Over in Thailand, Tokio Marine Safety Insurance said that it has halted its current insurance premiums for new EV customers, including those who own transferred cars, and would now consider new premium rates on a case-by-case basis.
It noted that spare parts in some cases were 50-60% more expensive than for combustion-engine cars, and many damage claims were for 90-100% of a car’s value. Experience in many countries has shown that even minor collision damage to an EV’s battery pack can result in the entire unit needing to be replaced. The battery pack typically accounts for about half the cost of an electric vehicle.
He added that the TAIA planned to meet with global EV makers, who are also association members, as well as the Thai General Insurance Association to look into the issue. TGIA president Somporn Suebthawilkul said the association is asking its members to present their methods for calculating EV insurance premiums.
Meanwhile, a source at the Office of the Insurance Commission said no insurers have officially announced the cancellation of their EV insurance services. The regulator said that a total of 23 insurance companies still provide EV insurance in the country.