ACKO, an insurance leader has launched an extended battery warranty plan in partnership with Ather Energy and Ola Electric.
The company claims it aims at creating an infrastructure for the EV industry by partnering up with OEMs and providing comprehensive insurance plans to EV users. This will solve the current pain points, creating a radical change in the rapidly evolving EV industry.
The ACKO Extended Battery Warranty Plan addresses concerns about battery performance and life. The plan says that partnering OEMs can improve EV affordability by allowing banks to extend loan terms for vehicles, reducing EMI payments. The plan covers the performance of the vehicle up to 60,000km and protects the battery for four or five years. The comprehensive plan will cover EV components in addition to battery. The uniqueness of this plan is the fact that it can be transferred to a new owner should the vehicle be sold. Cost visibility for battery and other vehicle parts will improve the resale price.
Animesh Das, VP – of Motor Underwriting at ACKO, stated that the Indian EV Journey is a growth story with aggressive acceleration, which has fueled demand for customised solutions. In our research, 79% of respondents indicated a desire for such solutions. The report also highlighted that 67% of EV owners wanted to have an insurance policy for their electric vehicles.
This is an indication of the changing preferences of the customers, who want to adopt safer and more environmentally friendly alternatives. With our partnership, OEMs are better able to address the concerns of customers about the performance and longevity of Electric Vehicles. Das said that this would ease our customers’ lives and encourage rapid nationwide adoption of EVs.
