Pioneer Insurance launches Electric Vehicle Care product

Pioneer Insurance has tapped into eco-friendly insurance by launching an Electric Vehicle (EV) Insurance product.

During its launch on Wednesday, Managing Director Milcah Kinyua noted that EV insurance extends beyond traditional auto insurance.

She stated that the EV Care product includes comprehensive coverage which protects against theft, damage and third-party liabilities.

The battery coverage is for the EV batteries against damage, theft and depredation.  An EV battery is the costliest component of the vehicle.

"The new EV Care, underscores the company's commitment towards sustainability and innovation, aligning with the global shift towards eco-friendly transportation," Kinyua said.

There is also charging equipment protection for home and public charging stations, and eco-friendly discounts for customers who choose environment-friendly options.

The latter, Kinyua said, encourages the adoption of sustainable practices.

Kinyua said with the insurance, Kenyans will be more encouraged to purchase electric vehicles, which will be a boost for the environment and against climate change.

The MD added that they are doing a 100 per cent coverage, as opposed to the 50 per cent which is covered in the traditional auto insurance.

"The traditional batteries are not very expensive. But now for EVs, the battery is actually the engine of the car and they are expensive. So we thought we needed to separate the traditional motor vehicle insurance with this new EV so we can have adequate insurance," she said.

The product targets persons using electric cars, buses and motorbikes, except the Public Service Vehicles.

"We now have a policy that we can insure electric motor vehicles, electric buses and electric motorcycles as long as it is not PSV as we have no license to do that," Kinyua said.

The Company has partnered with BasiGo dealers and garages including Insignia, Hyundai Kenya, Unity, Cfao and Golden Auto body.

Pioneer has also partnered with AA & Regent valuers.

Kinyua said they have so far insured at least 200 hybrid vehicles within Kenya as they prepare to start insuring electric vehicles.

Kinyua said the Insurance Regulatory Authority is however yet to issue guidelines as far as insurance for EVs is concerned.

She added that their re-insurers have however given them a go-ahead.