Growing demand leads to LV='s first electric car product

LV= General Insurance (LV= GI) has today announced the launch of what it believes to be the market’s first car insurance product developed solely for electric cars.

With new research suggesting that more than a quarter (27%) of drivers expect to buy an electric car within the next five years, the bespoke insurance will address the needs of these drivers.

Cover for home charging cables and wall boxes, UK-wide recovery for customers who run out of charge - to the nearest charging point - and the supply of electric or hybrid courtesy cars will all be provided under the new policy.

Growing demand

New research from LV= GI suggests a growing demand for electric cars, with approximately 8.6 million drivers set to buy one as their next vehicle.

The research found that the demand for these cars is being driven by the fact that more than half of these drivers (58%) are looking for more environmentally-friendly ways of travelling, and 47% are looking to save money on running costs.

With a number of car manufacturers committing to producing electric or hybrid only vehicles from 2020, over a third of drivers also recognise the trends towards petrol-free roads in the future.

Martin Milliner, claims director of LV= GI said: “The motor industry is transforming at an incredible rate, with some of the most exciting developments being seen in the growing market for electric cars.

“Many car manufacturers have committed to making more electric cars and there’s even speculation that James Bond will be driving one in the next film, so it’s clear that these types of cars are growing in popularity. If we are to help make people feel more comfortable with the shift to electric vehicles over the next few years, then insurance must keep pace.

“Electric cars have very specific needs. Our new insurance addresses this and drivers can be confident of making the change to these cars of the future, knowing they have the right cover to protect them.”

Never without charge

As part of its commitment to help owners of electric cars, LV= GI has also partnered with Zap-Map, an interactive map of the 20,000 public charging points across the UK, to help drivers easily locate one closest to them.

With half of drivers concerned about finding the location of their nearest charging points, this partnership will help ease this anxiety. As well as the map services, customers who have LV= Electric Car insurance will also have access to car tax and public charging cost calculators.

Additions to traditional policies

Existing customers of LV= GI who own an electric car but currently have a standard car insurance policy will immediately receive access to the additional benefits. At renewal, the insurance will then be updated to an Electric Car policy, at no additional cost.

Poppy Welch, head of Go Ultra Low, the joint government and industry campaign to promote the uptake of electric vehicles, said: “2018 was another record year for the UK electric car market with registrations hitting 60,000, taking the total number registered to date to more than 200,000.

“With an ever growing choice of models delivering impressive range, continued investment in charging infrastructure, the next 12 months could be anotherr landmark year for electric vehicles.

“This new insurance policy will make it even easier for motorists to make the switch and we hope to see other insurance providers follow suit and release products tailored for electric vehicle drivers.”