The British Insurance Brokers’ Association (BIBA) has rolled out a new motor insurance scheme for electric vehicles (EVs) in the UK in partnership with NOVO Insurance.
Aimed at tackling the specific difficulties that EV owners and brokers encounter in securing comprehensive cover, the scheme features like-for-like replacement mobility and access to a national network of EV repair facilities.
Additionally, the scheme is tied up with a specialist in EV claims management to provide expert guidance throughout the claims handling process.
“We are excited to partner with BIBA to introduce this game-changing insurance scheme for BIBA members,” NOVO Insurance managing director and BIBA Northwest regional chair James Allenby commented.
“Our goal is to address the unique needs of EV owners and brokers by offering competitive rates, unique covers, and specialist support. This partnership underscores our commitment to innovation and customer satisfaction in a part of the UK insurance market that is underrepresented.”
According to BIBA’s announcement, NOVO Insurance has committed considerable resources to improve claims support by having its own fleet of replacement EVs and forming a network of carmaker-approved EV repair specialists.
“Electric vehicles have rapidly gained popularity in recent years, presenting unique insurance challenges due to their advanced technology and specialist repair requirements,” BIBA technical services head Mike Hallam said.
“Traditional insurance policies often fall short in providing adequate coverage and support for EV owners and brokers, especially at the point customers need their policy the most, after an accident. This scheme will provide BIBA members with a solution for this growing sector of the market.”
Set up in 2014, NOVO Insurance is the name behind dedicated motor claims service NOVO Incident Management.
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