Cyber Crime and EV's: Will it Affect EV Fleet Insurance?

Cyber crime is on the up, and electric vehicles are yet another potential target for attack. But how will cyber attacks impact EV fleet insurance?

Many EV fleet policy holders are growing increasingly concerned that rising cyber crime may have an impact on premium prices, as well as the general security of their vehicles.

Whilst there is a link between increasing levels of cyber crime and EV fleet insurance, it’s important to understand exactly what the effect of this is, including whether cyber crime is considered in an insurance policy, and whether cyber crime may be a risk to your fleet.

What are the cybersecurity risks of electric vehicles?

The cybersecurity risks of electric vehicles can include things such as remote control of the vehicle, and theft of personal data. Hackers may be able to exploit the software in your EV in the following ways:

There are also risks to charging networks and individual chargers. Public charging stations are vulnerable to certain security flaws which may allow them to steal your information as you charge your vehicle. 

Is cyber crime considered in an insurance policy?

Cyber crime is often considered as a factor in an EV insurance policy. That said, this doesn’t mean most policies include specific cyber crime-based policies. Instead, many policies might cover the consequences of an attack. A standard policy may cover any resulting accidents, but won’t cover the loss of use, data, or direct damages from the hack.

In other words, standard EV insurance policies may cover any physical damage as a result of a cyber attack, but won’t cover the cost of the attack itself. 

Why cyber crime could be a risk to your EV fleet

Cyber crime is a real risk to your EV fleet, and this is because vast amounts of data are collected by electric vehicles and the charging infrastructure. All connected vehicles are vulnerable to hacks and remote control, as well as severe data breaches. 

Will rising cyber crime impact fleet insurance?

It’s hard to say exactly what the future holds in terms of cyber crime and its impact on electric vehicles and subsequently fleet insurance, but it is quite likely that cyber attacks will become increasingly likely, and start to be considered and factored in by insurers more and more.

Whether you’re seeking mini fleet insurance, or business fleet insurance for EVs, it’s very possible that fleet insurance premiums will rise in future, to properly cover against these risks as standard. As insurers perceive the risk of cyber attacks to be increasing, they’ll start charging more to cover this risk. As a result, it’s a good idea to get in as soon as possible and discuss your options with the UK’s leading fleet insurance specialists. 

EV fleet insurance policies

For EV fleet insurance policies which protect your best interests at good prices, get in touch with FleetCover.

With access to over 20 insurers, and the ability to bespoke policies to your specific needs and wants, we’ll help you find the perfect plan with the correct level of cover, ensuring you’re best protected against all possible dangers to your fleet of electric vehicles. Get in touch today to get started!