EV Insurance Surges in India, Demand Rises 16-Fold in Three Years
New Delhi (ANI) – The demand for electric vehicle (EV) insurance in India has witnessed a remarkable 16-fold increase over the past three years, with Delhi-NCR emerging as the market leader with an 18.3% share, according to internal data from Policybazaar.
The private sector insurer reported that the share of insurance policies for electric cars, which accounted for just 0.50% in FY23, has surged to 14% as of March 2025, standing at 8.2%. The rise in EV insurance reflects the growing shift toward sustainable mobility in India.
Commenting on the trend, Amit Chhabra, Chief Business Officer of General Insurance at Policybazaar, said, “The accelerating adoption of EV insurance signals India’s shift toward sustainable mobility. With EV insurance share growing nearly 16-fold in just three years, consumers are not only adopting electric vehicles but also recognizing the need for tailored protection.”
The company’s data indicates that the number of policies for electric two-wheelers alone has doubled over the past year, rising from 10,000 last year to 20,000 this year. Notably, electric scooters dominate this segment, accounting for 98-99% of insured two-wheelers.
The adoption of EV insurance is concentrated in the country’s top five metro cities — Delhi-NCR, Bangalore, Pune, Chennai, and Mumbai-Thane — which collectively account for 55% of all EV insurance policies purchased.
Photo: Asian News International (ANI)