LV= Electrifies Insurance
Last month, LV= General Insurance announced the launch of “the market’s first car insurance product developed solely for electric cars.”
With new research forecasting that 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.
As part of its commitment to help owners of electric cars, LV= 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= who own an electric car but currently have a standard car insurance policy will receive access to the additional benefits. At renewal, the insurance will then be updated to an Electric Car policy, at no additional cost.
“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.” – Claims Director, LV= General Insurance, Martin Milliner.