Pioneer’s EV insurance: Key details at a glance

They aren’t noisy, don’t need gas, are easy to maintain, and do not produce any pollutants - that sums up the smartly designed Electric Vehicle for you. But is there any similarity between a conventional car and an EV? Yes, just like a conventional car, running on petrol or diesel requires insurance, EVs, too, need this essential of car ownership.

Now, you must be wondering: Is EV insurance different from regular car insurance? The answer is yes. If you own an EV, you will need a different insurance policy that will cover the unique risks associated with an electric car, for instance, technical service, battery-related problems, and charger-related issues.

Thinking about where to get EV insurance in the Philippines? Worry not, as there are quite a few leading insurance providers in the country catering to such needs. The list includes names like Etiqa Insurance,  Malayan Insurance, SGI Philippines, The Mercantile Insurance Corporation, FPG Insurance, Standard Insurance, Pioneer, and others.

Getting confused, seeing all these big and reputed names. It is advisable to shop around and do proper research before making a final call. However, to ease your problem a little, here’s a detailed review of the Pioneer EV insurance.

Also Read: Top 15 car insurance concerns in the Philippines—Answer

But before that, let’s find out the latest happenings in the EV insurance market space in the Philippines. The Philippine Insurers and Reinsurance Association (PIRA) will soon publish guide rates for EV insurance; the publication is expected before the middle of the year.

Let us begin by reviewing Pioneer EV insurance.

Pioneer - A brief

A well-known and well-established name in the Philippine insurance space is Pioneer. With over 70 years of experience in the country, it offers a wide range of life and non-life insurance - all working toward easing the impact of unexpected events in your life. Further, with over 21 branches nationwide, Pioneer, with its innovative and sustainable products, pushes hard to improve the quality of life for Filipinos from all walks of life.

Personal products - Accident, bundled products, cyber insurance, drones/UAVs, Golf, fine arts, health & medical expenses, individual life & investment, microinsurance, motor, OFW insurance, residential property, and travel.

Business products - Bonds, aviation insurance, cargo insurance, crime, cyber insurance for SMEs, engineering, film, events, group insurance, financial lines, liability insurance, marine vessel, micro insurance program, motor, OFW insurance, packaged business insurance, prize indemnity, property, and special risks.

Top reason to choose Pioneer as your insurance provider

• Strong track record: The company has a history of dependable service and financial stability.
• Customer-centric approach: With its nationwide support and digital platform, Pioneer offers ease of access and policy management.
• Fast claim process: It has a reputation for quick and transparent claim handling. All you need to do is select the product, check the claim requirements, submit the essentials, and you are done.
• Comprehensive coverage: As mentioned above, Pioneer offers coverage against a wide spectrum of risks.
• Payment flexibility: Pioneer allows clients to make premium payments at ease, i.e., anytime, anywhere, via payment channels that best suit their needs
• Troubleshooting: Any questions about a product or service and concerns are addressed with priority here.

Also Read: Understanding tax breaks and incentives for EV Buyers in the Philippines

Key achievements

• Consistently ranked among the top non-life insurers.
• Strong relationship & partnership with banks, retailers, and fintech; thus, wider insurance access.
• Ranked among the top 3 insurance companies in the Philippines by the Insurance Commission.
• Earned a strong reputation for leadership in the non-life industry.
• Recognized as the "Best General Insurer" in the InsuranceAsia News Country Excellence Awards 2024.

Pioneer EV Insurance

Clients looking for EV car insurance can check out Pioneer, as it offers specialized electric vehicle insurance under the subhead EVOne.

The Pioneer EVOne is designed exclusively for Filipino EV owners looking for reliable EV-specific coverage, benefits, and much more. Let us check out the coverage it offers -

• Range anxiety cover - In case the power runs out, this cover will make sure the EV gets towed either to your point of origin or the nearest charging station.
• Advanced Driving Assistance System (ADAS) cover - It covers the set of technologies that assist you in driving and parking. For example, emergency braking, lane keep assist, cruise control, lane centring, etc.
• Charging equipment cover - It covers loss or damage of the physical components of your EV’s private charging station and/or accessories.
• Enhanced battery cover - This one covers the cost of repair or replacement of the EV's battery.
• Loss of use - This coverage will reimburse the transportation expenses incurred when the EV is undergoing repair. Note that the reimbursement is up to PHP 500 per day for 15 days.

In addition to the above-mentioned coverage, Pioneer EVOne also offers several comprehensive benefits. The list includes -

• Own damage - This coverage offers financial protection against physical damage to your EV caused due to collision, malicious acts, overturning, external explosion, and fire.
• Third-party liability - This coverage offers financial protection against third-party bodily injury, death, and disablement caused by an accident involving your EV. It also includes property damages caused to or by third parties.
• Acts of nature - By paying a little extra premium, you can protect yourself from damages due to acts of nature (floods, earthquakes, typhoons, hurricanes, volcanic eruptions, etc.)
• Driver & passenger coverage - When in an accident, this coverage offers protection to the EV’s driver and passengers.
• Theft - This coverage offers protection against physical damage or loss due to theft.

Also Read: Why comprehensive insurance is vital for car owners in the Philippines

Pioneer Insurance: Latest update

Recently, it was announced that BYD customers will now have direct access to the Pioneer EVOne insurance plan. This union is being referred to as the Pioneer-BYD La Union partnership.

Key highlights of Pioneer-BYD La Union

• The Pioneer and BYD collaboration aims to offer BYD customers easy access to insurance.
• The EVOne insurance policy offers tailored insurance solutions to EV owners, thus ensuring they hit the road in confidence.
• The policy covers a wide range of EVs, including battery, hybrid, and plug-in hybrid electric vehicles.
• EVOne policy covers traction batteries with no hidden deductibles.
• BYD car owners will benefit from innovative insurance products like the Range Anxiety Cover, Charging Equipment Cover, Enhanced Battery Coverage, and Loss of Use, along with standard comprehensive motor policy coverage.

Overall, Pioneer recognises the growing demand for electric vehicles and their unique coverage needs. Not to forget, it makes electric adoption easy, convenient, and practical.

Bottom line

While EVs are still finding their way into Filipino homes, the sales percentage is increasing gradually every year. However, that doesn’t mean finding an EV insurance policy is challenging in the Philippines. Many of the country’s leading insurance providers offer attractive and uniquely designed coverage for EVs. Don’t be surprised at its pricing compared to traditional coverage; however, for the price, you get amazing comprehensive protection.

Also Read: Reviewing Etiqa Car Insurance: Is it the right option for you?