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ACKO announces insurance for EV batteries

The policy allows banks to extend loan terms and decrease monthly payments to increase the affordability of EVs.
PrashantPrashant17-Apr-23 4:50 PM
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ACKO announces insurance for EV batteries

Targeting owners of

electric vehicles

(EVs), the private insurer ACKO General Insurance introduced its "Extended Battery Warranty" plan on Monday. The policy allows banks to extend loan terms and decrease monthly payments to increase the affordability of EVs.


The increasing adoption of EVs across the country would be aided by this, according to Animesh Das, VP of Motor Underwriting at ACKO.


The first-ever policy on battery insurance ensures performance coverage for up to 60,000 km and protects battery life for up to four or five years. According to a press statement from ACKO, the comprehensive plan also protects EV parts in addition to the battery and is transferable to a new owner in the event of a sale, increasing resale value.


The insurance programme, which was created in partnership with

Ola Electric

and Ather Energy, is a component of ACKO's larger ambition to build an EV infrastructure by working with OEMs and offering clients complete insurance packages.


"The Indian journey of the EV is a tale of relentless expansion, which has fueled consumer desire for tailored protection solutions”. 79% of the respondents to our research report indicated a need for these solutions, according to Das.


The report also highlighted the desire of 67% of EV owners to get an insurance policy to go along with their vehicles.


According to ACKO, "This will alleviate the current annoyances and result in a radical disruption in the rapidly developing EV industry."


According to a statement from the insurer, ACKO intends to keep upsetting the EV market by launching cutting-edge solutions and investigating joint ventures with a number of other OEMs to provide comprehensive coverage for EVs.


With EV sales surpassing 10 lakh units in FY23, India's EV industry is booming thanks to strong demand. In FY23,

two-wheelers

accounted for the majority of EV sales.


The Society of Manufacturers of Electric Vehicles (SMEV) claims that manufacturing has slowed as a result of FAME-II subsidy disbursement delays.


The subsidy supports the production of 10 lakh electric

two-wheelers,

5 lakh electric three-wheelers, 55,000 electric four-wheelers, and 7,000 buses by allowing on-road pricing to be reduced by about 35%. Under Fame-II, an additional 10,000 crore has been set out for EV charging stations. At least 64 EV manufacturers had signed up to earn subsidies as of October 2022.



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