Dedicated EV Insurance Regulation Coming Next Year

The lack of a dedicated regulation for EV insurance has been cited as one of the reasons behind the slow adoption of EV financing, as current insurance still relies on conventional provisions.

Pernita Hestin Untari

6 Des 2023 - 20.23
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Dedicated EV Insurance Regulation Coming Next Year

Illustration - An officer checked electric vehicles on display at the 2022 Indonesia Electric Motor Show (IEMS) at the Jakarta Convention Center, Jakarta, Wednesday (9/28/2022). Electric vehicle exhibition organized by the Research Agency./Bisnis

Bisnis, JAKARTA — The lack of a dedicated regulation for electric vehicle (EV) insurance has been cited as one of the reasons behind the slow adoption of EV financing, as current insurance still relies on conventional provisions.

Regulations for EV insurance are considered necessary and urgent, as EVs pose different risks than conventional vehicles. In this respect, the General Insurance Association of Indonesia (AAUI) is formulating a draft concerning EV insurance regulations.

AAUI Executive Director Bern Dwiyanto said the data needed to draft the regulations is still limited; hence, he aims for it to be completed by next year. “Hopefully, this [draft] can be completed next year,” Bern told Bisnis on Tuesday (12/5/2023).

He said he could not disclose much about the content of the EV regulations but mentioned that the premium rates for EV insurance are likely to be higher than those for conventional vehicles. This is due to the different risks insurance companies bear, the complexity of EV technology, and their higher prices.

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Dedicated EV Insurance Regulation Coming Next Year

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