NTUC Income will further consolidate its position as one of Singapore's leading motor insurers by extending usage-based motor insurance (UBI) to electric vehicle (EV) owners.

The UBI model makes motor insurance more flexible, affordable, and accessible for all EV owners. It also supports the company's commitment to insure all EVs in Singapore, a significant move given the Singapore Green Plan 2030, which aims to accelerate EV adoption.

With the understanding that customers want the ability to monitor their mileage and corresponding motor insurance premiums easily, NTUC Income is partnering with Carro to integrate its AI-enabled dynamic pricing system with Carro's in-vehicle telematics technology.

The integrated system enables NTUC Income to calculate motor insurance premiums based on the recorded mileage of insured EVs. Mileage is calculated when the car is in motion and stops when the car is stationary. 

In addition, NTUC Income's latest usage-based insurance model allows EV owners to choose from three types of usage-based motor insurance plans - comprehensive, third-party, and third-party with fire and theft. An option for accident assistance via its Orange Force service is also available.

The groundbreaking insurance scheme is now available on the 'Covered' self-service platform.