NTUC Income has announced that it now offering usage-based auto insurance coverage for electric vehicles (EV), according to a Straits Times report.
The insurance cooperative told the news outlet that EV owners can now choose between three types of plans that allow them to pay premiums set to the mileage of their vehicle.
“For Income, we are keeping our pulse on developments in this area and are staying agile to respond to evolving needs and to scale demand, where necessary,” Peter Tay, chief digital officer at NTUC Income, told Straits Times. “As such, we are also looking to sharpen our innovative approach to pricing risk by incorporating new safety and technology features that take into consideration a driver's behaviour, such as impact on brakes and speed limits, to enable more personalised offerings.”
The new offering follows the Singapore government’s February unveiling of Green Plan 2030, which aims to reduce carbon emissions by supporting the transition to EVs. Under the Green Plan, Singapore has committed S$30 million over the next five years to fund EV-related initiatives and to increase the affordability of electric cars.