Electric cars are already beginning to roll off assembly lines, but interested drivers are struggling to find insurers willing to let them drive off the lot. Painfully aware of this growing problem,
In its research, TheGreenCarWebsite found that many price comparison sites and large insurers have not yet altered their own websites to allow customers to get electric car insurance quotes. Additionally, a blogger from TheGreenCarWebsite called a few large insurers for a quote, only to find that the firms were “baffled and unprepared” for the request.
The
The reasons behind why it’s so difficult to underwrite an electric car vary.
Andy Goldby, director of motor underwriting at Direct Line, told
Given this tangled situation, it comes as no shock that insurers are hesitant to underwrite electric vehicles. How does an underwriter account for an accident where the battery pack is damaged or stolen? MotorTorque reports that this complication has led to many large insurers refusing to offer electric car insurance quotes, leaving just a handful of specialist insurance companies offering coverage for electric car drivers.
TheGreenCarWebsite’s investigation, however, did uncover some comparison websites and insurers that are ready to quote prior to the deliveries of the first Nissan Leaf models to UK customers. The blogger writes, “Speaking to various insurance firms, it is clear that many aren’t ready and need to adjust their websites to accept quote requests for cars which aren’t petrol or diesel powered. As time goes by, the situation should improve, but I think it might be fair to say that while the insurance industry is adapting, it’s got teething troubles to get through.”
It’s unrealistic to say that insurers aren’t underwriting electric cars. But if these “investigators” are having a hard time finding coverage, so will potential customers, leaving a burgeoning market underserved. Forward-thinking insurers should seize this opportunity to jump-start this currently flat-lining market.
Carrie Burns is editor of Insurance Networking News.
Readers are encouraged to respond to Carrie by using the “Add Your Comments” box below. He can also be reached at carrie.burns@sourcemedia.com.
This blog was exclusively written for Insurance Networking News. It may not be reposted or reused without permission from Insurance Networking News.
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