Insurance Firms Face Pricing Risk as EV’s Catch Fire

The woes of the electric vehicle owners who have been suffering after their vehicles caught fire might not exactly be over as they might not exactly get insurance claims for this.

While a third-party insurance policy will not cover fire damages, the comprehensive policies do cover fire claims but that’s not guaranteed. A comprehensive motor insurance coverage includes own damage (OD) cover together with the third-party liability cover.

The cover in comprehensive policies depends upon the cause of the fire. It does not cover the damage if the fire is caused by the breakdown of any EV part.

Source-

https://bfsi.economictimes.indiatimes.com/news/insurance/as-evs-catch-fire-insurance-firms-face-pricing-risk/91463960

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