Insurers plan performance-linked battery cover as EVs gain traction

Mumbai: With electric vehicles (EVs) fast gaining traction, insurers are reworking motor insurance products to address a key risk, the battery, which accounts for the bulk of an EV’s cost. Unlike in the case of internal combustion engine (ICE) vehicles, where claims largely pertain to accidents or damages, performance-linked battery failures could soon be covered under insurance policies for EVs, according to industry executives.