Electric vehicle (EV) sales increased by 76% last year as a rise in fuel costs, petrol shortages and environmental concerns are pushing more drivers to choose an electric car over diesel or petrol versions. These cutting-edge vehicles cost more to purchase and repair due to the specialist parts required, such as Lithium-ion batteries, and ongoing supply-chain issues which means insuring an EV is currently more expensive than traditional insurance.
Trakm8, the leading provider in technology solutions for insurance telematics and fleet management recently launched an enhanced portfolio of ‘Connectedcare’ services that work alongside its driver data analytics to give insurers a more detailed insight into their customer’s vehicles and potentially help reduce the cost of electric vehicle insurance.
These unique solutions give insurers access to electric vehicle data insights that includes true odometer readings, service intervals, battery state of charge, and other diagnostics data. Working seamlessly with the Trakm8 market-leading driver behaviour insights, the combined data will offer an in-depth overview of drivers with electric vehicles, empowering insurers with the data required to help truly understand their profiles and offer more accurate and personalised cover.
The insurance telematics leaders also offer a market leading First Notification of Loss (FNOL) and crash detection solution that helps insurers not only improve customer service following an incident but can also reduce loss ratio through claims mitigation and therefore further help reduce insurance costs for electric vehicle owners.
According to a recent report* electric vehicle parts are being targeted by thieves which is another factor influencing the increase in insurance costs with charging cables often being stolen for resale and by using connected data services insurers can start to understand the risk profiling of each driver, how they are using their vehicle and hopefully reduce the risk based on their behaviour.
Adam Gooch, Business Unit Director for Insurance at Trakm8, commented: “At Trakm8 we are making connected car data solutions a reality for insurers. By offering our clients driver data insights along with our connectedcare services we are empowering them with knowledge and the information needed to provide a truly market-leading and tailored service for their policyholders.
Electric cars can be extremely expensive to insure, with the possibility of wear and tear on certain parts of the vehicle and Lithium-ion batteries expensive to replace. Our ‘Connectedcare’ services together with our end-to-end insurance telematics solutions give insurers the ability to offer clients PAYD and UBI policies that can help the policyholder make substantial savings on their insurance and help reduce the cost to insure electric vehicles.”
For more information on Trakm8, please visit: www.trakm8.com