Rabbit Care celebrates EV boom with soaring insurance figures, revealing 4 must-know checklists before going electric

• Ensuring peace of mind for EV users, Rabbit Care offers 24/7 assistance & exciting deals during the market’s high season across all products

Bangkok, 22 December 2023 — Rabbit Care, a leading online insurance brokerage (InsurTech) and financial products (FinTech) platform in Thailand under the BTS Group, has discovered that insurance premiums sold for EVs have grown faster than the overall growth of insurance premium for all types of vehicles by 46% over the past 12 months. This growth in the EV market can be attributed to increased consumer interest in owning an EV, supportive government policies, and intense competition among automobile manufacturers. Additionally, Rabbit Care has revealed four must-know checklists for potential EV buyers to consider. These include assessing driving habits, the variety of vehicle types available in the market, the readiness regarding service centers, and other hidden costs. Rabbit Care also proudly offers comprehensive EV insurance plans, catering to the rising popularity of electric cars.

Mr. Chayapat Sakulrompochai, Chief Commercial Officer of Rabbit Care, disclosed that "The EV market is rapidly growing and continues to attract significant attention. Advancements in this sector are ongoing, especially in battery technology and autonomous driving systems. The global competitive landscape, predominantly led by brands from the United States and China, is intensifying. This competition is leading to the gradual introduction of new models, aimed at appealing to consumers increasingly considering electric cars as a viable option."

When considering the purchase of an EV, which is still relatively new to Thai consumers, conducting thorough research is essential to ensure it aligns with one’s usage needs and lifestyle. Furthermore, it is important to thoroughly understand the intricacies of EV usage. These aspects include:

Driving Habits: It's important to assess your average daily vehicle usage and align this with charging opportunities, particularly since charging infrastructure may not be readily available in all areas. This assessment will help in planning suitable charging strategies in accordance with individual usage patterns, making advance planning essential before any journey.

Variety of Vehicle Types: Compared to conventional combustion-engine cars, which offer a wide range including passenger cars, pick-up trucks, vans, and larger lorries, the range of options in EVs may not be as comprehensive for various usage needs.

Readiness Regarding Service Centers: As general auto garages currently lack the expertise required for maintaining EVs, EV brands are actively working to expand their service centers. This expansion is aimed at providing broader coverage and addressing car owners' concerns about after-sales services. Enhanced services include regular inspections and maintenance, ensuring that an EV remains in optimal condition for everyday use.

Other Hidden Costs: Owning an EV may come with several unexpected expenses that potential buyers should be aware of. These can include the cost of purchasing and installing a wallbox, which may not be provided by all EV brands. Additional costs might involve upgrading electricity meters to handle the charging load, future battery maintenance, battery replacements, and potentially higher tire expenses compared to conventional cars.

For newcomers interested in owning their first EV, here are four basic checklists to ensure you are well-prepared and informed. This is an opportune time to consider an EV, given the current support in the form of state subsidies, enticing discounts from car manufacturers, and various other promotions. These incentives collectively make an EV a more valuable choice for interested consumers.

On the business side, insurance brokers have also noticed a significant surge in EV insurance sales. Mr. Chayapat said that “Rabbit Care, as a leader in insurance technology, has discovered that insurance premiums sold for EVs have grown faster than the overall growth of insurance premiums for all types of vehicles by 46% over the past 12 months. Furthermore, we have proactively expanded our EV insurance coverage by incorporating products from various business partners onto the Rabbit Care platform.”

"To provide customers with a quick and secure way to compare car insurance premiums and benefits, we at Rabbit Care have expanded our insurance options to encompass all EV brands and models. In addition to this, we offer enhanced benefits, protection, and care for customers insuring their EVs with us. Our services include 0% installment plans for up to 10 months, 24-hour roadside emergency assistance, coordination of insurance claims, or car replacement service during repairs. Our EV insurance packages start from just 14,900 baht* for type 1 coverage and 9,500 baht** for type 2+ coverage. (*,** Insurance premiums vary based on the insured value and vehicle type.) If you’re unsure about the right type of coverage for your vehicle, you can seek advice at our Care Center by calling 1438.”

"The continuous growth in the EV industry has significantly enhanced insurers' capacity to gather comprehensive data, which is vital for assessing customer needs, driver behaviors, and the risks associated with EVs. This influx of data has facilitated the creation of diverse and easily accessible insurance products for EVs. We firmly believe that our robust CareOS 2.0 operating system plays a crucial role in managing and analyzing this data. This allows us to offer tailored products that meet the preferences of our customers, whether they drive internal combustion engine cars, electric vehicles, or are considering future alternatives like hydrogen-powered cars or synthetic fuels (eFuels)," concluded Mr. Chayapat.