ACKO, a Bengaluru-based insurtech unicorn, has partnered with electric two-wheeler original equipment manufacturers (OEMs) Ola and Ather to introduce an insurance plan for electric vehicle (EV) batteries called the “Extended Battery Warranty” plan.
ACKO has launched the “Extended Battery Warranty” plan to alleviate customer concerns regarding battery life and performance. This plan will provide coverage for the battery life of electric vehicles (EVs) up to the fourth or fifth year, as well as performance coverage for up to 60,000 kilometers. In addition to this, the newly-launched comprehensive insurance plan will also cover other EV components, as per reported by Inc42.
According to a statement by ACKO, the partnership with OEMs will enhance the affordability of electric vehicles (EVs) as banks will be able to extend the loan duration for the vehicles, resulting in reduced EMI payments.
ACKO is a digital insurance policy provider that was established in 2016 by Varun Dua and Ruchi Deepak. In October 2021, the company expanded into the direct-to-consumer auto insurance market in India. It asserts that it holds a substantial market share in embedded insurance products, such as mobility and gadget insurance, through partnerships with more than 50 prominent players, including Ola, OYO, redBus, Zomato, and HDB Financial Services, among others.
ACKO’s expansion into the electric vehicle (EV) insurance market occurred approximately a month after it acquired the digital health platform Parentlane, which was intended to diversify the company’s range of services beyond its primary insurance offerings.