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Koba rolls out Tesla EV cover 

Melbourne-based Koba Insurance will launch an electric vehicle cover next month.

It says the product, beginning with Tesla coverage, will be one of Australia’s first connected, comprehensive electric vehicle insurance policies.

The product offers choice of repairer and car hire options, charging equipment cover, and battery health checks.

Founder Andrew Wong says Koba has “telematics at the heart” and has been working closely with the electric vehicle (EV) community to build the product.

“EV is a fast-emerging market here in Australia and with that comes an opportunity for a bespoke EV insurance product,” he said. 

Mr Wong says most insurers offer coverage for electric vehicles, but their products tend to be the same as traditional comprehensive policies and don’t fully leverage the benefits electric cars offer or provide unique electric vehicle ownership services.

“That’s where our product will differ. We’ve worked directly with the EV community to fill in the gaps.”

Koba, which is underwritten by Pacific International Insurance, launched in late 2021. 

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

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