Zurich powers up its EV coverage with Tesla partnership in Australia

The Swiss insurer is simplifying coverage to help cut the cost of buying an electric car.

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Zurich Insurance Group is banking on growing electric vehicle (EV) adoption in Australia , whose EV market is slowly gaining traction through increased state incentives and better infrastructure development, to boost sales for its motor vehicle insurance.

Zurich Financial Services Australia has partnered with Tesla to become the preferred electric vehicle insurer for Tesla customers in the world's sixth-biggest country by area.

EV ownership in Australia is being pushed by strong government incentives and consumers who want to cut their carbon footprint, Alex Morgan, head of General Insurance at Zurich Australia & New Zealand, told Insurance Asia in an interview.

“Tesla has expressed their overarching desire to make owning a Tesla more accessible, and one of the key requirements of owning any motor vehicle is insurance,” he said.

“So, simplifying the process of accessing and purchasing insurance helps reduce the frictional cost of buying a new Tesla. That was their driver in this process,” he added.

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