News
Insurance for electric vehicles to commence
The Financial Supervisory Commission has approved exclusive insurance reference terms for electric vehicles, with implementation starting on 1 July.
These terms aim to address the unique risks associated with electric vehicles, including accidents and damages during charging, but exclude damages caused by battery combustion or explosion.
The Taiwan Insurance Institute is drafting reference rates, expected to be completed by the second quarter.
This initiative marks a step in adapting to the growing presence of electric vehicles, aligning with global sustainability and net-zero carbon goals.
By separating electric and non-electric vehicle data, the insurance industry seeks to offer fair and comprehensive coverage, with new products anticipated in the latter half of the year.
