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, 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:
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.