03 June 2025
SINGAPORE, 3 June 2025 – Income Insurance today released findings from its “Singapore Electric Dream” survey, shedding light on Singaporeans’ attitudes and concerns towards switching to electric vehicles (EVs), as Singapore moves towards its vision of 100% cleaner energy vehicles by 2040, as part of the Singapore Green Plan.
The Singapore Electric Dream survey was conducted online in March 2025 by YouGov amongst 1,009 EV and Non-EV car owners, of which close to 200 respondents were EV car owners.
Cost, Convenience, Safety and Lack of EV Insurance are Key Concerns for Making the Switch
Among younger car owners such as Millennials and Gen Zs, risk of fires at charging stations (35%), long waiting times for charging (34%), higher repair costs as compared to fuel-powered cars (33%), challenges in locating a charging station (33%) and range anxiety, the fear of being stranded on the road due to insufficient charge (32%), are among their top five concerns. For older age groups, particularly Gen X and Baby Boomers, cost-related worries were more dominant in their top five concerns – including inconvenience due to waiting time for charging (38%), high battery replacement costs (36%), speed of charging the electric vehicle (36%), risk of fires from battery issues or re-ignition (35%) and limited resale market value for electric vehicles (31%).
The survey also highlighted that the availability of EV-specific motor insurance is one of a key consideration among non-EV car owners contemplating the switch. For those considering purchasing an EV, 1 in 5 (20%) said that having EV-specific motor insurance would influence their decision to purchase an EV. Among existing EV car owners, nearly 1 in 3 (31%) voiced concern over the lack of insurance products tailored to the specific needs of EVs.
Top-rated features that Singapore car owners look for in an EV insurance include coverage for battery replacement in the event of an accident (43%) and 24/7 emergency mobile charging service (36%) – both of which directly address concerns about cost, convenience, and safety.
Despite these concerns, only 3% of car owners surveyed said they would stop driving entirely instead of buying a new EV.
"As Singapore progresses towards a more sustainable future, Income Insurance remains committed to enabling the green transition by offering practical, targeted EV-specific motor insurance", said Cecilia Siah, VP and Head of Motor Business, Income Insurance. "We understand that switching to an EV is a big decision for many drivers. Our team have spoken to car owners who are keen to make the switch but are held back by worries around battery replacement costs or roadside emergencies, hence we developed our EV insurance with these concerns in mind. We not only aim to provide protection for these car owners, but also to support them with a smoother, more confident transition to greener mobility."
Sustainability and Innovation-related Motivators Drive Interest in EVs
Despite the concerns, car owners in Singapore still expressed the desire to do their part for what is better for the environment, the desire to keep up with technology and innovation, and to lower costs related to car ownership.
Female drivers are more environmentally conscious, with 40% of them citing sustainability as their main reason for wanting to switch, compared to 31% of men. Women EV owners are also more drawn to innovation, with nearly half (49%) saying they were motivated by the desire to keep up with the latest technology, compared to just 31% of male EV owners.
Among non-EV car owners, financial incentives such as rebates under the Vehicular Emission Scheme (53%), government subsidies for switching to EVs (49%), and reduced road tax (48%) were seen as the most effective motivators.
Gen X EV considerers showed strong motivation across multiple areas – 49% for environmental reasons, 45% for the improved driving experience (such as smooth acceleration and quieter rides), and 37% for staying current with technological trends.
Support for the Singapore Green Plan’s 100% Cleaner Energy Vehicle Vision is Strong Across All Demographics
The majority of car owners in Singapore are aware of and aligned with the Singapore Green Plan. Close to 70% of those surveyed were aware of the government’s target to transition all vehicles to cleaner energy by 2040.
Public sentiment is largely optimistic: 71% of respondents said they feel positive about Singapore’s shift to 100% cleaner energy vehicles. Women are generally more positive about the EV transition than men, with nearly 80% expressing confidence compared to 67% of male respondents.
