What is the product?

LV= General Insurance’s electric vehicle insurance ensures that drivers are covered for the additional needs that come with switching to an electric vehicle, including recovery to the nearest charge point if a driver unexpectedly runs out of charge, and cover for the batteries, charging equipment, wall boxes and cables. In addition, drivers will be covered for any over-the-air (OTA) updates, reflecting the increased use of connectivity in modern vehicles.

How does it support green outcomes?

In November 2020, the Government confirmed plans to phase out the sale of new petrol and diesel cars by 2030. This requires a major expansion in charging infrastructure. Although the number of charge points in the UK has increased from 3,000 to 21,000 between 2015 and 2021, there now needs to be 30,000 additional charge points installed each year up to 2030. Meeting this target will therefore require public-private collaboration across multiple sectors.

The motor insurance sector can play a key role in allowing vehicle owners to make the shift to electric vehicles with confidence. Insurance products like these are designed to remove the barriers that might otherwise discourage drivers from switching to an electric vehicle. Although the 2030 target for ending the sale of new cars sends a powerful signal, the benefits for emissions reduction and air quality will be greater if drivers are persuaded to switch the next time they upgrade their vehicle.

How does it enable customers today?

Electric cars are here to stay. With manufacturers making more affordable models and UK infrastructure getting better with each passing year, many people are choosing to make the switch to plug-in power.

That’s good news for the environment, and good news for future generations.

With green machines becoming ever more popular, LV= General Insurance have created car insurance cover designed for pure electric vehicles.