The market for plug-in electric vehicles has now entered its fourth year. What started as a niche market with two vehicles in December 2010 has grown over the past three years to 14 cars from nine different producers. The expansion of consumer choice will continue in 2014 with new electric entries including; BMW, Porsche, Tesla and Volkswagen to over 20.
Combined worldwide sales of hybrid and plug-in electric vehicles have been projected to reach 6.6 million annual units by 2020 and become almost 7% of the total light-duty vehicle market, according to Navigant Research’s 2013-2020 Electric Vehicle Market Forecast.
Several factors are fuelling this growth, including consumer demand for less-expensive operational costs compared to petrol/ diesel-powered vehicles, generous government and tax incentives, multiple new models from the large automobile producers, and lower battery prices.
Insurance Tailors was one of the first brokers in the UK to develop a market for the electric supercars with the Tesla Roadster through Hiscox. Since then we have certainly seen the high net worth motor market open up and become accepting of electric cars as either a stand-alone vehicle or part of a family fleet.
With these particular insurers, it is mainly about the type of driver and their driving experience. Also claims tend to be fairly costly as there still aren’t many specialist garages that can fix electric cars and usually have to go back to the original manufacturer.
Note – online policies which dictate which approved garages you can only use are not suitable for any high net worth or specialist car.