Fire risks, long charging lines hinder S’poreans from switching to EVs

The availability of EV-specific insurance is a key consideration when making the switch.

The risk of fires at charging stations (35%) and long waiting times for charging (34%) are the top concerns hindering the younger generation from switching to electric vehicles (EVs), according to an Income Insurance report.

These are followed by higher repair costs (33%), challenges in locating a charging station (33%), and the fear of being stranded on the road (32%).

For the older age group, cost-related worries were more dominant, including charging time (38%), battery replacement costs (36%), and speed of charging the electric vehicle (36%).

The survey also noted that the availability of EV-specific insurance is a key consideration, as one in five (20%) said that having EV-specific motor insurance would influence their decision.

Top-rated features that Singapore car owners look for in EV insurance include coverage for battery replacement in the event of an accident (43%) and a 24/7 emergency mobile charging service (36%).

Moreover, the report found that financial incentives such as rebates under the Vehicular Emission Scheme (53%), government subsidies for switching to EVs (49%), and reduced road tax (48%) were the most effective motivators cited by non-EV car owners,.