KOBA to launch Australia’s first dedicated EV insurance policy

Just as we predicted, March 2024 is big news for EV owners in Australia, with KOBA set to launch the country's first dedicated EV insurance policy next month. This is a game-changer, because it means that EV owners will no longer be shoehorned into car insurance policies that weren’t necessarily designed with their specific needs in mind.

Working hand-in-hand with the EV community, KOBA crafted this comprehensive car insurance policy to echo the real wants and needs of EV drivers. 

‘Most insurers offer coverage for EV’s, however their EV products tend to be the same as traditional comprehensive products, which don’t really leverage the benefits that an EV car offers, nor offer services unique to EV ownership. That’s where our product will differ’, said Andrew Wong, Founder of KOBA.

Key features of KOBA’s new EV policy include:

• EV car hire option. Promises an EV as a replacement during repairs, not just any vehicle.
• Charging equipment cover. Specifically caters to the EV-specific need for charging infrastructure protection.
• Battery health checks. Essential for monitoring the longevity of an EV’s battery.
• Choice of repairer. Allows owners to choose their repairer, acknowledging the specialised nature of EVs.

Initially rolling out for Tesla owners, there are plans to expand coverage in the future.

KOBA, known for its 'pay per kilometre' insurance leveraging telematics, dubs this new EV policy as also being a ‘connected’ policy. This hints at a similar tech-driven approach; however, the specifics on the tracking mechanisms or pricing model are yet to be detailed.

Stay tuned as we continue to monitor this exciting development and its impact on the future of EV insurance in Australia.