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Insurer launches cover exclusively for electric cars

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LV= has launched a car insurance product solely for electric cars, which it claims is a market first. 

The bespoke 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.

More than a quarter (27%) of drivers expect to buy an electric car within the next five years, with 8.6 million drivers set to buy one as their next vehicle, research by the insurer found.

A survey of 2,000 UK adults found that the demand for electric cars is being driven by the fact that more than half of these drivers (58%) are looking for more environmentally-friendly ways of travelling, and 47% are looking to save money on running costs.

With a number of car manufacturers committing to producing electric or hybrid only vehicles from 2020, 36% of drivers also recognise the trends towards petrol-free roads in the future.

Martin Milliner, claims director at LV= General Insurance, said: “The motor industry is transforming at an incredible rate, with some of the most exciting developments being seen in the growing market for electric cars.

“Many car manufacturers have committed to making more electric cars and there’s even speculation that James Bond will be driving one in the next film, so it’s clear that these types of cars are growing in popularity.”

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. 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= GI who own an electric car but currently have a standard car insurance policy will immediately receive access to the additional benefits.

At renewal, the insurance will then be updated to an Electric Car policy, at no additional cost.

Poppy Welch, head of Go Ultra Low, the joint government and industry campaign to promote the uptake of electric vehicles, said: “With an ever growing choice of models delivering impressive range, continued investment in charging infrastructure, the next 12 months could be another landmark year for electric vehicles.

“This new insurance policy [from LV=] will make it even easier for motorists to make the switch and we hope to see other insurance providers follow suit and release products tailored for electric vehicle drivers.”

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