To mark World Environment Day, ICICI Lombard General Insurance has released a revealing report titled "Electric Vehicle Adoption and Its Impact on Motor Insurance." This study highlights how electric vehicles (EVs) are transforming the motor insurance landscape in India, with insights from over 500 EV owners across major metro cities.
Key Findings
A Green Revolution on Wheels
Sustainability is a major driving force, with 77% of EV users motivated by reduced emissions. This eco-consciousness is even higher among younger drivers, reaching 81%. Additionally, 73% of respondents cite lower fuel costs as a key reason for switching to EVs.
Navigating New Challenges
Despite enthusiasm for EVs, challenges remain. Battery charging time is a concern for 61% of owners, followed by limited driving range (54%) and insufficient charging infrastructure (52%). High initial costs also pose a significant hurdle for first-time buyers.
Empowered Choices in EV Insurance
Awareness of EV-specific insurance is high, with 91% of consumers informed about these policies. Premium cost and claim settlement experience are crucial factors in choosing insurance. Consumers prioritize comprehensive coverage, including 24/7 roadside assistance and battery replacement.
A Testament to Excellence
ICICI Lombard is a leading EV insurance provider, with 90% of their customers expressing satisfaction. Over 80% of claimants report high satisfaction with the claim settlement process, and 77% commend the expertise of surveyors.
Moving Forward
The report highlights the need for early consumer education on EV insurance benefits. As ownership tenure increases, so does awareness of essential insurance terms. ICICI Lombard is set to continue leading with customer-centric innovations and superior service.
