There’s Carrot for KIA

South Korean insurer Carrot General Insurance launched its pay-per-mile auto insurance specially designed for electric vehicles. The new service – called “Carrot EV Cover” – will initially cover KIA’s EV6 model and will later expand to other electric vehicles.

The policy covers 100% battery replacement in the event of an accident, comprehensive or collision coverage with a guaranteed payout of up to 150% of the vehicle’s value, and towing services for up to 120 kilometers.

“In response to the changing landscape and the demand in growth of the electric vehicle across the globe, Carrot is spearheading the way to revolutionize the auto insurance and contribute to drive towards eco-friendly society. In line with perceptions surrounding the electric vehicles, our team focused the efforts in providing the EV owners with adequate insurance coverages that are smart and efficient .” – Paul Jung, CEO of Carrot.

Bottom Line: Carrot insures close to 300,000 customers and has raised $200 million to date.