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The cost of electric fleet insurance is currently higher than the cover for standard mechanical vehicles due to the new technology incorporated into powering and stopping the vehicle. This new technology in the electric vehicles uses fly by wire more than any other vehicle on the market and has higher repair costs so the insurance cover is more expensive to cover this expense.
Electric fleet insurance is not limited to, electric only vehicles. You could include a mix of cars, van’s and hgv’s. These can be powered by a standard combustion engine, hybrid or 100% electric. This also makes this type of policy popular with a family or small business after mini fleet insurance.
It is possible to insure your electric fleet of vehicles, but not every insurance firm will offer this type of plan or even cover for electric vehicles. Because there is not a great deal of competition for this type of cover, the prices are much higher than what most fleet owners expect.
The reason for the high cost of cover for electric vehicles and fleets of them is very simple and include;
The UK government has decided to end the sales of all mechanical vehicles in the year 2035. Because of that, within our lifetime we will see the death of the mechanical vehicle in an attempt to save the environment. With no more new mechanical vehicles being sold, eventually, they will no longer be roadworthy to operate. In addition, the mechanical repair shops and petrol stations will begin to disappear because of the lack of need for them.
There are very few components being used in electric vehicles that are also standard in the old fashioned mechanical vehicles. These are suspension, battery, a few have hydraulic brakes and body panels along with interiors that shops will remain open to conduct repairs.
There will no longer be a need for shops that repair engines, transmissions, exhaust systems and cooling systems to name a few. What will begin to open and will replace them are electric motor repairs, servos and other electronic component repairs that are being used in the new fly by wire systems that control most of the moving parts of the vehicle like brakes and steering. These have already been incorporated into a few of the newer and more expensive mechanical vehicles being sold.
Just like the repair shops are transforming to fit the future need of the public, insurance firms are also preparing to do the same. Right now the new electric fleet insurance brokers are the few that know the market and who to help their clients get the cover they need for the price they can afford.
Find the best deal on fleet insurance is not easy and you will need to get multiple quotes and compare all the deals available on the marketplace. To ensure you are not losing out on special offers of discounts make sure to also compare options when it comes to renewal time. If you select he quote option below and complete one form we can help by providing a selection of quotes from a panel of UK brokers,