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Electric vehicles (EVs) might seem like an extremely eco-friendly choice right now, but in a few years’ time, they will become the norm. The Singapore government intends to phase out petrol vehicles in line with the Singapore 2030 Green Plan.
By 2030, all new vehicle registrations will be for cleaner-energy models, and if all goes according to plan, there will be double the number of electric vehicles charging points islandwide.
As we speak, the government is rolling out numerous initiatives to encourage the switch to EVs, including tax rebates, reduction of road tax for EVs, a new law requiring new buildings with carparks to install EV chargers and vehicle emissions schemes in favour of EVs.
Switching to an EV could also be a financially smart move as petrol prices have gone through the roof, and early EV adopters are entitled to perks and possibly also lower taxes. And let’s not forget that EVs are better for the environment, which benefits future generations.
Can I just get regular car insurance for my electric vehicle?
As you might already know, car insurance is mandatory for all vehicles. Most insurance plans on the market are currently made with petrol vehicles in mind.
Instead of just going for any regular car insurance plan, it can benefit you to get a car insurance plan that’s made specifically for EVs. While in general, it costs more to insure an EV than a petrol car due to the niche market and uncertainties of the performance of EVs, it is still advantageous to get an EV insurance plan as you might find regular car insurance to be lacking or find yourself unable to fully utilise the features of the plan.
However, as an EV owner, you might be able to recoup the added cost and more through the various benefits and features the plan provides you with. Which brings us to…
An electric car insurance plan that’s tailored to your needs
Electric car insurance is still quite rare on the market, with only a handful of insurers such as Singlife offering such plans at the moment. Rare as such plans might be, if you’re going to drive an EV, it’s a good idea to get one that has features specifically designed for EV owners that will actually be useful to you.
Singlife has an EV car insurance plan tailored to the needs of EV owners, with unique features such as the following:
10% Green discount
Additional Total Loss payout due to accidents during charging – Singlife will pay 110% of your car’s market value at time of loss.
Enhanced loss of use, including an electric replacement car for up to 15 days
Some of these are features that you’d be hard-pressed to find in most standard car insurance plans.
Another perk of Singlife’s electric car insurance is that you’re more likely to enjoy the full green experience of owning an EV.
For instance, if you are unable to use your car following an accident, Singlife’s electric car coverage (Prestige plan only) can equip you with an electric replacement car. This is something electric car owners can totally relate to. You see, if your electric car gives up the ghost, having your insurer provide the same as a replacement car makes for a seamless transition instead of needing to use a regular petrol vehicle that you might not be used to (for example, amending your commute to pump petrol instead of going to your usual charging station and so on). This means there’s minimal disruption to your green lifestyle.
Singlife’s electric car insurance also provides breakdown assistance due to insufficient battery power and insures charging cables, batteries and private charging stations against accidental damage. For the benefit of yet-to-be electric car owners, the battery of an EV is typically the most expensive component of your green ride. It’s also the most important component (d’oh) as it powers your electric car, and yes, it costs a lot to replace…so getting this cost covered by insurance is a must! With Singlife’s electric car insurance, you also get coverage if your electric car battery is lost, stolen or damaged. In addition, private charging stations are super convenient but similarly are costly structures…again, having adequate insurance coverage is also a must!
EV plans are also conceived with green values in mind. For instance, Singlife’s EV insurance plan offers a 10% Go Green discount to reward you for being an early adopter.
Singlife’s EV insurance plan was launched in September 2022 in line with the insurer’s wider sustainability ambitions and in support of Singapore’s transition towards EVs in 2030. Supporting a local insurer whose values correspond with your own will not only help them launch future plans in support of good initiatives, but also enable you to live according to your values.
Most classes of electric cars available for sale in Singapore are covered by Singlife’s electric car insurance plan.
An electric car insurance plan that has stand-out features
As an EV driver, you’ll find that typical car insurance plans you can get out there cover the usual: Accidents and repair, with some covering third-party property damage, complimentary roadside assistance, new-for-old replacement vehicle benefit, and NCD protection. Some are also brand-specific, such as insurance for only Tesla cars, or premiums are charged as per the driver’s usage.
Also, one common fear EV drivers have is that of charging accidents. Afterall, your car is being powered by a powerful battery, which in rare cases might cause an electric shock, a high-voltage fire, a power outage, or even complaints of someone tripping over your charging cables and injuring themselves. Ouch.
In light of this, Singlife’s Electric Car Prestige plan provides an additional Total Loss payout of 10%. This means that if your car gets badly damaged due to an accident during charging and is considered a Total Loss by the insurer, you will receive 110% of its market value at the time of the loss. Car insurers typically only pay out up to 100% of the market value.
That’s not all. Singlife also provides an enhanced Loss of Use cover in the form of a replacement electric car. What this means is that if you purchased their optional Loss of Use cover, they will provide an electric replacement car (subject to availability) for up to 15 days after an accident. Note: This feature is available only for the Prestige Plan.
Time to go green with Singlife’s insurance for electric cars
If you’ve been on the fence about switching to an EV, now is the perfect time.
Not only is the government doling out incentives, but you can also take advantage of Singlife’s EV insurance, which offers perks that can benefit you as an EV owner.
With Singlife’s insurance for EVs, you can enjoy Go Green privileges and up to 41% off your electric car insurance premiums, enabling you to save money as you protect the environment.
Going green has never been this easy with Singlife’s insurance for electric cars. Find out more about the available plans here.
*T&Cs apply. This policy is underwritten by Singapore Life Ltd. MoneySmart is not an insurance agent/intermediary and cannot solicit any insurance business, give advice, recommend any product or arrange any insurance contract. Please direct all enquiries to Singapore Life Ltd. Protected up to specified limits by SDIC.
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Original article: Switching to an EV? What to Look Out for in an Electric Car Insurance Plan.
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