Magma HDI General Insurance develops specialised insurance cover for EV batteries

Mumbai: 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.