Home Business NewsBusinessAutomotive News Many drivers are considering buying an electric vehicle as falling insurance costs increases demand

Many drivers are considering buying an electric vehicle as falling insurance costs increases demand

by LLB staff reporter
23rd Jun 23 1:11 pm

Trakm8, the recognised leader in technology solutions for insurance telematics, connected car data and fleet management, has commissioned a new national driver survey to gain insights into how drivers purchase vehicles, choose insurance, and understand telematics solutions.

The survey highlighted that one in seven (14%) of drivers are considering purchasing a new electric vehicle (EV) in the next 12 months which comes following recent data from MoneySuperMarket highlighting the average EV policy was now only £10 more than the equivalent petrol vehicle cover and £23 lower than the diesel alternative.

The survey also showed how demand varied across age groups with more than twice as many drivers under 35 (22%) keen to purchase an EV in the next year compared to only 9% of those over 45s.

To reduce insurance costs further, according to the survey the majority of drivers (57%) would choose a telematics policy such as a pay-as-you-drive (PAYD) or usage-based insurance (UBI) solution when renewing their policy.

Trakm8 is a trusted partner for many of the UK’s top insurers offering a full end-to-end telematics solution that allows seamless management of vehicles and customers at scale.

The cutting-edge platform provides instant insight into journey information, exception reporting, fraud identifiers, crash detection and driver scoring. The platform works alongside an innovative customer app that offers an easy-to-use interface with an overview of driver data and scoring.

Adam Gooch, Managing Director for Insurance at Trakm8, added, “As the number of electric vehicles increases on our roads and demand continues to rise EV insurance will become more mainstream and as we can see from the latest data insurance costs are starting to align with petrol and diesel vehicles.

“It is also clear to see there is a shift in perception and a greater understanding of the benefits of a telematics policy from drivers in the UK and more awareness of reduced costs and rewards for good driving.

“Our comprehensive end-to-end insurance telematics solutions are designed to give insurers an easy route to market to offer their customers a leading PAYD or UBI policy.”

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