NADA delegation discusses EV insurance policy with Nepal Insurance Authority

KATHMANDU: A delegation led by Rajanbabu Shrestha, Vice President of the Nepal Automobile Dealers’ Association (NADA), held a meeting with Sharad Ojha, Chairperson of the Nepal Insurance Authority, to discuss the formulation of insurance policies for electric vehicles (EVs).

The meeting took place on Friday at Ojha’s office, where both sides engaged in a detailed discussion on the pressing need for a clear, transparent, and coherent insurance policy for EVs in Nepal.

Vice President Shrestha emphasized that despite the rapid rise in the number of electric vehicles, a specific insurance policy tailored for them has yet to be developed.

He urged the Authority to create a comprehensive policy that also addresses the emerging risks associated with EVs.

During the discussion, the Insurance Authority assured the delegation that the upcoming policy would incorporate key aspects such as spare parts, vehicle systems, materials, and valuation details of electric vehicles.

Additionally, the Authority aims to improve the claim process and make insurance more accessible and transparent.

The Authority has also committed to involving NADA directly in the policy drafting process, recognizing the importance of stakeholder engagement.

To ensure that the policy aligns with global standards, NADA plans to conduct a comparative study of EV insurance policies in South Asian countries and provide relevant insights to the Authority.

The meeting was also attended by Sushil Dev Subedi, Executive Director of the Authority, and Nirmal Adhikari, Head of the Insurance Division.

Representing NADA were General Secretary Surendra Kumar Upreti, Central Committee Member Yamuna Shrestha, and general member Mahesh Pal.