Hyundai Marine & Fire Insurance Launches Electric Vehicle-Specific Auto Insurance Guaranteeing Battery Replacement

Hyundai Marine & Fire Insurance announced on the 4th that it has launched a dedicated electric vehicle insurance policy that covers various risks associated with electric cars.

[Asia Economy Reporter Oh Hyung-gil] Hyundai Marine & Fire Insurance announced on the 4th that it has launched a dedicated electric vehicle insurance that covers various risks associated with electric vehicles.

They introduced the 'Electric Vehicle Battery New Part Value Compensation Special Contract,' which replaces the battery with a new part regardless of the vehicle's age if it is damaged in an accident, and the 'Electric Vehicle Excess Repair Cost Support Special Contract,' which compensates up to 130% of the vehicle's value to allow the vehicle to be driven after repairs even if the repair cost exceeds the vehicle's value.

Additionally, coverage has been strengthened through the 'Electric Vehicle Charging Risk Coverage Special Contract' for fire, explosion, electric shock accidents that may occur during charging, and electrical damage to the vehicle.

The electric vehicle exclusive towing service, provided to alleviate difficulties caused by the shortage of electric vehicle charging stations, has significantly expanded the free service distance from the current 60km to 100km. The eligible subscribers are personal and business electric vehicles, and coverage begins after April 6.

A Hyundai Marine & Fire Insurance official said, "This insurance product aims to minimize the inconveniences felt by electric vehicle users and resolve concerns about coverage gaps to contribute to the activation of the electric vehicle market," adding, "We will strive to develop products that actively reflect the trends of the automobile market."