MSIG enhances motor insurance coverage for electric vehicles as EV movement in Singapore catches up



SINGAPORE - Media OutReach - 1 November 2023 - As electric vehicle (EV) ownership continues to gain traction in Singapore, MSIG Insurance has enhanced its personal motor insurance plan with more benefits to cover green cars on the roads.

The growth of electric vehicles has seen a boost in recent years on the back of national initiatives to further the EV movement. According to the Land Transport Authority, electric vehicles have increased by more than 200% from 3,634 units in 2021 to 11,290 units as at August 2023[1], and the monthly sales of EVs have crossed 20% of the total new car registrations since July 2023[2].

"The greening of transportation requires collective efforts and as a leading motor insurer, MSIG is committed to doing its part to reduce carbon emissions. To support the growing need for EV insurance, we have enhanced our private motor insurance plan with more benefits to cover electric vehicles. The new benefits come at no extra cost to encourage more consumers to embrace EVs," said Jeremy Lian, Senior Vice President of Technical Services, MSIG Singapore.

MSIG's MotorMax Plus plan offers the following benefits* to EV owners:

  • Transport allowance of up to 30 days if the electric vehicle is under repair after an accident
  • New for old replacement of the damaged electric vehicle (less than 12 months old)
  • Medical coverage to protect policyholders and passengers who are injured as a result of electric vehicle battery leakage
  • Emergency electric vehicle towing services
EV owners who are interested to purchase this plan can do so on MSIG's online customer portal.

* Terms & Conditions apply.



[1] LTA data for motor vehicle population as at September 2023

[2] LTA data for new car registrations in 2H 2023. Electric and Petrol-Electric (Plug-in) car types are used in the tabulation.

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Hashtag: #MSIG #motorinsurance

The issuer is solely responsible for the content of this announcement.
About MSIG Insurance (“MSIG”)
About MSIG Insurance (“MSIG”)
A leading general insurer with a local presence of over 100 years, MSIG Singapore offers an extensive range of insurance solutions for commercial and personal risk protection, enabling the security and safety of individuals and businesses. MSIG Singapore holds an A+/Stable financial rating by Standard & Poor's.

A testament to its growing strength and influence, MSIG Singapore has garnered numerous awards for delivering digitally innovative and customer-centric solutions.

MSIG is a subsidiary of Mitsui Sumitomo Insurance Co., Ltd, and a member of the MS&AD Insurance Group – one of the largest general insurance groups in the world with presence in 50 countries and regions globally, 18 of which are in Asia Pacific including all ASEAN markets as well as in Australia, New Zealand, China, Hong Kong, Taiwan, South Korea and India. Headquartered in Japan, MS&AD is amongst the top non-life insurance groups in the world based on gross revenue.



SOURCE:

MSIG Insurance (Singapore)

CATEGORY:

Insurance

 
PUBLISHED ON:

01 Nov 2023

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