Income Insurance introduces new EV plan, ‘range anxiety’ coverage

The plan has optional coverage for private charging stations up to $3,880.90.

Income Insurance has launched eDrivo Car Insurance, a new motor insurance plan designed for electric vehicle (EV) owners in Singapore. 

The policy includes "range anxiety" and the high cost of battery replacement.

“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,” Cecilia Siah, head of Motor Business at Income Insurance said.

“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.

The plan introduces two industry-first features: a 24/7 emergency mobile rescue service and voluntary battery replacement excess. Policyholders can opt for a voluntary battery replacement excess, which provides a 5% premium discount, whilst requiring a payment of $2,328.54 (S$3,000) for battery replacement in case of damage.

Partnering with Power Up Tech, Singapore’s only mobile EV charging service, eDrivo offers fast DC charging for stranded EVs. The 30-minute service provides up to 20% battery capacity, allowing drivers to reach the nearest charging station.

The plan also includes cyber hacking protection, optional coverage for private charging stations up to $3,880.90 (S$5,000), and unlimited battery replacement in the event of an accident. 

With the Singapore government’s goal to phase out internal combustion engine vehicles by 2040, eDrivo supports the transition to electric vehicles. By 2040, 80% of passenger vehicles in Singapore are expected to be electric.

($1.00 = S$1.29)