Awareness and positivity are highest among younger generations. More than 8 in 10 Gen Z and Millennial drivers said they support the national vision, and close to 70% are open to purchasing a full EV in support of the 2040 goal.
By 2040, 80% of passenger vehicles in Singapore are expected to be electric, backed by strong government mandate for all new car registrations to be of cleaner energy models by 2030 and to completely phase out vehicles using internal combustion engines (ICE) by 2040
Supporting Singapore Car Owners’ “Electric Dream”
With its EV-specific motor insurance, Income Insurance is focused on easing the transition by addressing the real concerns of car owners, from safety and cost to convenience. The EV transition journey is not just about embracing new technology, it is about giving everyday drivers the assurance and support they need to make the switch with confidence.
Income’s eDrivo Car Insurance plan offers EV-specific benefits such as coverage for unlimited battery replacement in the event of an accident and cyber hacking coverage to protect against loss of damage to the vehicle due to malicious cyber acts. To address EV car owners’ concern on range anxiety, eDrivo offers an industry-first 24/7 emergency mobile charging assistance, in partnership with Power Up Tech (P.UP), Singapore’s first and only mobile EV charging service. This 30-minute fast-charging service to the stranded EV will provide sufficient charge to drive to the nearest charging station.
Jones Tay, an EV car owner shared, “As an EV owner, having insurance tailored to EVs is essential. I appreciate how Income’s eDrivo Car Insurance addresses real concerns unique to EV ownership, such as 24/7 emergency mobile rescue, comprehensive battery coverage, and damage to charging stations, giving me peace of mind with benefits catered to my needs.”
Policyholders of eDrivo Car Insurance will also get access to our dedicated accident response team, Income Orange Force. In the event of an accident, Income Orange Force will be able to advise policyholders on accident reporting procedures and accident claims advisory. To better support policyholder with EVs, our Orange Force ambassadors are also equipped with the knowledge on safety precautions with EVs in the event of accidents.
SINGAPORE, 3 June 2025 – Income Insurance today released findings from its “Singapore Electric Dream” survey, shedding light on Singaporeans’ attitudes and concerns towards switching to electric vehicles (EVs), as Singapore moves towards its vision of 100% cleaner energy vehicles by 2040, as part of the Singapore Green Plan.
The Singapore Electric Dream survey was conducted online in March 2025 by YouGov amongst 1,009 EV and Non-EV car owners, of which close to 200 respondents were EV car owners.
Cost, Convenience, Safety and Lack of EV Insurance are Key Concerns for Making the Switch
Among younger car owners such as Millennials and Gen Zs, risk of fires at charging stations (35%), long waiting times for charging (34%), higher repair costs as compared to fuel-powered cars (33%), challenges in locating a charging station (33%) and range anxiety, the fear of being stranded on the road due to insufficient charge (32%), are among their top five concerns. For older age groups, particularly Gen X and Baby Boomers, cost-related worries were more dominant in their top five concerns – including inconvenience due to waiting time for charging (38%), high battery replacement costs (36%), speed of charging the electric vehicle (36%), risk of fires from battery issues or re-ignition (35%) and limited resale market value for electric vehicles (31%).
The survey also highlighted that the availability of EV-specific motor insurance is one of a key consideration among non-EV car owners contemplating the switch. For those considering purchasing an EV, 1 in 5 (20%) said that having EV-specific motor insurance would influence their decision to purchase an EV. Among existing EV car owners, nearly 1 in 3 (31%) voiced concern over the lack of insurance products tailored to the specific needs of EVs.
Top-rated features that Singapore car owners look for in an EV insurance include coverage for battery replacement in the event of an accident (43%) and 24/7 emergency mobile charging service (36%) – both of which directly address concerns about cost, convenience, and safety.
Despite these concerns, only 3% of car owners surveyed said they would stop driving entirely instead of buying a new EV.
