25 September 2024
.jpg?lang=en-US&width=900&height=528 "Income-Insurance-eDrivo-for-EV-with-Emergency-Rescue-charging-benefit-(1).jpg")
Singapore, 25 September 2024 – Income Insurance, one of the leading motor insurers in Singapore, has launched a new motor insurance, eDrivo Car Insurance (eDrivo), with comprehensive electric vehicle (EV) coverage for EVs in Singapore.
More specifically, eDrivo boasts two industry-first benefits – 24/7 emergency mobile rescue and voluntary battery replacement excess – in addition to a comprehensive suite of motor insurance coverage. The differentiated benefits are targeted to address EV owners’ key concerns about ‘Range anxiety’, which is the fear that their EV runs out of charge before completing its journey, as well as the high cost of battery replacement when it gets damage in an accident.
To provide 24/7 emergency mobile rescue service for policyholders whose EV runs out of charge while on the road, Income Insurance has partnered Power Up Tech (P.UP), Singapore’s first and only mobile EV charging service to arrive at the scene with their mobile chargers to provide DC fast charging to the stranded EV. This 30-minute fast-charging service will charge the EV up to 20% battery capacity will provide drivers sufficient charge to drive to the nearest charging station.
The eDrivo Car Insurance also offers other EV benefits such as cyber hacking coverage to protect against loss of damage to the vehicle due to malicious cyber acts, optional coverage for private charging stations of up to $5,000 and unlimited battery replacement in the event of an accident. In addition, Income insurance is providing battery replacement voluntary excess as an optional benefit, a unique offering where policyholders can enjoy a 5% premium discount upfront, and pay $3,000 to replace the damaged battery, in the event of an accident. (please refer to the appendix for the list of key benefits)
By 2040, 80% of passenger vehicles in Singapore are expected to be electric, backed by strong government mandate for all new car registrations to be of cleaner energy models by 2030 and to completely phase out vehicles using internal combustion engines (ICE) by 2040.
The launch of eDrivo Car Insurance is the latest move by Income Insurance in staying agile and inclusive in responding to the changing needs of motorists in Singapore and enabling a complementary EV ecosystem to encourage greater EV adoption.
Cecilia Siah, Head of Motor Business, Income Insurance said, “As Singapore pushes towards sustainable transportation in support of the Singapore Green Plan, motorists in Singapore will be increasingly adopting EVs and we are taking a customer-centric approach to tailor our insurance offerings to meet the real needs of motorists.”
“Targeted research with EV owners in Singapore unveiled that their biggest concerns were being stranded due to the vehicle running out of battery charge and the high cost of battery damage. It also became clear during our research that consumers needed better education on the potential risks of EVs and gaps in their existing insurance coverage — bridging this knowledge and protection gaps could encourage a smoother transition to adopting EVs. We aim to insure all eligible EVs now and in the future as we collectively work towards a more sustainable future for everyone”, she added.
Policyholders of eDrivo Car Insurance will also get access to our dedicated accident response team, Income Orange Force. In the event of an accident, Income Orange Force will be able to advise policyholders on accident reporting procedures and accident claims advisory. To better support policyholder with EVs, our Orange Force ambassadors are also equipped with the knowledge on safety precautions with EVs in the event of accidents.
Singapore, 25 September 2024 – Income Insurance, one of the leading motor insurers in Singapore, has launched a new motor insurance, eDrivo Car Insurance (eDrivo), with comprehensive electric vehicle (EV) coverage for EVs in Singapore.
More specifically, eDrivo boasts two industry-first benefits – 24/7 emergency mobile rescue and voluntary battery replacement excess – in addition to a comprehensive suite of motor insurance coverage. The differentiated benefits are targeted to address EV owners’ key concerns about ‘Range anxiety’, which is the fear that their EV runs out of charge before completing its journey, as well as the high cost of battery replacement when it gets damage in an accident.
To provide 24/7 emergency mobile rescue service for policyholders whose EV runs out of charge while on the road, Income Insurance has partnered Power Up Tech (P.UP), Singapore’s first and only mobile EV charging service to arrive at the scene with their mobile chargers to provide DC fast charging to the stranded EV. This 30-minute fast-charging service will charge the EV up to 20% battery capacity will provide drivers sufficient charge to drive to the nearest charging station.
The eDrivo Car Insurance also offers other EV benefits such as cyber hacking coverage to protect against loss of damage to the vehicle due to malicious cyber acts, optional coverage for private charging stations of up to $5,000 and unlimited battery replacement in the event of an accident. In addition, Income insurance is providing battery replacement voluntary excess as an optional benefit, a unique offering where policyholders can enjoy a 5% premium discount upfront, and pay $3,000 to replace the damaged battery, in the event of an accident. (please refer to the appendix for the list of key benefits)
By 2040, 80% of passenger vehicles in Singapore are expected to be electric, backed by strong government mandate for all new car registrations to be of cleaner energy models by 2030 and to completely phase out vehicles using internal combustion engines (ICE) by 2040.
The launch of eDrivo Car Insurance is the latest move by Income Insurance in staying agile and inclusive in responding to the changing needs of motorists in Singapore and enabling a complementary EV ecosystem to encourage greater EV adoption.
Cecilia Siah, Head of Motor Business, Income Insurance said, “As Singapore pushes towards sustainable transportation in support of the Singapore Green Plan, motorists in Singapore will be increasingly adopting EVs and we are taking a customer-centric approach to tailor our insurance offerings to meet the real needs of motorists.”
“Targeted research with EV owners in Singapore unveiled that their biggest concerns were being stranded due to the vehicle running out of battery charge and the high cost of battery damage. It also became clear during our research that consumers needed better education on the potential risks of EVs and gaps in their existing insurance coverage — bridging this knowledge and protection gaps could encourage a smoother transition to adopting EVs. We aim to insure all eligible EVs now and in the future as we collectively work towards a more sustainable future for everyone”, she added.
Policyholders of eDrivo Car Insurance will also get access to our dedicated accident response team, Income Orange Force. In the event of an accident, Income Orange Force will be able to advise policyholders on accident reporting procedures and accident claims advisory. To better support policyholder with EVs, our Orange Force ambassadors are also equipped with the knowledge on safety precautions with EVs in the event of accidents.
