NOVO reports surge in demand for specialist EV insurance

The rapid rise in demand for electric vehicles is also fast accelerating the demand for EV insurance.

Since launching its specialist EV insurance solution in 2017, NOVO’s ‘vision for electric’ is filling a vital gap in the car insurance sector.

NOVO was the first UK provider to offer specialist electric vehicle insurance to the ever-growing EV community having partnered with the Official Tesla Owners Club in the UK.

It now provides EV owners with a comprehensive suite of insurance solutions as part of an expertly tailored service, customised to suit the needs of each individual client.

James Allenby, Founder and Director of NOVO, said: “We are experiencing a sharp increase in demand for electric vehicle insurance. EV insurance is a rather different proposition to traditional motor insurance, with electric battery powered vehicles carrying greater potential financial responsibility to the underwriters.

“It is why many EV owners may have encountered reluctance from certain insurers in arranging cover. The service we offer at NOVO changes this perspective.

“Unlike many other insurers, NOVO has a large fleet of electric courtesy vehicles available through our Incident Management solution. We are seeing the average time for a vehicle repair extend beyond 45 days which isn’t being helped by supply chain challenges. So, if a company car driver is given a fossil fuelled courtesy car as a replacement to their EV, they could suddenly face BIK charges of over £500 per month. Factor in fuel costs, it is easy to see how an employee can soon notch-up a large bill.

“Compare that with our service, where we provide a ‘like-for-like’ EV replacement courtesy car, and the financial benefits are clear to see. Our solutions allow customers to continue using their own electric charge points, without having the expense or inconvenience of having a traditional powered courtesy car.

“Just as vehicles are changing, we felt strongly that the insurance marketplace needed to make changes too, to make it more personable and more bespoke. This extends to the specialist insurance solutions we have developed for EV owners built on our own involvement in the EV sector. We offer a level of cover that you will not find anywhere else, and a range of added benefit cradle-to-grave services to help make EV ownership an easy, hassle-free experience. We are passionate about delivering attention to detail and exceptionally high standards of customer service.”

Image: courtesy NOVO

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