’Traditional insurance policies often fall short in providing adequate coverage and support for EV owners and brokers,’ says head
Biba has teamed up with Novo Insurance to launch a new electric vehicle (EV) scheme in the UK market.
The new scheme, which is available to Biba members, includes like-for-like replacement mobility in the event of a claim and access to an EV repair network.
It also aims to streamline the claims process and provide EV owners and brokers with a more efficient service.
The scheme comes amid EVs presenting insurance challenges due to their advanced technology and specialist repair requirements.
According to Confused.com motor insurance expert Louise Thomas, labour and parts associated with EV repairs are more expensive than internal combustion engine (ICE) vehicles.
“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,” Mike Hallam, Biba head of technical services, said.
“This scheme will provide Biba members with a solution for this growing sector of the market.”
Novo
Biba said it had teamed up with Novo for the scheme as the firm had made “significant investments in enhancing the claims support chain by developing its in-house fleet of replacement EVs and establishing a network of specialist manufacturer-approved EV repairers”.
Read: Cost of insuring EVs ‘a lot’ higher than for ICE vehicles
Read: Are motor insurers ready to focus investment on electric power?
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Novo managing director James Allenby, who is also Biba’s North West regional chair, said: “We are excited to partner with Biba to introduce this game-changing insurance scheme for Biba members.
“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.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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