Owning an electric vehicle or EV comes with a lot of benefits. You don’t have to spend money on gas anymore. It runs quietly. It doesn’t produce pollutants. And it’s easier to maintain, thanks to its intelligently designed motor.
But just like owning a traditional car, EV ownership necessitates insurance. You may be wondering where to get an EV insurance policy in the Philippines–or does it even exist?
Read on this article to learn more:
The Philippine government defines electric vehicle or EV as a vehicle with at least one electric drive for propulsion. In other words, it’s a vehicle that uses an electric motor to rotate the vehicle wheels and move the vehicle to a destination.[1]
According to the Department of Energy, EVs include the following:
Just like a traditional car insurance policy, EV insurance is a contract that financially protects you in case of accidents, personal injury, vehicle breakdowns, and more. If any of those happens, the insurer will pay for the expenses or reimburse your money, provided that the situation is covered.
So how does an electric car insurance policy differ from regular car insurance? An EV insurance policy has inclusions that will cover risks unique to electric vehicles. These include battery-related problems, charger-related issues, and technical services.
Electric car insurance policies are typically expensive. That’s because electric vehicles are pricey to begin with. After all, the more expensive the vehicle, the more expensive it is to insure.
To understand why EV insurance policies are expensive, take a look at an electric car’s inner workings. Parts are expensive and challenging to source, especially in the Philippines where EVs are not yet fully adopted.[2]
EVs are pricier to insure, as repair and maintenance tend to be expensive. There aren’t many repair shops around that specialize in fixing EVs.
If you’re looking for an EV insurance policy, the country’s leading insurers got you covered. Here are some of them, their rates, and their coverage. Note that their rates are based on the 2023 Nissan LEAF 40KwH 0.1L Electric Automatic.
One of the leading non-life insurance in the Philippines,[3] Malayan Insurance offers a relatively affordable EV insurance, costing close to ₱1,000 per month. The policy covers own damage/theft, acts of nature, bodily injury, and personal accident.
Moreover, the company has a budget for auxiliary insurance services like towing, vehicle removal, and overnight accommodation. Malayan Insurance even has a network of 58 accredited shops for repairs.
SGI Philippines is another trusted name when it comes to insurance products. The company has a paid-up capital of more than ₱1.33 billion, ranking them as one of the country’s top insurers.
SGI Philippines offers an electric car insurance policy with the following benefits: own damage/theft, personal accident, property damage, bodily injury, and acts of nature. Roadside assistance and minor on-site repair services include access to critical information, battery boosting, jumpstart, flat tire replacement, and gasoline delivery.
This insurer also has a network of 134 accredited shops for repairs.
Established in 1962, The Mercantile Insurance Corporation is one of the country’s longest-standing insurers. Its experience is underscored by its range of products and capabilities, including EV insurance.
If you own a 2023 Nissan LEAF, you’ll find yourself paying almost ₱3,000 per month for the insurance. Nevertheless, the benefits and coverage are expansive. These include own damage/theft, personal accident, property damage, acts of nature, and bodily injury. Other benefits are battery boosting, jumpstart, gasoline delivery, towing, vehicle removal/crane services, and overnight accommodation, among others.
The Mercantile Insurance Corporation has ties with 77 accredited repair shops. You also get to enjoy 10 years of casa eligibility.
FPG Insurance is one of the top insurers in Asia, leveraging 50 years of experience and a host of products for businesses and individuals. The company offers an EV policy, which leans on the pricier side but nonetheless provides comprehensive protection.
For one, you’ll get coverage, such as own damage/theft, acts of nature, bodily injury, property damage, and personal accident. The company has a budget for the following services: towing, vehicle removal/crane services, overnight accommodation, and locksmith.
Looking for an accredited shop shouldn’t be a challenge, as FPG Insurance has 172 partners in their network.
Standard Insurance is a highly rated insurance agency with recognitions from Global Credit Rating Co (GCR) and World Finance. This reputation is substantiated by the company’s suite of products, including EV insurance.
Standard Insurance’s EV insurance policy covers own damage/theft, acts of nature, bodily injury, property damage, and personal accident. Repairs include battery boosting, jumpstart, flat tire replacement, and gasoline delivery.
This insurer boasts a wide network of 504 accredited repair shops and lets you enjoy 15 years of casa eligibility.
While the masses have yet to fully embrace electric vehicles, finding an EV insurance policy shouldn’t be a challenge. Some of the country’s leading insurers already offer it. It may be pricier than the traditional coverage, but you get comprehensive protection nonetheless.
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