InsurTech

Great Eastern Launches EV Insurance Plan to Meet Singapore’s Growing Demand

Great Eastern has launched a new standalone electric vehicle (EV) insurance plan, GREAT EV Protect, to support Singapore’s transition to an EV-only future.

The plan offers a range of benefits specifically designed for EV owners including outpatient medical claims due to electric shock from an EV charging station up to S$1,000.

On top of that, EV owners will receive home contents insurance for damage caused by fire from a private EV charging station at landed properties of up to S$20,000 as well as accidental damage to the owner’s private EV charging station up to S$5,000.

The launch of GREAT EV Protect comes as the number of EVs in Singapore is growing rapidly. In 2022, the number of EVs on the road jumped by 122% compared to the previous year.

Under the Singapore Green Plan 2030, the Land and Transport Authority has rolled out a comprehensive EV Roadmap to drive adoption which includes a network of 60,000 charging points around the island by then.

Great Eastern continues to offer comprehensive insurance for both internal combustion engine (ICE) vehicles and hybrids through its ‘Drive and Save Plus’ plan. The plan provides personal accident coverage of up to S$120,000.

Jimmy Tong

Jimmy Tong, Managing Director of General and Group Insurance at Great Eastern said,

“The launch of our standalone EV insurance plan is timely and important. The adoption of EVs will only continue to increase with the push for Singapore to electrify all vehicles and build a sustainable land transport system.

This means we need to ensure everyone is well-covered by a protection plan tailored for unique incidents to EVs, which are not adequately addressed by conventional internal combustion engine vehicle policies. GREAT EV Protect will give a peace of mind for our customers, by applying the same rigour as our protection for drivers of non-electric vehicles with new coverage for potential EV-only issues.”