SINGAPORE - Great Eastern, an insurer under the OCBC Group, has introduced a motor insurance policy which covers risks associated with charging an electric vehicle at home - the first here to do so.
Mr Tong said the three areas of coverage are unique to Great Eastern, and come on top of the usual protection offered in a car insurance policy. Mr Tong pointed out that a home owner’s existing fire insurance may not cover damage arising from an EV blaze. The premium for Great Eastern’s EV policy will depend on factors such as driver profile and age, but Mr Tong said it would likely be “20 to 30 per cent higher” than the premium for an equivalent internal combustion engine vehicle.
He does not have a target market share with the new EV policy, although he is confident of outperforming its current motor insurance market share.There are more than 20 motor insurers in Singapore, but only eight are known to offer coverage for EVs. Out of that, only one other is known to address EV fire risks. Singlife’s Prestige package pays 110 per cent of an EV’s market value at time of loss caused by “fire or explosion during charging”.up from one in 2021.
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