KATHMANDU: The Nepal Insurance Authority is preparing to introduce a separate insurance policy for electric vehicles. The authority has started discussions to address the growing use of EVs and their specific insurance requirements.
The authority is reviewing whether to modify the existing motor insurance policy or introduce a new EV-specific insurance policy. It has started collecting suggestions from stakeholders regarding EV risks, damage assessment, maintenance challenges, and insurance coverage.
The Nepal Insurance Authority recently held discussions with representatives from the Nepal Automobile Importers and Manufacturers Association (NAIMA), NADA Automobiles Association of Nepal (NADA), the Research Institute of Surveyors in Insurance, Nepal Surveyors Association, and the Insurers’ Association.
During the discussion, officials highlighted the need for proper data on EV imports, sales, damages, and insurance claims to analyze risks effectively.
Nepal Insurance Authority Director Shambhuraj Lamichhane said the rapid growth of EVs has created a need for a separate insurance framework. He added that the authority is taking suggestions from stakeholders before moving ahead with the new policy.
The authority will finalize the EV insurance policy process after reviewing feedback from concerned parties.
