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Spring 2022 23 • e battery pack: e most expensive part of the car, the battery, is well protected in the event of an accident, reducing the likelihood of a costly replacement. • With less complex engines, claims costs should come down too. • Increasing expertise. More and more mechanics are developing the expertise to x electric cars, Wrexham College has even begun a course dedicated to it. THE INSURANCE PROCESS From a customer and insurer perspective, getting eet insurance for electric vehicles is the same as insuring a normal vehicle. e market, however, is smaller and not every insurer will provide eet insurance for electric vehicles. As the market for electric becomes more popular, however, this is subject to change. For those that currently do insure electric vehicles, they may impose additional terms and conditions depending on its value, for example, they may require a tracker to be tted. Being clear on what’s covered is also important, additional equipment like power cables may not be included so it’s vital you check your insurance policy. In some instances, when you buy or lease an electric vehicle, they may require you to lease the battery. It is therefore important to establish if separate battery insurance is necessary for accident damage or theft. is should be something the company you lease the battery from can help you with. THE FUTURE IS ELECTRIC e verdict is that insurance is still more expensive for electric vehicles. is is mainly down to a currently small and cautiousmarket and less expertise for electric. However this is changing. It may be that within the next few years electric car insurance prices will come down, and likely become cheaper as the 2030 deadline looms. Factoring in the insurance cost, alongside other costs, e ciencies and practicalities it is important to know what is right for your business. For example, for eets that rack up the miles, businesses need to look into the practicality of charging times and the frequency of charging points in their travel journeys. With us all, insurers, consumers and garages alike, getting used to an increased presence of electric vehicles on the road, the future certainly is electric. For businesses, it just depends how soon that future may come to you. << www.hae.org.uk www.eha.org.uk HAE EHA Insurance Insights, produced by HAE Insurance Services and EHA Insurance Services in partnership with Towergate Insurance Brokers.