- GA Insurance, a prominent player in the insurance industry, has unveiled a pioneering insurance policy designed exclusively for electric vehicles (EVs).
- According to data from the National Transport and Safety Authority as of February, Kenya boasted an estimated 1,350 EVs on its roads.
GA Insurance, a prominent player in the insurance industry, has unveiled a pioneering insurance policy designed exclusively for electric vehicles (EVs).
Named GA Eco Drive, this innovative coverage extends its protection not only to the vehicles themselves but also encompasses batteries, charging cables, and private charging stations.
This groundbreaking policy marks a significant milestone as it addresses the unique risks associated with EVs, offering comprehensive protection where traditional motor insurance policies fall short.
This revolutionary coverage is tailored to cater to a wide range of electric vehicles, including cars, vans, buses, motorcycles, bicycles, scooters, and tuk tuks, classified as either battery EVs or hybrid EVs.
Notably, GA Insurance's GA Eco Drive represents a substantial improvement over conventional motor insurance policies that typically exclude crucial components such as batteries, which constitute a substantial portion of an EV's value.
Sandip Bhadury, the Chief Executive at GA Insurance, has underscored the pressing need for tailored insurance policies to address the distinctive challenges posed by electric vehicles (EVs).
Bhadury emphasized that existing motor insurance policies, originally devised many years ago for internal combustion engines, are ill-suited to the unique risks associated with EVs.
"The present motor insurance policies in the market were drafted many years back [for] internal combustion engines and cannot fit the unique risks associated with using EVs. The market for EVs is growing, and it is quite an exciting space to be in as insurers," emphasized Sandip Bhadury, Chief Executive at GA Insurance.
In addition to covering the EVs and their components, GA Eco Drive offers a comprehensive package that includes protection against injury and damage caused by charging cables, out-of-charge recovery benefits for those who unexpectedly run out of power, and coverage for in-car entertainment units.
Kenya has seen a steady rise in the adoption of electric vehicles, reflecting the global shift towards sustainable transportation solutions.
According to data from the National Transport and Safety Authority as of February, Kenya boasted an estimated 1,350 EVs on its roads.
This figure comprised 844 motorcycles, 153 three-wheelers, 186 motor vehicles, and 150 classified under the category of "other."
Teresa Mburu, Head of Special Services at the Insurance Regulatory Authority, lauded GA Insurance's innovative offering.
"The comprehensive cover is a game-changer in the market. It is also an actualization of the principles of sustainable insurance that the authority is really trying to deliberately ensure the industry adopts," she remarked.
GA Insurance's foray into this specialized coverage mirrors the growing interest in electric mobility, with various entities experimenting with different models of ownership and applicability.
As the electric vehicle market continues to expand, GA Eco Drive represents a significant step forward in ensuring that EV owners have the comprehensive protection they need in an ever-evolving landscape.
In the evolving landscape of transportation, GA Insurance's GA Eco Drive emerges as a pioneering solution that not only acknowledges the unique challenges faced by electric vehicles but also reaffirms the industry's commitment to sustainability and innovation.
With its all-encompassing approach to coverage, GA Eco Drive is set to redefine the insurance landscape for electric vehicles, ensuring that EV owners can embrace the future of mobility with confidence.