Motor insurance now covers EV batteries, cyber risks

Motor insurance policies are now expanding to include coverage for risks such as vehicle relocation, cyber incidents, mechanical breakdowns, and EV battery damage. Two new motor insurance products, ProShield and VPAY 2.0 by Bajaj General Insurance, have been launched to cater to different sets of vehicle owners.

ProShield is designed specifically for defence personnel. This policy offers motor cover tailored to the unique challenges faced by military life, including frequent relocations, operational commitments, and extended separation from families. Key features of ProShield include vehicle relocation protection, travel emergency protection, document loss protection, priority assistance, and a wide range of in-built financial protections.

Tapan Singhel, MD & CEO of Bajaj General Insurance, emphasizes that ProShield acknowledges the demands of defence life and provides protection to support these unique requirements.

On the other hand, VPAY 2.0 combines protection for connected, electric, hybrid, and technology-enabled vehicles. This policy addresses the changing realities of modern vehicles by providing coverage for emerging risks, evolving technologies, and a broad range of protections. Some of the features of VPAY 2.0 include protection against cyber-related incidents affecting connected vehicles, coverage for fuel adulteration, and protection against unexpected mechanical and electrical breakdowns beyond accidental damage.

The policy also offers smart repair benefits, coverage for restoring smart vehicle systems, and dedicated protection for electric and hybrid vehicles, including traction battery replacement. Singhel highlights that VPAY 2.0 brings together protection for emerging risks, evolving technologies, and a broad range of covers under a single solution, making motor insurance simpler and more relevant for today's vehicle owners.