MSIG revamps EV coverage as adoption ramps up in Singapore

Green vehicle ownership rose by over 200%

MSIG revamps EV coverage as adoption ramps up in Singapore

Motor & Fleet

By Kenneth Araullo

With the rising trend of ownership of electric vehicles (EVs) in Singapore, MSIG has taken strides to enhance its personal motor insurance scheme, fortifying the protection for green vehicles navigating the city’s roads.

EVs in Singapore have witnessed a robust upsurge, primarily bolstered by governmental initiatives fostering the expansion of the EV ecosystem. According to data released by the Land Transport Authority, the count of electric vehicles has soared by over 200%, rising from 3,634 units in 2021 to a substantial 11,290 units recorded as of August 2023. Furthermore, since July 2023, monthly EV sales have consistently represented over 20% of total new car registrations.

MSIG’s MotorMax Plus plan, tailored for EV owners, presents a range of benefits, including:

  • Transport allowance for up to 30 days if the electric vehicle is under repair following an accident
  • New-for-old replacement for a damaged electric vehicle that is less than 12 months old
  • Medical coverage safeguarding policyholders and passengers injured due to electric vehicle battery leakage
  • Emergency towing services tailored specifically for electric vehicles

“The greening of transportation requires collective efforts and, as a leading motor insurer, MSIG is committed to doing its part to reduce carbon emissions. To support the growing need for EV insurance, we have enhanced our private motor insurance plan with more benefits to cover electric vehicles. The new benefits come at no extra cost to encourage more consumers to embrace EVs,” MSIG Singapore SVP of technical services Jeremy Lian said.

Earlier this year, the HK-based insurer also touted a new high for its claims settlement ratio, with the figure reaching 92.9% in 2022

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