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Insurance

Staff Reporter

, Singapore

Published:

1 year ago

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MSIG bolsters EV coverage in Singapore

Electric vehicle usage in Singapore surged 200% since 2021.

Singapore-based MSIG Insurance has expanded its personal motor insurance plan to offer more benefits tailored to electric vehicle (EV) owners due to the growing popularity of electric vehicles in the country.

According to data from the Land Transport Authority, the number of electric vehicles in Singapore has surged by over 200% from 3,634 units in 2021 to 11,290 units as of August 2023, and monthly EV sales have consistently exceeded 20% of total new car registrations since July 2023.

Jeremy Lian, Senior Vice President of Technical Services at MSIG Singapore, emphasised the company's commitment to reducing carbon emissions and supporting the EV movement.

To meet the increasing demand for EV insurance, MSIG has enhanced its private motor insurance plan, providing added benefits for electric vehicle owners at no extra cost, and encouraging more consumers to adopt EVs.

ALSO READ: APAC’s motor insurance industry premiums to reach $294.2b in 2025

The MotorMax Plus plan from MSIG now includes the following benefits for EV owners:

Transport allowance of up to 30 days if the electric vehicle is undergoing repairs after an accident.
Replacement of the damaged electric vehicle with a new one if it's less than 12 months old.
Medical coverage to protect policyholders and passengers in the event of injuries due to electric vehicle battery leakage.
Emergency towing services for electric vehicles.

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