Zuno General Insurance Introduces Comprehensive Add-On Covers for EVs and Private Charging Stations

Key Takeaways:

• Zuno General Insurance has introduced three industry-first add-on insurance policies for electric vehicles and private charging stations.
• The add-on covers include protection for EV batteries, private charging stations, charging accessories, and personal accident coverage.
• These add-ons address specific causes of fire and damage while the EV battery is charging, which may not be explicitly covered under regular comprehensive vehicle insurance policies.
• The initiative aims to provide comprehensive coverage for EV owners and safeguard against the high cost of replacing EV batteries.

Insurance Covers for Electric Vehicles and Charging Stations

Zuno General Insurance, formerly known as Edelweiss General Insurance, has introduced three new add-on insurance policies aimed at covering electric vehicle (EV) components and private charging stations. These policies are designed to address a perceived gap in the insurance industry and provide comprehensive coverage for EV owners. The add-on covers include:

1. Battery Coverage:

• This add-on provides protection against loss or damage to the insured EV caused by fire, self-ignition, or short circuit while the vehicle is either charging its battery or parked at a charging station.
• It also offers coverage for consequential loss to the battery or its parts due to water ingression or short circuit, safeguarding the insured from the high cost of battery replacement.

2. Private Charging Station Cover:

• This cover includes protection for charging cables, connectors, adapters, and standard charging accessories against accidental damage and theft.
• It also offers comprehensive coverage for privately-owned charging stations used exclusively for charging insured vehicles, safeguarding against fire, theft, and accidental damage.

3. Personal Accident Cover:

• Customers have the option to add personal accident coverage for cases of injury or death resulting from a fire, blast, or short circuit at their private charging station while charging the insured vehicle.

These add-on covers are claimed to be industry firsts and are designed to address grey areas in the EV insurance space. Pooja Yadav, Chief Product Officer at Zuno General Insurance, emphasized the significance of these add-ons in covering specific causes of fire while the battery is charging, which may not be explicitly covered under regular comprehensive vehicle insurance policies.

The relevance of protecting EV batteries from damage due to water is highlighted by the high cost of these batteries. According to an ET report dated March 23, 2023, the cost of a new replacement battery for EV cars could amount to up to 50% of the respective EV car’s cost, making battery replacement uneconomical.

This initiative by Zuno General Insurance is a significant step in addressing the specific insurance needs of EV owners and ensuring comprehensive coverage for their vehicles and charging infrastructure.

FAQ

Q1: What specific components are covered by the add-on insurance policies?

A1: The add-on covers include protection for EV batteries, private charging stations, charging accessories, and personal accident coverage.

Q2: What specific causes of damage are addressed by the add-on covers?

A2: The add-on covers address loss or damage to the insured EV caused by fire, self-ignition, or short circuit while the vehicle is charging its battery or parked at a charging station. They also provide protection against consequential loss to the battery or its parts due to water ingression or short circuit.

Q3: Why are these add-on covers considered industry firsts?

A3: These add-on covers are considered industry firsts as they address specific grey areas in the EV insurance space, providing comprehensive protection for EV owners and their charging infrastructure.