"As Singapore progresses towards a more sustainable future, Income Insurance remains committed to enabling the green transition by offering practical, targeted EV-specific motor insurance", said Cecilia Siah, VP and Head of Motor Business, Income Insurance. "We understand that switching to an EV is a big decision for many drivers. Our team have spoken to car owners who are keen to make the switch but are held back by worries around battery replacement costs or roadside emergencies, hence we developed our EV insurance with these concerns in mind. We not only aim to provide protection for these car owners, but also to support them with a smoother, more confident transition to greener mobility."
Sustainability and Innovation-related Motivators Drive Interest in EVs
Despite the concerns, car owners in Singapore still expressed the desire to do their part for what is better for the environment, the desire to keep up with technology and innovation, and to lower costs related to car ownership.
Female drivers are more environmentally conscious, with 40% of them citing sustainability as their main reason for wanting to switch, compared to 31% of men. Women EV owners are also more drawn to innovation, with nearly half (49%) saying they were motivated by the desire to keep up with the latest technology, compared to just 31% of male EV owners.
Among non-EV car owners, financial incentives such as rebates under the Vehicular Emission Scheme (53%), government subsidies for switching to EVs (49%), and reduced road tax (48%) were seen as the most effective motivators.
Gen X EV considerers showed strong motivation across multiple areas – 49% for environmental reasons, 45% for the improved driving experience (such as smooth acceleration and quieter rides), and 37% for staying current with technological trends.
Support for the Singapore Green Plan’s 100% Cleaner Energy Vehicle Vision is Strong Across All Demographics
The majority of car owners in Singapore are aware of and aligned with the Singapore Green Plan. Close to 70% of those surveyed were aware of the government’s target to transition all vehicles to cleaner energy by 2040.
Public sentiment is largely optimistic: 71% of respondents said they feel positive about Singapore’s shift to 100% cleaner energy vehicles. Women are generally more positive about the EV transition than men, with nearly 80% expressing confidence compared to 67% of male respondents.
Awareness and positivity are highest among younger generations. More than 8 in 10 Gen Z and Millennial drivers said they support the national vision, and close to 70% are open to purchasing a full EV in support of the 2040 goal.
By 2040, 80% of passenger vehicles in Singapore are expected to be electric, backed by strong government mandate for all new car registrations to be of cleaner energy models by 2030 and to completely phase out vehicles using internal combustion engines (ICE) by 2040
Supporting Singapore Car Owners’ “Electric Dream”
With its EV-specific motor insurance, Income Insurance is focused on easing the transition by addressing the real concerns of car owners, from safety and cost to convenience. The EV transition journey is not just about embracing new technology, it is about giving everyday drivers the assurance and support they need to make the switch with confidence.
Income’s eDrivo Car Insurance plan offers EV-specific benefits such as coverage for unlimited battery replacement in the event of an accident and cyber hacking coverage to protect against loss of damage to the vehicle due to malicious cyber acts. To address EV car owners’ concern on range anxiety, eDrivo offers an industry-first 24/7 emergency mobile charging assistance, in partnership with Power Up Tech (P.UP), Singapore’s first and only mobile EV charging service. This 30-minute fast-charging service to the stranded EV will provide sufficient charge to drive to the nearest charging station.
Jones Tay, an EV car owner shared, “As an EV owner, having insurance tailored to EVs is essential. I appreciate how Income’s eDrivo Car Insurance addresses real concerns unique to EV ownership, such as 24/7 emergency mobile rescue, comprehensive battery coverage, and damage to charging stations, giving me peace of mind with benefits catered to my needs.”
Policyholders of eDrivo Car Insurance will also get access to our dedicated accident response team, Income Orange Force. In the event of an accident, Income Orange Force will be able to advise policyholders on accident reporting procedures and accident claims advisory. To better support policyholder with EVs, our Orange Force ambassadors are also equipped with the knowledge on safety precautions with EVs in the event of accidents.
