KATHMANDU: As the number of electric vehicles (EVs) continues to rise, the Nepal Insurance Authority (NIA) is developing a separate insurance policy tailored for electric vehicles (EVs).
The new policy will consider factors such as the cost of spare parts, servicing expenses and the market value of EVs. This aims to design a framework that addresses the distinct characteristics of EVs.
During a recent meeting with representatives of the NADA Automobiles Association of Nepal, NIA Chairperson Sharad Ojha said that they have already begun developing a new policy framework.
Speaking on the occasion, NADA Vice President Rajan Babu Shrestha called for a clear, transparent and well-structured insurance policy for EVs. “With the number of EVs growing, the NIA must bring policies to effectively manage associated risks,” he said.
The NIA has also expressed commitment to include NADA in the policymaking process to ensure the policy is practical and transparent for all stakeholders.
NADA requested the NIA to study international best practices, and offered to assist by reviewing and sharing insights from South Asian countries
NIA Executive Director Sushil Dev Subedi and Chief of the Insurance Policy Division Nirmal Adhikari, and NADA General Secretary Surendra Kumar Upreti, Executive Committee Member Yamuna Shrestha and Member Mahesh Pal were present in the meeting.
