ACKO – one of the leading private insurers has launched the “Extended Battery Warranty” plan for EV (Electric vehicle) owners. The plan is developed in collaboration with OLA Electric and Ather Energy. The move is strategic with the rising growth in the number of people opting for electric vehicles. The insurance on the battery enables the banking sector to improve the affordability of electric vehicles by reducing EMIs and increasing the loan tenure. The details of the insurance policy are as below – 

Key Features of the “Extended Battery Warranty” Insurance Plan by ACKO –

  1. The policy provides insurance for the battery for up to 4-5 years.
  2. It covers performance coverage for up to 60,000 km.
  3. The policy covers EV components as well alongside the battery.
  4. The policy can also be transferred to a new owner, hence boosting the resale value.

The battery is one of the most expensive components of an electric vehicle, and any damage to it can result in significant repair costs. Acko's battery insurance plan aims to provide affordable and comprehensive coverage to EV owners, giving them peace of mind and protection against unexpected expenses.

This move by ACKO reflects the growing popularity of electric vehicles in India and the need for innovative insurance solutions to cater to the specific requirements of EV owners. It will be interesting to see how this new product is received by the market and whether it encourages more people to switch to electric vehicles.