The new EV insurance that’s as smart as your car

Electric cars are extremely clever. Not only are they better for the planet, but battery-powered vehicles are easier to drive, more refined, and crammed with the latest in high-tech conveniences and safety systems.

EV owners are even smarter, having quickly adapted to the digital age while helping to accelerate towards the horizon of a zero-emissions future.

Sure, they have to navigate a few roadblocks in the tortoise-and-hare race between building the country’s charging infrastructure and the increasing popularity of EV ownership but, for the most part, EVs are fast becoming the smart choice for smart people.

Tesla, in particular, has almost single-handedly pushed the battery-powered bandwagon to where it is today. Its Model 3 sedan and Model Y SUV are not only the country’s most popular electric vehicles, but they are often among the top sellers against conventional dual-cab utes, SUVs, and other passenger vehicles.

Tesla sold over 100,000 vehicles in Australia since its introduction, including over 46,000 new vehicles in 2023 alone. That meant it was the eighth-highest-selling automotive brand over the last 12 months, beating established mainstream players like Subaru, Volkswagen, and Nissan.

Electric vehicles, as a whole, increased to 7.2 per cent of the total Australian automotive market in 2023, with forecasters predicting it will continue to grow beyond double digits this year. The federal government is hoping that every second new vehicle sold in Australia by 2030 will be an electric vehicle as part of its plan to reduce carbon emissions and become net zero by 2050.

But, as much as the automotive landscape is shifting and electric cars are becoming smarter, some elements of the ownership experience have, until now, remained static – such as insurance.

KOBA Insurance, however, has developed a smart solution for smart owners of smart electric vehicles.

Just as Tesla has done with its cars, this Australian company has disrupted its own industry as a pioneer of new technologies. In 2022 KOBA introduced pay-per-kilometre cover, linking the vehicle’s on-board telematics to the internet via a dedicated smartphone app. Why pay for insurance if you’re on holidays, for example, or if you drive less one month compared to the last? That’s how KOBA came up with a solution for low-kilometre drivers.

And now it has taken that same tech-based philosophy to create a specialised insurance product for electric vehicle owners. KOBA understands that owning an EV is a unique experience and has subsequently developed a product – guided by feedback from the electric car community – that caters to the specific needs of EV owners.

Launched in April 2024, and initially exclusively available for Tesla owners, KOBA EV Insurance is smart, simple, and provides key services that improve the ownership experience and even longevity of the battery (more on that later).

KOBA is working to expand the product across other electric vehicle manufacturers in the coming months, as well as include more features currently in development, but will kick-start its program for Tesla owners first.

That’s because the key element to its product is accessing the driving data from your vehicle. It uses this to ascertain the exact mileage the car has driven each month, as well as calculate a safe driving score to help determine your renewal rates.

With a capped price promise, if you happen to travel over the prescribed kilometre limits of 400km in one day or more than 3000km in a month, KOBA will cover the excess distance free of charge.

Accessing the KOBA EV Insurance plan is easy: simply sign up to a new policy, download the supremely easy-to-use KOBA Insurance smartphone app, and then enter the unique Vehicle Identification Number (VIN) from your car. The app will then guide you through the rest of the process, giving KOBA access to your car’s data via a Data Sharing Agreement. But there’s no need worry; KOBA takes its customers’ privacy very seriously, and your data is kept safe and secure within KOBA’s privacy framework. And that’s it – job done.

The app is your main interface with KOBA EV Insurance, and it places a wealth of information in the palm of your hand. After syncing with your car’s data, the app can show you when and where you’ve travelled, how far, and how much each trip cost you, along with your remaining battery charge, driving range, odometer reading, and tyre pressures. The KOBA EV Insurance app not only shows you how simple and easy insurance can be, but how much more you can and should expect of vehicle insurance. Once you’ve tried KOBA, you’ll never go back to a traditional insurance policy!

From there, the KOBA EV Insurance policy provides comprehensive coverage with an upfront fixed cost and then a pay-as-you-go monthly cost based on how far you drive.

It also includes the cost of replacing or repairing the vehicle in the event of a collision, theft, vandalism, and storm damage, including hail or flooding. And there’s up to $20 million in legal liability for damage to other people’s vehicles and/or property that has been caused by your car in an approved incident.

Plus, KOBA gives policyholders the option of EV hire car cover, so you’re not stuck when your vehicle is being repaired or replaced. So, with KOBA, there’s no need to go back to petrol power if you don’t want to!

If your vehicle is off the road, KOBA Insurance offers policyholders an optional choice of repairers. There are more than 30 certified Tesla repairers among its expanding network, with coverage in most states and territories, and all approved repairs are covered by a lifetime guarantee.

KOBA will also cover part of the cost (up to $2500) if the same incident causes accidental loss or damage to charging cables, adapters, and wallboxes installed at home for the purpose of charging your vehicle.

Beyond all the benefits of insurance, the KOBA EV Insurance app integrates smart features that monitor the state of charge for the car’s battery and, in the future, will provide users with alerts to help maintain a healthy battery for improved longevity.

KOBA’s dedicated EV Insurance policy is a smart solution for smart cars – and their even smarter owners. And what’s available today is only just the beginning, with more features and access for other electric vehicle owners coming soon.

To learn more about KOBA EV Insurance, head to the KOBA website.