Magma HDI General Insurance Limited (Magma HDI) on Monday launched ‘Battery Secure Add On’, an insurance product specifically for batteries of electric vehicles (EVs) and hybrid electric vehicles (HEVs). The insurance add-on covers expenses incurred in the repair/replacement of the batteries and any associated charges due to unexpected power surges while charging the battery of privately-owned EVs.
Electric Vehicles (EVs) and Hybrid Electric Vehicles (HEVs) have garnered attention amid technological progress and strong sustainability credentials. However, with the EV sector being relatively new, numerous questions loom regarding these vehicles and their insurance.
