KOBA rolls out its EV car insurance, starting with Tesla

It’s exciting times for Australian EV owners as KOBA officially launches its dedicated EV car insurance policy. The insurance marks a significant milestone for the EV community, and while it’s only available for Tesla’s now, it’s set to expand to other models soon.

Most insurance companies have been covering EVs for a while now, but typically by just squeezing electric vehicle owners into standard car insurance policies with a few tweaks here and there.

Without a dedicated EV policy in sight (until now), this approach was better than nothing, but left EV owners feeling a bit under-served and sometimes frustrated. 

This new policy from KOBA has been in the works for about the past year and was built from the ground up “by EV owners for EV owners” as KOBA founder and CEO Andrew Wong put it.

Here’s just one example: Wong explained that all insurance companies have a network of service centres; the larger the network, the quicker your car can get in and out for insurance-related repairs. However many large insurance companies have a surprising dearth of expert EV repair centres in their networks.

That means long wait times for EV owners. But not with KOBA, according to Wong.

“Currently our network contains 65% of all Tesla-certified repair centres in Australia, and will continue to expand as we bring more makes and models on-board. On top of that, customers can opt to add the ‘choose your owner repairer’ feature to their policies, widening their options even further,” Wong said.

Electric vehicle insurance by EV owners for EV owners

But it’s not just about a feature here and there, it’s the overall experience.“This policy—built by EV owners for EV owners—reflects what customers told us matters most: from knowledgeable staff who understand that EVs don't need servicing as often, to accessible EV car hire when your car is in the shop to advanced telematics that help you optimise performance and maintenance. Every piece is designed to add up to a smoother, more tailored experience for EV owners,” Wong continued.

Unique features on offer include:

• Advanced and secure tech integration that monitors the health of the battery and other components
• Cover for your charging equipment
• A large network of Tesla-certified repairers
• Lifetime repair guarantee
• EV hire car so you’re assured a consistent driving experience if your car’s in the shop
• A highly trained and knowledgeable support staff
• Savings upon renewal for safe driving habits, via telematics

Wong explains that these elements not only enhance the overall EV ownership experience, but will fundamentally change how EV insurance is treated."We believe that as the industry evolves and our understanding of EV-specific needs grows, these efficiencies will become increasingly evident in terms of cost-effectiveness," Wong added.

KOBA’s no stranger to tech

KOBA is no stranger to tech-based insurance. For a while now, they have been the only car insurance provider to offer a true pay-as-you-drive car insurance policy, using tech that can be hooked up to your car’s computer, track your mileage and charge you accordingly. 

They also offer a car share policy that integrates with Uber Carshare, toggling on and off depending on whether you’re driving your car, or someone else is.

Wong emphasises that while these innovative products are here to stay, they are part of a broader vision where KOBA positions itself as an insurance company that is EV-first and tech-driven second. 

"Some other companies might say they're tech companies first. Of course, we're an insurance company first—but we're driven by technology. Our commitment to rolling out cutting-edge tech continues to position us as the foremost provider of insurance for the EV market," Wong said.

So what’s next for KOBA EV insurance and EV car insurance in general?

Wong says the rollout of its new EV car insurance has confirmed that there’s a promising future ahead. Since announcing the product, Wong has noticed a tenfold increase in website traffic validating his belief that EV owners are in search of better options.

As a forward-thinking tech company, Wong notes that they plan to introduce new features and offerings regularly, expanding the reach of their EV car insurance to include a wider array of makes beyond Tesla, embracing other electric vehicles by the end of the year.

"EV ownership is only going to grow, and the tech is going to continue to evolve, so that’s what we’ll do too. Innovation is in our DNA,” Wong said.

If you’re a Tesla owner frustrated with your current policy, it’s worth checking out KOBA’s new EV car insurance policy. But don’t go into it blindly: read the PDS, compare your quotes and ring them up with questions if you’re unsure about anything. And if you’re a non-Tesla EV owner, it doesn’t hurt to let them know you’re eager to put them into your consideration set.