Thailand's EV Boom: The Numbers Behind the Revolution
Thailand's electric vehicle revolution is accelerating faster than anyone predicted. In 2025, battery-electric vehicle (BEV) sales jumped 80% year-on-year, with 120,301 units sold representing nearly 20% of total vehicle sales. With over 238,000 EVs registered and export targets set to quadruple to 52,000 units in 2026, EVs are firmly mainstream.
Is standard car insurance enough for your EV? As of 2026, the answer is a clear no.
Key market stats:
- 120,301 BEVs sold in 2025 - up 80% from 2024
- 19.37% of total vehicle sales were BEVs
- 3,720 charging stations with 11,622 chargers operational
- US$4.6 billion projected EV market revenue
- Plug-in hybrid (PHEV) sales grew 260% year-on-year
The OIC's Landmark EV Insurance Directive
The Office of Insurance Commission (OIC) issued Directive No. 47/2566, effective June 1, 2024, creating Thailand's first standardized BEV insurance policies.
What EV Insurance Must Cover in 2026
- Battery damage coverage - from accidents, flooding, or electrical faults
- Home charger coverage - accidental damage (e.g., AXA covers up to THB 5,000)
- Charging cable coverage - loss or damage (e.g., AXA covers up to THB 10,000)
- Third-party liability at charging stations
- EV-certified repair centre access
- 24-hour roadside assistance - including mobile charging
The 2026 Named Driver Rule: A Game-Changer
Effective January 1, 2026, all motor insurance policies must list up to five named drivers. For EV owners, this is mandatory from day one.
Each driver receives a driving behaviour rating (Level 1 to 5):
- 12 months safe driving - Level 2 - 10% discount
- 24 months - Level 3 - 20% discount
- 36 months - Level 4 - 30% discount
- 48+ months - Level 5 - 40% discount
BEV premiums are tied to driver behaviour, not vehicle claim history. An unlisted driver causing an accident triggers a THB 6,000 deductible.
Why EV Insurance Costs More
- EV repair costs are 50-60% higher than for ICE vehicles
- EV loss ratios have climbed to 84.3%, compared to 61.3% for ICE vehicles
- Some insurers reported loss ratios exceeding 100%
- Annual premiums have risen from THB 20,000 to THB 25,000-28,000
Primary culprits: expensive battery packs (30-40% of vehicle value), shortage of EV-certified technicians, long parts lead times, and flood damage.
Key Players: EV Insurance in Thailand
AXA Thailand
First insurer to launch a specific EV product. Type 1 EV policy covers battery, charger, cable, and third-party liability. Best for: Premium EV brands (Tesla, BMW, Mercedes-EQ)
Roojai Insurance
Thailand's most-visited insurance website with affordable, customizable EV insurance covering BYD, MG, Tesla, Neta, ORA, BMW. Best for: Budget-conscious, tech-savvy EV owners
Viriyah Insurance
Thailand's top non-life insurer, expanding with the "EV 2+" policy emphasizing brand-authorized repair centres. Best for: Mainstream EV brands (BYD, Neta, MG)
MSIG and Tokio Marine
Targeting secondary markets with subscription-style billing and regional repair networks. Best for: Up-country EV owners
Government Incentives Driving EV Adoption
Thailand's BEV 3.5 policy (2024-2027):
- Excise tax reduced from 8% to 2% for BEVs under THB 2 million
- Import duty reductions up to 40%
- Subsidies up to THB 150,000 per unit under EV3.0 (expires 2026)
- PHEV incentives from January 2026: 5% excise for 80km+ electric range
- Target: 7,000 charging stations by 2030
Practical Tips: Choosing EV Insurance in 2026
- Verify OIC compliance - ensure correct BEV tariff codes from Directive 47/2566
- Check battery coverage limits - batteries can cost THB 300,000-600,000
- Confirm repair centre network - especially outside Bangkok
- Name all regular drivers - unnamed drivers trigger THB 6,000 deductible
- Ask about charger coverage - limits vary significantly
- Compare total cost, not just premium
- Leverage driving behaviour discounts - up to 40% savings over four years
What's Next
- Telematics integration: Usage-based insurance tied to OBD data
- Battery health scoring: State-of-health as a key underwriting variable
- Reinsurance pressure: Global reinsurers tightening EV guidelines
- Chinese brand service expansion: BYD, MG, Neta expanding authorized centres
Standard car insurance is not designed for your EV. Seek an OIC-compliant BEV policy, compare battery coverage carefully, list all your drivers, and leverage the driving behaviour discount system.