Going electric drives changes to insurance policy features as unexpected battery failure and breakdown rescue tops list of requirements for EV driver
Price is No 1 factor when choosing motor insurance provider
With today’s soaring fuel costs likely to prompt more drivers to consider purchasing an electric car, it appears that many motorists are not quite ready to put their complete trust in electric car batteries – and a lot are also worried about running out of power when driving. The latest consumer survey of 1,000 adults which was conducted by iReach Insights on behalf of Aviva Insurance Ireland (Aviva) found that almost seven out of ten drivers (68%) said the most important motor insurance policy feature is cover for unexpected battery failure. The inclusion of breakdown rescue cover at no extra charge, including breakdown rescue if they run out of power on a road trip was the second most important feature for 64% of those surveyed.
Respondents to the survey also prioritised cover against accidental damage, fire and theft of charging cables, wall boxes and adaptors (59%), with 45% saying it was important that their car insurance provided liability cover if someone tripped over their charging cables.
As the number of electric cars on our roads grows, battery life continues to be one of the biggest worries that drivers have. Our survey shows that many people are also apprehensive about running out of power mid-journey, known as range anxiety, although the distance an EV can travel without requiring a charge continues to improve. However, it is understandable that drivers would look to have breakdown rescue as standard on their motor insurance policy to give them peace of mind.Billy Shannon, Aviva
The Aviva survey revealed that, while 50% said they take other factors into account when buying motor insurance, the decision is mostly based on price. The other factors include customer service, brand recognition etc. Interestingly, 32% of respondents said they always consider several factors, while 10% admitted that, for them, the only consideration is price.
Billy Shannon continued: “It is completely understandable that price will be a major consideration when buying motor insurance – particularly with the rising costs of other goods and services. Motorists can hopefully take some solace in the fact that because the market is competitive, good value is available.”
Other highlights from the research include:
- One in ten (10%) say they always go with the cheapest insurer when deciding where to buy their motor insurance.
- One in three said they would always take a number of things into consideration when buying motor insurance, rather than being swayed solely by price.
- Only 6% of those aged between 18-24 would always consider a number of things – rather than just price alone – when buying car insurance, compared to almost four in ten (39%) of 25- to 34-year-olds.