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Discussion Starter #1
We are a trading style of an established insurance brokers in Shropshire. We have set up a specialist scheme for electric vehicles in recognition of the specialist vehicles that you are driving.

At greenways electric vehicle insurance, we recognise that purchasing an electric vehicle can mean a lifestyle change, and may not require the standard insurance.

Although launching later on in the year, please do give us a call to discuss any of your requirements.
 

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Good luck and success etc. Have you tried offering some little added extras that may assist EV/PHEV owners that other insurers don't offer?

Also, I trust you have views on Renault and Nissan battery lease options as these cause all sorts of issues.

ps, who are your underwriters?
 

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When do you plan to start writing policies? My BMW i3 arrives in August and my current insurer (M&S) will not insure an i3.
I have BMW Insurance for my I3 and at £220 per year and fully comp/NCB- protected, I cannot see a reason to change.
 

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Discussion Starter #5
When do you plan to start writing policies? My BMW i3 arrives in August and my current insurer (M&S) will not insure an i3.
Hi,
We are looking to launch the website in September but we are able to write policies from now. We are part of an established broker with a wealth of experience, that now has a dedicated department to handle all electric vehicle policies.
Feel free to either give myself a call or email [email protected] for a quote.

Thank you
 

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I have BMW Insurance for my I3 and at £220 per year and fully comp/NCB- protected, I cannot see a reason to change.
BMW quoted me £347 with a full 9+ years no claims. Weird that it should be so much more than yours. Its not like I live in a bad area or anything.
 

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Discussion Starter #7
Good luck and success etc. Have you tried offering some little added extras that may assist EV/PHEV owners that other insurers don't offer?

Also, I trust you have views on Renault and Nissan battery lease options as these cause all sorts of issues.

ps, who are your underwriters?
Hi,

We have given that some thought and are in the process of finalising all plans. Do you have any suggestions on any extras that would assist your needs? Either extras such as charging options or insurance options?

As for the leasing options, we do not see a problem in terms of insurance and have not encountered any issues.

Whilst we are finalising plans, we cannot say who the underwriters are but an announcement will be made when the scheme goes fully live. We can say that they are a UK insurer that specialise in motor insurance.

Thank you very much for your comments and we would welcome any suggestions that you may have.
 

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Discussion Starter #8
I have BMW Insurance for my I3 and at £220 per year and fully comp/NCB- protected, I cannot see a reason to change.
I'm happy that you have not had any issues with BMW insurance. If you would ever like a personal service then please do feel free to get in contact with us. We will always be happy to cater for your needs, and as mentioned, in addition to the electric vehicle scheme, we are able to cater for all of your insurances in one place.

Thank you for the comments.
 

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I'd actually ponder the question on whether they've thought this through fully.

We all know that EVs get written off for the slightest thing as they're effectively a bit of a hot potato when they've been smashed. Nobody really knows what to do with them to have them repaired, and then there's the issues of getting the battery removed and/or made safe before repairs commence. That involves extra time and expense as well as policy holder needing a hire/courtesy car for longer. Costs adding up...

I can't see the profitability of this for the broker being all that great. A few total losses on this scheme account will wipe out any benefit to them and I would wonder how long their underwriter would remain interested before rates go up or the scheme gets pulled. 12 months? 24? And then what? We're all back to where we were.

Nice idea and good to try and get a niche, but premiums for EVs aren't that bad already with the larger insurers who will take them on. I can't see the numbers being there to help a small player, such as this Broker, make it profitable.
 

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On the other hand I have become a much slower/safer driver since taking up EVing (third party observation)
That'll balance out the greater chance of running over some blind school outing.

But I hear your point. I think we are all better drivers since having an EV. We have to be or we won't make our destination as easily :unsure:
 

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@MoonCat - not exactly a line of thinking we really wish to encourage insurers down?

Insurance premiums should be based on objective actuarial evaluations, not thought-experiments on all the possible permutations of things going wrong!
 

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The only issue I had when insuring was a conversation with a call centre operator over ownership of the car. She asked who owned it. Strictly speaking I don't as the PCP supplier held a serious lien over it. I explained that I was the registered keeper under DVLA conditions but didn't actually own it until the final 'balloon' payment had been made 2 years hence. That didn't fit into her script of course and sent her down a rabbit hole of some depth. I rang off. Rang back to get another operator, and when he asked the ownership question I confidently replied that it was mine. Problem solved.
 

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Why does every one think in yearly terms for insurance. Now cars know where they are then there are times when I would like instant insurance for a single trip based on a Journey, car type, time of day and my history. This will come as more cars become auto piloted etc. Cars will have a CC pad and you pay for the trip as one fee (hire, insurance and fuel).

For now, yearly allows us to compare prices, but not risks.
 

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@MoonCat - not exactly a line of thinking we really wish to encourage insurers down?

Insurance premiums should be based on objective actuarial evaluations, not thought-experiments on all the possible permutations of things going wrong!
Not a Broker based special scheme they aren't.

It'll work along basic profit lines. £800k premiums in, £1.4 million paid out in claims and scheme gets pulled or rates increase leading to it being uncompetitive with the same effect.

Reverse those figures and rates on scheme come down making the scheme competitive and popular. Sadly, with EVs getting written off for the slightest thing I fear it's more the former than latter.
 

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Discussion Starter #20
I'd actually ponder the question on whether they've thought this through fully.

We all know that EVs get written off for the slightest thing as they're effectively a bit of a hot potato when they've been smashed. Nobody really knows what to do with them to have them repaired, and then there's the issues of getting the battery removed and/or made safe before repairs commence. That involves extra time and expense as well as policy holder needing a hire/courtesy car for longer. Costs adding up...

I can't see the profitability of this for the broker being all that great. A few total losses on this scheme account will wipe out any benefit to them and I would wonder how long their underwriter would remain interested before rates go up or the scheme gets pulled. 12 months? 24? And then what? We're all back to where we were.

Nice idea and good to try and get a niche, but premiums for EVs aren't that bad already with the larger insurers who will take them on. I can't see the numbers being there to help a small player, such as this Broker, make it profitable.
It is true that EVs currently have high write off statistics. However, as the cost of batteries are reducing, and with the option of leasing them, these statistics are also reducing. This will then reduce the risk and therefore the premiums. All of the approved repairers will understand EVs.

Our policies are able to include a hire car cover for any eventuality.

Your comments are noted but we do believe that there is a niche market and a requirement for a specialist scheme. We understand that you make a conscious choice and are clearly not always motivated by price in the purchase of the vehicle, we can tailor the insurance to match rather than providing the most basic, cheapest cover available.
 
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