Is Electric Vehicle Insurance Cover Fit For Purpose?
Friday, 8. October 2021
This article applies to fleet users but it has raised some interesting points that you may wish to address if you are a consumer driving your first electric car and want to make sure that you are covered for all eventualities. I’ve underlined those items that need special attention when taking out your insurance. Also, training may be useful in order to maximise the benefits of having an EV.
Allianz Insurance has enhanced its Motor Fleet (15 or more vehicles) and Small Fleet (4-14 vehicles) products to provide cover for electric vehicles as well as a wide range of services to support fleet electrification.
The specialist EV cover includes third-party liability during charging, as well as damage cover for cables, connectors and electric wallboxes located at the insured’s premises or an employee’s home.
Allianz has also future-proofed its wording and clarified some existing cover and limits in regard to vehicle automation and connectivity.
Gerry Ross, head of commercial motor, Allianz Insurance said: “These are really exciting times for us as we continuously challenge ourselves to bring the latest solutions to our customers. We constantly review our motor proposition to ensure we remain at the forefront of the market, meeting and anticipating broker and customer needs.
“The inclusion of EV cover reflects the evolving priorities of our customers and the option to use green parts demonstrates our commitment to sustainability. Our expert underwriters, local branch network and excellent claims teams are committed to delivering a comprehensive offering that reflects the challenges and opportunities modern fleets are facing.”
The new proposition is supported by Allianz’s risk management partners DriveTech and Lightfoot. DriveTech provides driver training, including an appreciation of regenerative braking, charging and EV safety. Lightfoot, meanwhile, uses connected technology to deliver real-time driver coaching, with a smartphone app offering drivers rewards and prizes.
This can help to reduce fuel consumption and improve the battery range of electric vehicles, while also reducing CO2 emissions. Both partners also provide risk management services that are valuable to drivers and fleet managers alike.
As part of its sustainability commitments, Allianz will also look to use green parts wherever possible on non-safety critical items (with the insured’s permission) when repairing fleet vehicles. With more fleet customers receptive to choosing environmentally sustainable solutions, green parts can make a positive and practical environmental impact.
Recognising that many commercial motor customers will want to continue to support people in their local communities, cover that was provided for volunteering during lockdown will continue, either for the NHS or the distribution of food aid from a recognised Trust or Independent Food Aid Network (IFAN) charity. By Graham Hill thanks to Fleet News
