According to ACKO’s EV report, nearly half of EV owners consider battery replacement costs to be a significant concern. Credit: IM Imagery/Shutterstock.

ACKO, an Indian general insurance company, has launched an extended battery warranty plan specifically designed for the removable batteries of EVs, reported the Economic Times. 

This new offering is available with the VIDA V1, Hero MotoCorp’s first EV under its new mobility brand.  

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It extends coverage for the vehicle’s fourth and fifth year or up to 60,000 km, addressing customer concerns about battery life and performance. 

According to ACKO’s EV report, nearly half of EV owners consider battery replacement costs to be a significant concern.  

The extended warranty aims to mitigate these worries by protecting owners from unexpected repair expenses, thus encouraging more consumers to consider EVs as a viable option. 

ACKO’s new plan also complies with the Battery Waste Management Rules (BWMR), promoting the responsible disposal of used batteries.  

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ACKO chief underwriting officer Animesh Das said: “In alignment with the government’s vision for a 100% electric vehicle nation by 2030, encouraging electric mobility among masses is our priority. Our battery warranty plan is poised to bring access to high-quality EVs in India by boosting confidence toward battery-damage and scepticism amongst customers.  

“We are confident that Hero’s cutting-edge technology and our extended warranty solutions will make premium electric scooters accessible to a broader audience by augmenting the avenues for financing.” 

In April 2023, ACKO expanded its offerings in the EV space through partnerships with Ola Electric and Ather Energy, providing similar extended battery warranty plans.  

The company’s portfolio extends beyond motor-related insurance to include embedded and health insurance products.  

In March 2023, ACKO forayed into the retail health insurance market.