Insurance glossary

BEV

A fully electric vehicle with no internal combustion engine, such as the BYD ATTO 3 and Tesla.

PHEV

A plug-in hybrid with both an electric motor and a petrol engine.

HEV

A hybrid that recharges while driving and cannot be plugged in to charge.

Wall Charger

A wall-mounted home charger that charges faster than a standard household socket.

AC / DC Charging

AC is slower charging typically used at home, while DC is fast charging available at public stations.

kWh

A unit of battery capacity; a higher kWh generally provides longer range and a higher battery value.

Battery Depreciation

The proportion of battery coverage that decreases with vehicle age, as stated in the policy.

Deductible

The amount the insured must pay first when the policy conditions apply.

Sum Insured

The maximum amount the insurer will pay for the vehicle and should be close to its actual value.

Named Driver

Drivers named in the policy may receive a premium discount; up to five drivers can be named for an EV.

Battery Salvage

A battery damaged beyond repair and requiring replacement; the insured may be entitled to a share of its salvage-sale proceeds.

Dealer Repair / Network Garage Repair

Dealer repair is performed at an authorized vehicle service centre, while network garage repair is performed at an insurer-approved garage.