New Delhi [India], March 22 (ANI): The requirement for Electric vehicles ( EV Insurance has seen considerable growth, with its uptake increasing an astounding 16-fold over merely three years, as per the internal statistics from Policybazaar.
The insurance company operating in the private sector stated that report that the proportion of insurance policies for EV Cars, which accounted for just 0.50 percent in fiscal year 23, have grown to represent 14 percent as of March 2025, with a current figure of 8.2 percent.
Noticing the changing patterns, Amit Chhabra, Chief Brand Officer at General Insurance At PolicyBazaar, they stated, "The rapid increase in the acceptance of EV Insurance indicates India's move towards eco-friendly transportation. EV As insurance coverage has surged almost 16 times over merely three years, consumers are not just embracing electric vehicles but also acknowledging the necessity of customized protection.
The company’s internal insurance sales figures indicate that there has been an increase in policies booked for insured two-wheelers. EV It represented approximately 7-8 percent of all two-wheeler insurance policies that were less than five years old.
According to the firm's statistics, the figure has more than doubled within the last twelve months, with the policy count rising from 10,000 in the previous year to 20,000 currently.
In the current market, electric scooters lead this category, accounting for 98-99 percent of all insured two-wheelers.
The adoption of EV is focused primarily in the top five metropolitan areas—Delhi-NCR, Bangalore, Pune, Chennai, and Mumbai-Thane—which together made up 55 percent of the total. EV insurance policies purchased.
In Delhi-NCR, which accounted for a substantial 18.3 percent of the market share, saw the lead, closely trailed by Bangalore with 16 percent, then Pune holding 7.6 percent, Chennai securing 6.7 percent, and finally Mumbai-Thane capturing 6.4 percent.
The data indicates that Tier 1 cities lead the way. EV The insurance market captures 58 percent of all policies. Tier 2 and tier 3 cities contribute 30 percent and 12 percent respectively, according to the data.
The information indicates that the EV Customers are not just buying fundamental coverage; they are also progressively choosing thorough insurance packages that provide extra security.
Popular add-ons for EV The cars come with features such as Zero Depreciation coverage, Roadside Assistance, Battery Cover protection, Key & Lock Replacement services, Consumables included, Invoice Price Protection, and Tyre Protection.
For two-wheeler EV Sure, additional features like Battery Protector (to prevent theft or damage) and Charger Cover are tailored for electric vehicles. Other standard add-ons includeZero Depreciation coverage and Roadside Assistance. (ANI)
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