Koba Insurance has launched a dedicated, comprehensive electric vehicle (EV) insurance policy it says is the first in Australia.  

The cover, initially available for Tesla vehicles, includes features such as a certified repairer network, charging equipment cover, lifetime repair guarantee and electric hire cars. 

Vehicle-specific insights are displayed in an app, including estimated battery range, trip tracking and tyre pressure monitoring, and monthly usage reports and enhanced battery monitoring will soon appear as standard. 

The product will soon be rolled out for brands other than Tesla. 

“An EV-specific insurance product has been a long time coming and we’re pleasantly surprised by how quickly, even with one brand, it’s taking off,” Koba founder Andrew Wong said. “The momentum shows that an EV insurance specialist is something customers see real value in.” 

The EV-certified repair network “seems to hit home”, he says. “We understand the EV claims process is unique and treat it as such.” 

Melbourne-based Koba, which is underwritten by Pacific International Insurance, launched in 2021.  

Users pay an upfront fixed cost to have their car covered while it is parked and then pay for the distances they drive. The insurtech links the car’s driving data to a smartphone, to automatically calculate distances, and charges a per-kilometre rate. 

Koba also works with Uber Carshare to insure people who rent their cars on the platform and want coverage outside of bookings.  

The group is an excellence in Insurtech category finalist at FinTech Australia’s Finnie Awards.