Rajive Kumaraswami, Managing Director & Chief Executive Officer, Magma HDI General Insurance, elaborating more on the launch said, “We have developed the new product with a vision to commit to sustainable and eco-friendly mobility solutions. We believe this product will help alleviate concerns related to battery insurance, instilling confidence and peace of mind among both current and prospective EV/HEV owners. Through this customized protection, EV and HEV owners will have the specialized coverage they need, thus facilitating the wider adoption of electric mobility.”
Both EVs and HEVs present cost-effective and eco-friendly choices that have garnered widespread appeal, thanks to their technological advancements and impressive sustainability credentials. Nevertheless, the existing insurance products available in the market were mainly designed with internal combustion engine (ICE) vehicles in mind, leading to certain coverage restrictions for EV and HEV owners. Given the distinct components and technologies employed in these vehicles, there is a clear need for specialized insurance solutions to address their unique requirements.
Magma HDI’s new insurance cover for automobiles provides comprehensive coverage for the following scenarios:
1) Repairs or replacement expenses related to the vehicle’s batteries and any associated costs resulting from an unforeseen power surge during the charging process.
2) Compensation for consequential damages stemming from incidents like water ingress or short circuits, which lead to loss or damage to the battery, electric motor, and HEV system.
Battery packs serve as a pivotal element in every EV or HEV, and experts in the field assert that the battery and its associated components make up approximately 45 per cent of the total cost of an electric vehicle. As a result, the expenses related to battery maintenance and replacement play a significant role in shaping the overall ownership experience and cost.
Pankaj Chaudhary
Magma HDI General Insurance Company Ltd.
pankaj.chaudhary@magma-hdi.co.in
