Buying an electric vehicle often involves a lot of research. Buyers compare battery technology, charging options, features, and long-term savings before deciding which model is right for them.
But that same level of scrutiny does not always extend to insurance. Auto insurance can easily become a box to tick at the end of the purchase, with decisions often based on price or the policy recommended at the point of sale.
As vehicles become more sophisticated, however, the way motorists choose their protection needs to evolve with them.
EV Ownership Should Change the Way We Think About Motor Insurance
Car insurance is an important consideration when buying a new vehicle, especially in today’s economic climate. But as vehicles become more advanced, it is equally important to understand what your insurance covers and whether it is suited to the vehicle you are driving.
For EV owners, this can mean looking beyond coverage for accidents or vehicle damage. They may also want to consider services such as towing, roadside assistance, and coverage for the battery, an integral component that powers the vehicle.
“An EV isn’t simply a conventional vehicle with a different power source. Its battery, technology and servicing needs change the ownership experience, and the protection around it needs to recognize those differences.” said Isauro “Jun” Cotoco Jr., Chief of Sales at Malayan Insurance.
What Should EV Buyers Look For?
Rather than comparing policies on premium alone, EV owners can start with three questions: Does the insurer understand my vehicle? Does the policy cover the components and risks that matter most? And can the insurer support me when something actually goes wrong?
Before buying an EV, check whether your specific vehicle is covered and understand what the policy includes. It is also worth asking about towing, roadside assistance, charging equipment, and other services that may be relevant to EV ownership.
If you are switching from a conventional vehicle to an EV, talk to your insurer about updating your coverage to make sure it remains appropriate for your new vehicle.
Keeping Up With EVs
The shift to electric mobility does not only require motorists and automotive manufacturers to adapt. Insurers have a role to play as well. As vehicle technology changes, insurance needs to keep pace with how these vehicles are owned, used, serviced and repaired.
Malayan Insurance has expanded its AutoMaster motorcar insurance to cover eligible Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs).
“Consumers shouldn’t have to become insurance experts simply because their vehicles are becoming more complex. There is also a responsibility on insurers to make protection clearer and more relevant to the vehicles people are choosing today,” Cotoco added.
The transition to electric mobility is changing more than the cars Filipinos drive. It is also an opportunity to rethink how motorists choose to protect them. As vehicles become smarter and more sophisticated, choosing the right insurance should no longer be simply about finding the lowest premium, but understanding the protection behind the price.
