Bikes, rickshaws and Evs: Insurers told to submit separate rate quotes

ISLAMABAD: Special Assistant to the Prime Minister (SAPM) on Industries and Production, Haroon Akhtar Khan has directed insurance companies to submit separate insurance rate quotations for motorcycles, rickshaws and electric cars within a week.

He passed on these directions here on Thursday while chairing a high-level meeting to address insurance pricing and policy concerns under the National Electric Vehicle (NEV) Financing Scheme 2025-30.

The meeting signalled the growing momentum around Pakistan’s EV ecosystem, particularly as the government prepares to roll out its Rs100 billion subsidy package aimed at accelerating EV adoption nationwide.

The meeting brought together senior representatives from leading insurance firms and electric vehicle manufacturers to deliberate on risk coverage, particularly concerning battery theft and theft-prevention measures for EVs.

EV manufacturers such as Ezbike briefed the forum on technological advancements in modern electric vehicles, including GPS-enabled tracking, specialized battery locks, and anti-theft lock systems. Furthermore, Lithium-ion batteries, noted for their stability and suitability to Pakistan’s climate, were highlighted as the safest and most eco-friendly option currently available by the EV manufacturers, giving assurance to the insurance companies for the lesser risk involvement in the electric vehicles.

Addressing the participants, Khan directed insurance firms to submit separate insurance rate quotations for motorcycles, rickshaws, and electric cars by the upcoming Tuesday.

Emphasising public affordability, he urged companies to propose the most competitive pricing structures, assuring that consumer interest would remain paramount in the final selection. “This initiative, aligned with Prime Minister Shehbaz Sharif’s vision, marks another step towards making Pakistan’s transport ecosystem greener, safer, and more accessible,” Khan stated.

“Electric vehicles will significantly cut down urban pollution and dependency on fossil fuels.”

A wide array of insurance companies attended the session, including: Pak-Qatar General Takaful Ltd, Asia Insurance, Salaam Takaful Limited, Habib Insurance Co, Adamjee Insurance, TPL Insurance, Security General Insurance Co Ltd, Alfalah Insurance Company Limited, East West Insurance, TPLI Insurance, UBL Insurers Limited, The United Insurance Company, Reliance Insurance Co, Jubilee General Insurance Co Ltd, IGI General Insurance, Shaheen Insurance Co Ltd, Shaheen Insurance Limited, Askari General Insurance, EFU General Insurance, Century Insurance and State Life.

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