,000 km. Additionally, it covers EV components and batteries and is transferable to a new owner in the event of a sale, boosting resale value.

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