Digit Insurance launches comprehensive EV Shield add-on cover

Mumbai, Jan 16: Digit Insurance, one of India’s leading digital full-stack insurance companies, announced it has launched a comprehensive EV Shield add-on cover under its Motor Own Damage policy for four-wheeler and two-wheeler electric and hybrid vehicles.

The Indian EV market has seen a significant growth with Jan-December 2023 period seeing sales of 15.29 lakh electric vehicles%. A specific add-on cover has been launched by Digit to meet this rising demand and address the unique insurance needs of EVs. India's EV market is pegged to become a $266 billion market* with projected sales of 1 crore^ EVs per year by 2030.

The add-on cover will come with three optional additional coverages to protect against any loss or damage to electrical panel for vehicle charging point, vehicle charger including charging cable, and also offer roadside assistance services specific to EVs.

The add-on will cover damages to battery or electric motor due to accident or external means, and also pay for any expenses incurred for repair or replacement of the battery due to water ingression and short circuit. The add-on will be offered under the Motor Own Damage policy of a vehicle and will provide all relevant vehicle coverages similar to any Internal Combustion Engine (ICE) vehicle.

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 add-on cover will also offer three optional coverages to the customers to provide comprehensive coverage to the vehicles.