King Price backs South Africa’s first commercial EV fleet

King Price Insurance  is the first insurer in South Africa to cover a commercial fleet of electric vehicles, partnering with Everlectric to support the shift toward electric logistics.

Everlectric, founded in 2019, operates an electric-vehicle-as-a-service model that bundles vehicles, charging infrastructure and insurance into a single monthly fee. Its fleet has logged more than eight million kilometres, cut an estimated 1,700 tons of CO₂, and grown from five vehicles to more than 200. King Price insures all Everlectric-owned vehicles.

The partnership centers on data. Everlectric shares detailed vehicle and performance insights with King Price, allowing the insurer to refine underwriting for EV-specific risks like battery issues, component failures and accident patterns. This feedback loop is also used to inform reinsurers, giving them local data in a category where global benchmarks typically dominate.

For King Price, the deal is a chance to build expertise in EV fleet risk while supporting a fast-growing operator. For Everlectric, it offers an insurance partner willing to adapt to the realities of electric mobility.

The companies frame the collaboration as a test case for how insurers and operators can evolve together as EV adoption expands in commercial transport.