Electric Vehicle Insurance in Singapore – All you need to know
Car Insurance | Insuranceby Priyadarshini 18 December 2021
Naturally, Singapore is on track to increase the number of electric car charging stations by 2030. Find out all you need to know about electric car insurance in Singapore if you own or plan to acquire an electric car. In this blog, we tell you about EV Insurance in Singapore.
Factors For EV Insurance in Singapore
Insurance companies believes that automobiles still run on liquefied dinosaurs. Only a few insurance companies cover electric vehicles as of August 2021. Because there are fewer options, it is more difficult for consumers to compare vehicle insurance. Only three companies actively ensure electric vehicles — AXA, Liberty Insurance, and NTUC Income. And their pricing structures are vastly diverse. It’s even more distressing to realize that the cost of your auto insurance is determined by a variety of factors.
Related – Personal accident insurance policy
The premium is determined by the manufacturer and model of your vehicle
As if your personal information wasn’t enough of a factor in the cost of your auto insurance, the model and make do as well. In general, if your car is of higher quality, your insurance rate would be higher as well.
Usage-based insurance (UBI)
Given that electric vehicles aren’t as common in Singapore as ICE vehicles. We like the concept of usage-based insurance or UBI. The main concept behind UBI is that you pay less since you drive less. It’s especially important if you possess an electric car for the occasional grocery run or fun drive around the island. But choose another mode of transportation for your usual commute if you choose UBI.
In Singapore, only NTUC Income now provides UBI. This is only available for electric vehicles, and it provides a comprehensive third party with fire and theft, or third party alone coverage.
Distance tracking is measured by a gadget put on your electric car’s OBD port, which connects directly to the odometer. This ensures precise tracking without the use of measures such as cell phone apps or GPS.
Certain items are not covered by insurance
Interestingly, reading through the NTUC Income policy wording finds that its UBI coverage does not include battery failures or defects by default – you’ll need to add on the maintenance package, which provides a complete list of the car parts that could fail for whatever reason.
It’s a similar tale with AXA, which only covers accidents, acts of God, and unpredictable calamities. That begs the question of whether it will cover issues like electric car malfunctions, which you may have to take up with the car manufacturer and pay for out of pocket. These are some of the important factors for EV in Singapore.