The Future is Electric: EV Insurance Market Sees Unprecedented Growth!

The demand for electric vehicle (EV) insurance in India has grown by 16 times in the last 3 years. According to Policybazaar's internal research, EV insurance policies have witnessed an increase from only 0. 5% in FY23 to 14% in March 2025. Delhi-NCR leads the charts with 18. 3% of the market. Bangalore is second with 16%. Among all the EV insurance policy acquired, 55% of them were purchased in the top five metro cities. The top 1 metro cities continue to dominate the market with 58% of policy purchased. T2 and T3 in the country account for 30% and 12%, respectively. All these trends are result of massive adoption of sustainable mobility in our country. More consumers are getting concerned about the need for energy efficiency. Additionally, more consumers want more comprehensive EV coverage with innovative add-ons like battery charger protection.

 

Source: Economic Times