Electric Revolution: Insurance in the Era of Electric Vehicles

EVs are renowned for their advanced software algorithms that control various functions. It is essential to note that when the EVs connect to charging stations, the cable not only transmits power but also exchanges a multitude of data. This expanded risk surface increases the vulnerability to potential cyberattacks, which could involve data theft or the introduction of viruses to manipulate the system.

- Subasree Sampath

Charging system

The "charging system" includes various elements, like home and outdoor charging infrastructure, as well as hardware components such as charging stations, ports, connectors, cables, and the necessary software for user authentication, billing, and remote monitoring. The range of EV charging systems varies from home-based Level 1 (120 Volts) chargers to public Level 2 (220/240 Volts) chargers and high-power DC (480 Volts) fast chargers, all designed to meet the diverse needs of electric vehicle owners. The primary hazard associated with EV charging is fire. The cause of the fire is often outdated electrical wiring and an unstable power supply in the charging location. If charging is done at home, such incidents could damage both the EV and the property.

When using public charging stations, the consequences may extend to damaging other vehicles and nearby properties. The charging stations and ports are exposed to weather events like heavy rain and flooding that could pose risks. Additionally, these stations are susceptible to acts of vandalism, such as tampering with electrical components or the charger, which could cause serious accidents during charging. Charging involves the transmission of high-voltage electricity, and malfunctions can result from factors such as physical damage, wear and tear on the charging port, connector, cable, or software glitches. There is also a potential risk of electric shock from a compromised charging system.