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A contract between an individual and the insurance provider is known as EV insurance which safeguards them against financial loss in the case of an accident or theft. The insurance provider promises to cover their losses in accordance with your policy’s terms in return for a premium payment from them.
The following are covered by EV insurance: Property – such as your car being stolen or damaged. Liability is your legal obligation to others in the event of their physical harm or property damage. Medical costs include those associated with injury treatment, rehabilitation, occasionally lost earnings, and burial costs.
Policies are often issued for periods of six months to one year and are renewable. When it’s time to renew the coverage and pay your payment, the insurance provider notifies you.
The Taiwan 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 order to cover electric cars and offer a variety of services to help clients electrify their fleets, Allianz Insurance has improved its Motor Fleet (15 or more vehicles) and Small Fleet (4-14 vehicles) products.
The specialised EV cover comes with third-party liability coverage while the vehicle is being charged as well as damage insurance for cables, connectors, and electric wall boxes that are housed on the insured’s property or at the employee’s home (with the insured’s consent).
Allianz has also future-proofed its phrasing and clarified some current cover and restrictions in light of rising vehicle automation and connectivity. In addition to lowering CO2 emissions, this can enhance electric vehicles’ battery range and fuel usage. Additionally, both parties offer risk management services that are beneficial to both fleet managers and drivers.