The new insurance plan helps ACKO to develop an infrastructure for the EV industry. Credit: CHUTTERSNAP on Unsplash.

Indian insurtech ACKO General Insurance, in collaboration with Ola Electric and Ather Energy, has introduced an extended battery warranty plan for electric vehicle (EV) owners.

With the new insurance plan, ACKO aims to develop an infrastructure for the EV industry by forming alliances with original equipment manufacturers (OEMs) and helping clients with improved insurance policies.

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The extended battery warranty plan has been designed to alleviate concerns regarding the life and performance of battery.

It is said to enhance the affordability of EV as well as enable the banks to expand vehicles’ loan terms and minimise EMI instalments.

The plan safeguards battery life up to a period of fourth or fifth year, with performance coverage for as much as 60,000km.

Besides, it covers EV components and can be transferred to the new owner in case of a sale.

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Transparency in cost of the battery and various units of the vehicle is said to offer a better resale value.

With a 223% hike in EV sales last year, the EV market is anticipated to grow at a 44.5% CAGR between 2020 and 2025.

ACKO motor underwriting VP Animesh Das said: “The Indian EV journey is an aggressive growth story which has propelled the demand for customised protection solutions amongst customers.

“Our research report found a demand for these solutions from 79% of the respondents.

“The report also underlined that 67% of EV owners want to own an insurance policy with their electric vehicles.”

The latest development comes shortly after ACKO’s foray into India’s retail health insurance industry.