The Poonawalla Group-owned Magma HDI Insurance is offering electric vehicle owners a ‘Battery Secure Add On’ cover that protects against any damage to the battery.
The company has launched this cover because prevailing insurance offerings are primarily tailored for internal combustion engine (ICE) vehicles, resulting in coverage limitations for EV and HEV owners. These vehicles use different components and technologies necessitating specialized insurance solutions.
“We believe this product will help alleviate concerns related to battery insurance, instilling confidence and peace of mind among both current and prospective EV/HEV owners. Through this customized protection, EV and HEV owners will have the specialized coverage they need, thus facilitating the wider adoption of electric mobility,” said Rajive Kumaraswami, Managing Director & Chief Executive Officer, Magma HDI General Insurance.
Battery packs are a crucial component of every EV or HEV. Magma HDI Insurance has quoted industry analysts who have claimed that the battery and related components constitutes around 45% of cost of an electric vehicle. Consequently, battery maintenance and replacement costs are a vital component of the overall ownership experience and cost.
The add-on cover protects against unexpected power surge while charging the battery, and consequential damages arising out of water ingression/short circuit causing loss or damage to the battery, Electric Motor, and HEV system
Sanoti Properties LLP, an entity jointly held by Adar Poonawalla (90%) and Rising Sun Holdings Pvt Ltd (10%), holds 74.6% in Magma HDI. The company became part of the group after the Poonawallas acquired Magma Fincorp which has been consequently renamed as Poonawalla Fincorp. HDI is a German Insurance company which entered India through a joint venture with Magma.
