Zuno General Insurance Revolutionizes EV Coverage with Innovative Add-Ons
Zuno General Insurance, previously known as Edelweiss General Insurance, has introduced three new add-ons for electric car insurance. These additions will help with private charging stations, charging accessories, and protection during charging, making them stand out in the industry. One crucial thing is Battery Coverage, which helps if there’s damage during charging or at a charging station. Pooja Yadav, Chief Product Officer, says it fills a gap in regular insurance. The goal is to deal with uncertainties in electric car insurance and give good protection. These new things also help in specific situations, like if electric car batteries get damaged by water, which can be expensive to replace, sometimes up to half the car’s total cost.
We covered what no one else does, check out this article that talks about our new Add-ons.https://t.co/R2VHOKvU6O
— Zuno General Insurance (@hi_zuno) November 24, 2023
Three Insurance Policy Add-Ons for EV
I. Battery Coverage
- Protects against loss or damage to the EV during battery charging or while parked at a charging station due to fire, self-ignition, or short circuit.
- Covers specific fire causes during battery charging, addressing a gap not explicitly covered by regular comprehensive policies.
- It offers protection for consequential loss to the battery or parts caused by water ingression or short circuit.
II. Private Charging Station Cover
- Includes coverage for charging cables, connectors, adapters, and standard charging accessories against accidental damage and theft.
- Privately owned charging stations, exclusively used for charging insured vehicles, receive comprehensive protection.
- It provides protection against fire, theft, and accidental damage for private EV charging stations owned by the insured individual.
III. Personal Accident Cover
- Allows customers to add personal accident coverage for injuries or death resulting from fire, blast, or short circuit at their private charging station during EV charging.
Benefits of Electric Vehicle Insurance Coverage to EV Charging Station Owners
Closing Insurance Gaps in EV Charging
Zuno General Insurance’s innovative add-ons bridge existing voids in EV insurance policies. These extra coverages focus on risks when charging, giving protection not usually in regular insurance. This initiative addresses uncertainties and adds extra reassurance for EV owners.
Mitigating Concerns Over High EV Battery Costs
Zuno’s insurance now covers damage from water or short circuits, which is a big concern for electric car owners. This helps because replacing batteries can be costly. Zuno’s insurance makes it easier on the wallet for electric car owners by protecting them from these specific problems.
Elevating Safety Standards for EV Owners
Zuno’s thorough approach doesn’t just cover individual cars but also protects private charging setup items, like cables and accessories. This effort raises the safety standards for electric vehicle (EV) owners.
Potential Boost in Confidence for EV Insurance Adoption
Zuno’s custom insurance options could make electric vehicle (EV) owners more confident about getting insurance as the industry deals with specific challenges. Having special coverage might convince more people to insure their electric cars and charging stations.
Paving the Way for Specialized EV Insurance
Zuno General Insurance’s strategic move sets a precedent within the insurance landscape. By pioneering specialized EV insurance coverage, it opens avenues for other insurers to follow suit. This trend could contribute significantly to the growth and maturity of the EV insurance market, fostering competition and innovation within the sector.
Conclusion
Zuno General Insurance has taken a proactive approach by introducing new add-ons for electric vehicle insurance. These additions address specific risks related to EVs and charging infrastructure by bridging gaps and easing worries about battery expenses. This initiative enhances safety standards, potentially increasing confidence in adopting EV insurance. It could also pave the way for more progress in specialized coverage within the industry.
