An insurance plan was launched by ACKO General Insurance to make electric vehicles (EVs) more affordable in the country. In collaboration with Ola Electric and Ather Energy, the private insurer’s “Extended Battery Warranty Plan” offers performance coverage for up to 60,000 kilometers.
Additionally, the Extended Battery Warranty Plan guarantees battery life for up to four to five years. Notwithstanding the battery, the arrangement additionally covers EV parts. The arrangement is adaptable to the new EV proprietor if there should be an occurrence of offer. Due to the cost visibility factors for the battery and other components, it can also boost the EV’s resale value.
ACKO Vice President of Motor Underwriting Animesh Das referred to India’s move toward electric vehicles as “an aggressive growth story,” which has led to an increase in customer protection solutions’ demand.
He also referred to a company report that stated that 79% of respondents supported customer protection. Additionally, the report stated that 67% of electric vehicle owners desired an insurance policy for their vehicles.
This is a positive sign from modern customers who have evolved preferences and want to use eco-friendly, ecosystem-safe alternatives. With our partnership, OEMs will be better able to address customer concerns about the electric vehicle’s longevity and performance, we are confident. Das stated, “This will in fact make our customers’ lives easier and encourage a rapid adoption of EVs across the nation.”
The goal of ACKO’s Extended Battery Warranty Plan is to reassure customers who are concerned about the performance and battery life of electric vehicles. The company is of the opinion that collaborating with original equipment manufacturers (OEMs) will raise the price of electric vehicles in the nation. The loan period will be extended by banks, resulting in lower monthly payments for electric vehicles.
It can also address issues in the electric vehicle industry while providing customers with a comprehensive insurance plan.
“Is the Future Electric?” claims that – According to a report by ACKO and YouGov India, 49% of owners of electric vehicles believe that the cost of replacing the batteries is a significant cost of ownership.
The majority of people who own electric vehicles think that how they charge the vehicle is a big part of how long the battery lasts. Sixty-six percent of respondents assumed that an electric vehicle’s battery life ranged from two to five years.
