ACKO partners with Ola, Ather to provide EV Battery Insurance Plans
In its continuous efforts to bring a transformation in the EV industry, ACKO has rolled out a unique Extended Battery Warranty plan in partnership with Ola and Ather.
The EV market has seen its all-time high in 2022 with a 223 per cent growth in its Electric Vehicle sales. This is further likely to grow at a CAGR of 44.5 per cent between 2020 and 2025. Despite the soaring demand, customer apprehensions on multiple factors are posing as detrimental to the vast adoption of Electric Vehicles.
According to a research report by ACKO and YouGov India- ‘Is the Future Electric?’, over 49 per cent of EV car owners believe that battery replacement costs form a substantial part of EV ownership. Additionally, while 66 per cent of the respondents assume that battery life only lasts between two to five years, a majority of EV users believe that charging behaviour has a definite role to play in the vehicle's battery life.
With this insight, ACKO seeks to create an infrastructure for the EV landscape by partnering with OEMs and offering comprehensive insurance plans to customers. This will address the existing pain points and thereby bring a radical disruption in the fast-evolving EV industry.
ACKO’s Extended Battery Warranty plan assuages customer concerns around the battery life and performance. The collaboration with OEMs would improve EV affordability where the banks will be able to extend the loan duration for vehicles and thus reduce the EMI installments.
The plan displays the battery life till the fourth or the fifth year and provides performance coverage for up to 60,000 km. Under the comprehensive plan, EV components are also covered in addition to the battery. The uniqueness of the plan is that it is transferable to the new owner in the event of sale. The cost visibility factor for the battery and other parts of the vehicle enables a better resale value.
Speaking on the partnership, Animesh Das, VP - Motor Underwriting, ACKO, stated, "Our research report found a demand for these solutions from 79 per cent of the respondents. The report also underlined that 67 per cent of EV owners want to own an insurance policy with their Electric Vehicles. This is a positive sign from the new-age customers who have evolved preferences and want to adopt environmentally safer alternatives for the ecosystem. We are confident that with our partnership, OEMs will be better equipped to answer the doubts in customer minds about the longevity and performance of the Electric Vehicle."
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