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Electric vehicle insurance provides financial protection for cars against liabilities such as theft, fire, riots, natural disasters, unintentional damage, and third-party injuries or property damage.
Avoiding costly repair expenses and fines enforced by the law is beneficial. A good electric car insurance coverage will help you avoid paying out-of-pocket costs.
EV adoption will be aided by falling EV pricing, longer battery life, and enough infrastructure for charging them, which will expand the market for EV insurance concurrently.
The fast, worldwide expansion of EVs is the most urgent issue facing the business right now as it undergoes an unparalleled period of change. The insurance sector needs to make sure it keeps up with the evolving motor vehicle scenario.
The Malaysia EV Insurance Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.
In Malaysia, CTOS, a well-known credit reporting organisation, plans to join the auto insurance market by extending the scope of its current services to include insurance protection for motor vehicles.
CTOS IDS Sdn Bhd, a subsidiary firm, has introduced CTOS Car Insurance, an online platform for auto insurance and road tax renewal.
The new service is a joint venture with the insurance technology company Polisea Sdn Bhd, which runs PolicyStreet.com.
In order to help drivers locate the best offers available, CTOS Car Insurance is supposed to offer a quick and hassle-free way to compare the prices of plans from more than ten different insurance companies in a matter of minutes.
Motorists may save money by comparing rates from a variety of insurance, according to CTOS IDS. The first insurer in the world to provide a plan that covers battery performance is Munich Re.
The solution enables producers in the thriving battery industry to provide long-term performance guarantees, the worth of which is supported by insurance coverage. Battery manufacturers are now able to insure their customer warranties in the new coverage.
For instance, the insurance will cover the remaining expenses if the repair or replacement of weak or damaged battery modules costs more than a certain amount. As a result, manufacturers’ balance sheets may be freed up.
Because the insurance cover caps the maximum expenses for any warranties, obtaining project finance will also be simpler. For investors, this is a distinctive quality. With the help of the product, battery capacity deployment for manufacturers may be accelerated.
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