Embedded insurance is free insurance
About 3 months ago, we reported that online used car marketplace Heycar has launched an insurance offering managed by Wrisk and underwritten by LV= . Back then, the idea was to offer a digital-first insurance product for all used cars bought on Heycar and for all eligible car buyers in the UK. As an aside, Allianz is the parent company of LV and an investor in Heycar.
More recently, Wrisk announced a new program/campaign to better accommodate customers who purchase the all-electric Renault ZOE where eligible customers can take advantage of a free wallbox car charger, two years of free servicing, and six months of free EV car insurance.
To all other car buyers, there’s always the option of one month of free coverage.
This should sound familiar by now as last year, we reported that Volvo’s electric car – XC40 Recharge Pure Electric- comes with a free, 3 year car insurance from Allianz for customers who purchase the car online.
Bottom Line: In both cases, insurance companies offer free insurance to owners of electric vehicles. When it comes to personal auto insurance in the US, this hasn’t yet happened. Having said that, it’s interesting to note that Allstate recently modified Avail’s insurance conditions (we’ll have more to say about this next week when we publish our latest research report).