What are the new terms for electric vehicle (EV) insurance?

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Before getting electric vehicle (EV) insurance, you need to know! 4 new conditions for EV insurance are now in effect.

On June 1st, new criteria for electric vehicle (EV) insurance came into effect. Anyone wishing to purchase EV insurance must accept all the new conditions, which are as follows:

Drive well = Lower premiums

In reality, the new criteria for EV insurance have not been adjusted to reduce premiums in the first year. Instead, they are designed to be lower for those who have a consistently good driving record, also known as a "driving behavior discount." This discount is determined such that if, in the first year, you do not file any claims where you are at fault or negligent, you will receive a driving behavior discount in the following years.

Driving Behavior Discount:

• No at-fault or negligent accidents for 1 year: 10% discount the following year
• No at-fault or negligent accidents for 2 consecutive years: 20% discount the following year
• No at-fault or negligent accidents for 3 consecutive years: 30% discount the following year
• No at-fault or negligent accidents for 4 consecutive years: 40% discount the following year

Additionally, all drivers are also eligible to receive an extra 40% "good history discount."

Example:

Insurance premium: 20,000 Baht, with no accident history for 4 years.

• Receive a 40% driving behavior discount: 20,000 - 40% = 12,000 Baht
• Receive a 40% good history discount: 12,000 - 40% = 7,200 Baht

This means you will only need to pay an insurance premium of 7,200 Baht.

Battery Claim Criteria 

There are two cases:

• If an accident damages the battery and the entire battery needs to be replaced, the ‘battery coverage reduction’ will be applied, calculating depreciation at 10% per year (up to a maximum reduction of 50%). It is recommended to purchase additional battery coverage.
• If an accident damages the battery but it can be repaired, the insurance company will cover 100% of the repair costs.

Drivers must be named in the insurance policy

Normally, when purchasing car insurance, you have the option to specify or not specify the drivers. However, under the new conditions for electric vehicle insurance, drivers must be specified.

Exclusion of Liability for Software Errors

Car insurance typically aims to protect against human errors and cover accidents caused by human actions. If an error arises from software, such as an auto-pilot system, the insurance company will not be liable for it.

If you are interested in getting car insurance, contact Motorist and let us help find the most suitable policy for your vehicle!

Read More: Get ready to receive a whopping 100,000 Baht in support for electric cars priced under 2 million Baht!

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