Press release

LV= electrifies insurance with first product designed exclusively for electric cars

LV= announces the launch of the market’s first car insurance product developed solely for electric cars

  • More than a quarter (27%) of drivers are considering switching to an electric car within the next five years - with 8.6 million looking to make the move for their next vehicle
  • LV= Electric Car insurance will meet specific demands of electric car drivers, with existing customers who own electric cars immediately receiving access to the new benefits at no additional cost
  • LV= has partnered with Next Green Car who run Zap-Map, the UK’s No.1 charging point platform, to help support drivers

LV= General Insurance (LV= GI), one of the UK’s largest car insurers, has today announced the launch of the market’s first car insurance product developed solely for electric cars. With new research forecasting that more than a quarter (27%) of drivers expect to buy an electric car within the next five years[1], the bespoke insurance will address the distinct needs of these drivers. The new insurance provides 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. 

New research from LV= GI reveals a growing demand for electric cars, with 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, 36% of drivers also recognise the trends towards petrol-free roads in the future.

Martin Milliner, Claims Director LV= General Insurance 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.”

LV= Electric Car insurance provides tailored cover to meet the specific needs of electric car owners and includes the following: 

  • UK-wide recovery for customers who run out of charge - to the nearest charging point;
  • An electric or hybrid car as a replacement hire for those committed to more environmentally-friendly vehicles;
  • Cover for home  charging cables, wall boxes and adaptors; and
  • Access to a network of specialist electric car repairers across the country. 

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.

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.

 

Notes to editors:

[1] Research of more than 2,004 UK adults carried out between 26 February to 1 March 2019.

For more information please contact:

Kaidee Horton (née Sibborn)
Head of Media (Corporate, General Insurance & Brand)
020 7634 4240
07738 274 568
Lloyd Purnell
Senior Press Officer (General Insurance)
020 7634 4433
07500 835 885

About Liverpool Victoria General Insurance Group Limited

Liverpool Victoria General Insurance Group Limited (LVGIG) is an LV= branded strategic partnership between LV= and Allianz Holdings Plc, following the sale of a 49% stake in LV=’s General insurance business on 28th December 2017, creating one of the largest personal insurers in the UK with around £1.6 billion annual premium income and serving over 5 million customers.

LVGIG is a holding company employing over 3000 staff and incorporating two regulated insurance companies. Liverpool Victoria Insurance Company Limited (LVIC), registered in England and Wales number 03232514 and Highway Insurance Company Limited (HICO), registered in England and Wales number 03730662, both registered at County Gates, Bournemouth, BH1 2NF are part of the Liverpool Victoria Group of companies and are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. (LVIC FRN number 202965 and HICO FRN number 202972).

LV= and Liverpool Victoria are registered trademarks of Liverpool Victoria Friendly Society Limited and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria Group of companies.