What Factors Affect EV Fleet Insurance?

EV fleet insurance is the simplest way to cover your entire electric fleet. But what factors affect the upfront cost, and premiums involved in Fleet insurance?

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Electric vehicle (EV) fleet insurance is a simple and stress-free method to protect your fleet of EVs against different types of damage and accidents.

But before you look for a policy, it’s a good idea to understand what factors affect EV fleet insurance, and how to keep your premiums down. This allows you to protect your electric fleet at the lowest possible cost.

Electric vehicle fleet insurance

EV fleet insurance needs proper management and insurance for legal and safety purposes, just like any other vehicle. Your fleet can be insured under:

Third party only - Your policy will only cover damage to another person’s vehicle or property, or cover costs for injuries caused by an accident, including passengers. These people are known as the ‘third party’.
Third party fire and theft - Your policy covers third party damage and injury, as well as fire damage and theft on top.
Comprehensive cover - The highest level of EV fleet insurance, covering damage to your car, other’s property and vehicles and even personal injuries, regardless of who is at fault. It typically also includes fire, theft and accidental damage, as well as protection against weather-related damage and vandalism.

Remember that each insurance policy will differ in what it does and doesn’t cover, so you’ll need to speak to us about what you do and don’t want to include in your policy, so we can organise the perfect plan for you.

Check out the criteria to qualify for fleet insurance.

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What factors affect the insurance of an electric fleet?

There are a number of factors which influence the insurance of an electric fleet:

Vehicle cost - As EVs are generally more expensive than petrol vehicles, insurance is likely to be a bit more expensive to cover this difference.
Battery damage - EV value is largely made up by the cost of the battery. Factoring this into insurance payouts may affect pricing.
Number of vehicles - Naturally, the number of EVs you’re looking to cover will have an impact on the price of an insurance plan.
Claims history - EV fleet insurers will assess your claims history before offering you a suitable plan and pricing structure. If you’ve got no previous claims, you can expect lower premiums.

On top of insuring your electric fleet, we would recommend acquiring fleet breakdown cover too. This helps to get your electric fleet up and running again in no time, saving money for your business.

How insuring an electric fleet differs from a standard fleet

Whilst the process of insuring an electric fleet is largely the same as insuring a standard fleet, many of the finer details are different. As mentioned above, electric fleet pricing can be affected by things like battery damage, and the higher average cost of EVs.

This often leads to higher upfront costs, and potentially higher premiums also. This is largely down to the inconsistent availability of parts for electric vehicles, and the specialised requirements for EV repair.

On top of this, insurers also need to factor in the unique risk factors present with EVs.

How to keep electric vehicle fleet insurance premiums down

There are a few things you can do to keep electric vehicle fleet insurance premiums down:

Driver training - Investing in comprehensive driver training programs specific to EVs reduces the risk of accidents, keeping premiums down.
Increased security - Immobilisers and alarms can help reduce the risk of theft, which can lead to lower premiums. Equally, using GPS tracking to monitor the location of your EV fleet can assist in vehicle recovery, again reducing premiums.
Communicate with the insurer - When working with an insurance provider, communicate your safety policy and claims history honestly and comprehensively to ensure that you’re getting the right deal. For example, if working with FleetCover, we need to be fully informed in order to find the right deal, with the right level of cover.

Open communication is the most important way to keep insurance costs down in the long term, as if it is found out that you provided inaccurate information, it’s likely that you will be in breach of contract, costing you money and protection.

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