World Environment Day: 91% Indians Know Of EV-Specific Insurance, 61% Concerned About Battery Charging

Despite the inclination towards widespread EV adoption, many are concerned over battery charging time and limited driving range, among others
91% Indians Know Of EV-Specific Insurance
91% Indians Know Of EV-Specific Insurance

A vast majority of Indians are choosing electric vehicles (EVs) keeping in mind aspects of sustainability and reduced emissions as a part of their climate-conscious goals, but most are concerned about battery charging time.

A research by ICICI Lombard General Insurance shows that while 71 per cent of the 500 EV owners surveyed across major Indian cities were choosing EVs, about 61 per cent of them were particularly concerned over battery charging time.

“With India aiming to attain net zero status by 2070, EV mobility will see a definite rise. Studies indicate 70 per cent of all vehicles will be EV by 2030. We have been observing a mind-set shift from consumerism to minimalism and increased accountability towards environment conservation,” Sheena Kapoor, head marketing, corporate communications and CSR, ICICI Lombard said in a statement.

Generational Momentum Towards EV Adoption

The report finds that the younger generation is more likely to be motivated by the ecological advantages of EVs while making their buying decisions. Around 77 per cent of EV users say they are motivated by the promise of reduced emissions. Among younger drivers, the eco-consciousness reflects with 81 per cent choosing to drive EVs – a show of generational shift towards greener choices.

Why Are People Switching To EVs?

About 70 per cent of male owners say they are more inclined towards ‘fuel cost reduction’ for making the switch to EVs. Moreover, ‘ease of charging stations’ is also a big factor for recent buyers as compared to those who purchased an EV (car owners) a year earlier, the study says.

EV-Specific Motor Insurance

A huge 91 per cent of EV owners are aware of the EV-specific motor insurance policies, according to the survey.

The study also finds that EV drivers are willing to invest in comprehensive coverage, with 24/7 roadside assistance wherein ‘battery replacement’ tops their wish list. Premium cost and claim settlement experience are the top-two factors of consideration for drivers before purchasing EV insurance. However, awareness of the charging station damage coverage is the least among EV users, the report finds.

Interestingly, males (71 per cent) and older customers above the age of 36 (72 per cent) are willing to pay an extra premium for 24x7 roadside assistance.

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