With the retail world continuing to be knocked to the canvas during these strangest of times, there are some pretty notable exceptions still standing and going toe-to-toe with everyone’s least favourite heavyweight, Covid-19.
One of these front-foot industries is Electric Vehicle (EV) manufacture, where associated sales graphs continue to travel northwards. The latest figures released by The Society of Motor Manufacturers and Traders (SMMT) confirm that in 2020 in the UK, EVs accounted for more than 10% of all car sales, with a total of 108,205 cars sold – a 180% year-on-year rise.
It’s impossible to put a finger on exactly why this is; Do people have more time to research EVs? People can’t go on holiday, so are they using their holiday ‘funds’ as a deposit on a new EV? Slick and clever marketing (see the Mercedes EQC advert)? Greater environmental awareness? Streamlined purchasing ‘journey’ (a nod to Tesla)? Increased charging capability and infrastructure? The emissions scandal? Government directives on the banning of new petrol & diesel cars? Whilst not endless, it’s a list that could go on much, much further.
So, whichever of these categories you might fall into (you could straddle a few!), you can liken the purchase of your first EV to the purchase of your first car. When you were 17/18/19, you were about to free yourself from the shackles of the number 86 bus, or having to rely on your dad to get you to town to meet your friends. Your first EV is going to free you from exorbitant fuel costs, maybe congestion charges, and will absolutely improve your carbon footprint and your contribution to a greener world, now and in the future. Your first car improved your life, your first EV will enhance your life and the lives of everyone else on the planet.
Your EV is (or will be) a pretty valuable asset that needs to be looked after and protected in the right way, not only by you but also by people that understand that and, ultimately, know what they’re doing. The care, time and thought that you put in to buying an EV needs to be replicated when choosing the right insurance for it. Just some of the factors that you need to consider:
- If my EV is off the road following an accident, will my insurer provide me with an EV for the duration of the repairs?
- If they supply me with a petrol or diesel car, will the fuel costs be covered by the claim? I’ve spent a few pounds on my home charging, does this mean that this will be pretty redundant while my car is off the road?
- Will my insurer guarantee the value of my EV if it’s written off following an accident? If they don’t, how will I replace my car with the same model if there’s a shortfall between its value and what my insurer pays out?
- Does my insurer use manufacturer-approved repairers if my car is damaged in an accident? If not, will this affect the residual value if I ever come to sell the car, or when I come to the end of my lease?
- How long has my insurer been insuring EVs? Do they understand me and what I need, or am I simply another customer?
- Who insures my charging cables?
- Does my insurance include breakdown cover? If it does, will the recovery company/agent understand EVs?
This list is by no means exhaustive and it shouldn’t represent the beginning and end of your EV insurance considerations. It should, however, indicate that whilst a lot of the UK’s so-called EV Insurers claim to have market-leading policies, the reality is somewhat different and the gaps in their cover can very quickly curb your new car/new EV feeling. Unfortunately, the likelihood is that you’ll probably find out the hard way – unless you take the time to talk with Novo.
We have been supporting the UK’s EV owning community for almost seven years and at each step of our development, we have listened to, consulted with and have been guided by owners around what’s important to them when it comes to insuring their cars. Over that time and as a direct result, we have designed, refined, refined (and refined again) the UK’s broadest EV-specific insurance policy.
So, you’ve decided that now is the time and to improve your life by purchasing your first (or latest) EV, please get in touch with us to discuss how we can help you protect it and keep you fully EV mobile.
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