Magma HDI General Insurance introduces the ‘Battery Secure Add On’ for privately owned vehicles. Details here

livemint.com:

electric vehicles (EVs) and hybrid electric vehicles (HEVs) in India now have the opportunity to access a tailored insurance offering designed exclusively for their vehicle batteries. Magma HDI General Insurance (Magma HDI) has introduced the ‘Battery Secure Add On’, an insurance product explicitly crafted to protect the batteries of EVs and HEVs.

Rajive Kumaraswami, Managing Director & Chief Executive Officer, Magma HDI General Insurance, elaborating more on the launch said, “We have developed the new product with a vision to commit to sustainable and eco-friendly mobility solutions. We believe this product will help alleviate concerns related to battery insurance, instilling confidence and peace of mind among both current and prospective EV/HEV owners.

Through this customized protection, EV and HEV owners will have the specialized coverage they need, thus facilitating the wider adoption of electric mobility." Both EVs and HEVs present cost-effective and eco-friendly choices that have garnered widespread appeal, thanks to their technological advancements and impressive sustainability credentials. Nevertheless, the existing insurance products available in the market were mainly designed with internal combustion engine (ICE) vehicles in mind, leading to certain coverage restrictions for EV and HEV owners.

Given the distinct components and technologies employed in these vehicles, there is a clear need for specialized insurance solutions to address their unique requirements. Magma HDI’s new insurance cover for automobiles provides comprehensive coverage for the following scenarios: Battery packs serve as a pivotal element in every EV or HEV, and experts in the field assert that the battery and its associated components make