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The British Insurance coverage Brokers’ Affiliation (BIBA) has partnered with NOVO Insurance coverage to introduce a bespoke motor insurance coverage scheme for electrical automobiles (EVs) within the UK.
The scheme, unique to BIBA members, seeks to handle particular challenges in coverage protection for EV house owners and brokers.
It provides options akin to a like-for-like substitute mobility service and entry to a nationwide community of EV restore specialists.
The EV insurance coverage additionally features a collaboration with a key EV claims administration supplier to ship knowledgeable assist throughout the claims course of.
BIBA said that NOVO Insurance coverage has invested in a devoted fleet of substitute EVs and a number of manufacturer-approved repairers to boost the claims assist chain.
BIBA head of technical providers Mike Hallam stated: “Electrical automobiles have quickly gained reputation in recent times, presenting distinctive insurance coverage challenges because of their superior expertise and specialist restore necessities.
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“Conventional insurance coverage insurance policies usually fall brief in offering sufficient protection and assist for EV house owners and brokers, particularly on the level clients want their coverage essentially the most, after an accident. This scheme will present BIBA members with an answer for this rising sector of the market.”
Regardless of the rising reputation of EVs, insurance coverage premiums have been a major barrier.
Earlier this 12 months, Bloomberg, citing Howden Group Holding, reported that UK drivers pay twice as a lot to insure EVs in comparison with inside combustion engine vehicles.
The typical insurance coverage premium for EVs surged to £1,344 on the finish of 2023.
The excessive prices are attributed to dearer repairs, longer workshop stays, and a shortage of mechanics certified to restore EV batteries.
In associated automotive insurance coverage developments, HSB, a division of Munich Re, lately unveiled ‘Cyber for Auto’, a brand new cyber insurance coverage product designed to guard private knowledge in related automobiles.
This protection goals to safe non-public data in opposition to the dangers posed by cloud and wi-fi communication applied sciences in private automobiles, addressing the potential risk of cyberattacks on the more and more prevalent related automotive applied sciences.
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