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A Guide to Electric Fleet Insurance

By Eamonn Turley
Eamonn Turley Insurance Expert

Eamonn Turley has a wealth of experience within different insurance sectors. Through hard work and over time, he has gained expertise in digital marketing and user interface design. Elements that are crucial to any successful online business. The key aim is to develop websites that are intuitive, fast to load and provide insurance quotes tailored to your needs.

Expertise: Digital Marketing, Insurance, Home Insurance, Vehicle Insurance, UI Design
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Dec 2023

Electric fleet insurance covers a group of electric vehicles owned or leased by one company under one insurance policy instead of insuring them separately. If you operate two or more electric vehicles, it is recommended to insure them on a fleet policy because it is often cheaper and easier to manage than a single policy.

Electric car insurance

Electric fleet insurance has a few differences when compared to traditional vehicle insurance. These differences are due to the repair cost, higher sticker prices, and specialised components (e.g batteries) of electric vehicles.

Are there any specific requirements for electric vehicle fleet insurance?

The requirements and process for electric vehicle (EV) fleet insurance are similar to that of conventional vehicles. However, some insurers may have specific terms and conditions that you must meet for electric fleet insurance.

For example, you may need a specific number of vehicles to qualify for a fleet policy, they may only cover certain types of vehicles in the policy, and they may expect you to fix tracking technology into the vehicle. Most fleet insurance providers will provide fleet insurance if you have 3 or more vehicles in the fleet. If under 5 vehicles, the mini fleet insurance may be the most suitable. 

Do all insurance providers offer insurance for electric fleets?

A growing number of mainstream insurance providers offer the electric fleet policy. However, because the market is in its early stages and the target size is small at the moment, not every insurer has a policy designed for EV fleets.

Certain car manufacturers offer insurance packages as an add-on for customers, similar to what's available for conventional internal combustion engine (ICE) vehicles.

In case a conventional insurer doesn't meet your premium or service needs, specialized electric car insurance providers can offer customized policies specifically designed for low-emission vehicles.

What are the types of electric vehicle fleet insurance?

There are three major levels of cover for electric cars, which includes:

  • Third Party Only : This is the minimum level of cover required by the law. Third-party-only insurance will offer protection for damages you cau 
  • Third Party Fire and Theft : Particularly, this insurance offers all protections in the third party only, plus additional coverage for any damage to your fleet caused by fire or theft.
  • Full Comprehensive : Consider this the highest level of coverage, which includes everything in the previous cover levels plus protection for damages for which your drivers are responsible.
  • Additional cover : Some insurers offer standalone add-ons like breakdown assistance cover, while others may choose to include them in your policy.

How are premiums calculated for electric fleet vehicle insurance?

Different insurance providers use varying methods to calculate the premiums for a policy. However, your insurance premium will often depend on certain factors like the coverage you opt for, your vehicle type, your gender, your credit history, your driving record, marital status, location, and age.

Most insurers may mandate you to pay your premium either every 12 months or every 6 months, or through a monthly payment plan. The common payment methods for electric fleet vehicle premiums include online payments through credit or debit cards and mailing a check.

Why is electric car insurance expensive?

According to Statista, the average cost paid for car insurance in the UK during the 3rd quarter of 2023 was £561. However, a study from ValuePenguin shows that electric vehicle insurance costs 25% more than conventional Internal combustion engine car insurance, but this may not always be the case.

Due to the high manufacturer's suggested retail price (MSRP) of electric vehicles, the expensive technological features, the cost of maintenance, and the scarcity of technicians who work on these cars, their insurance premium tends to be more expensive.

As electric cars become more popular and technology advances, the cost of their premiums will most likely go down as well because insurers will be able to get the necessary data needed to establish a fair price for the policy.

To save cost on your  electric car insurance, you may want to consider comparing quotes from different providers, taking advantage of discounts, tax credits and rebates for owning an environmentally friendly car.

You can also reduce your insurance cost by purchasing your insurance through a one-off annual payment as opposed to monthly car insurance payments to cover your EV fleet.

Benefits of Electric Fleet Insurance

Here are some benefits of electric fleet insurance:

  • Saves you time and money : If you have multiple EVs, the electric fleet insurance is the best option for you because it saves you the time and money you would have spent managing various individual policies. Some insurers allow a combination of different vehicle brands and types (i.e., hybrid and electric in one policy).
  • Risk is spread across all vehicles : With a fleet policy, you can enjoy some advantages when filing a claim. For instance, instead of tying the claim solely to the involved vehicle, it gets linked to the overall policy. This approach spreads the risk across all vehicles, potentially leading to a significant reduction in the premium hike following an at-fault accident.
  • One premium and renewal date : Fleet insurance offers you the freedom of covering all your different vehicles under one policy, one premium and one renewal date.
  • Easily add or remove vehicles and drivers: Mist feet polices will let you add additional vehicles at a discounted price.
  • Driver Flexibility : If you choose an any driver fleet policy, you can easily manage your drivers, but this type of cover will be more expensive. .

Who Provides EV Fleet Insurance?

Most UK insurance brokers offer EV fleet polices if you have 3 or more vehicles. For your reference, we have listed some familiar providers below. 

ProviderGet Free Multiple Quotes
Aviva Multi Van InsuranceCompare Now
Direct Line Multi Van InsuranceCompare Now
Admiral Multi Van InsuranceCompare Now
Tesco Multi Van InsuranceCompare Now
LV Multi Van InsuranceCompare Now
Axa Multi Van InsuranceCompare Now

Did you know?  Having your eco-friendly fleet insured on the same policy means you don't have to remember different renewal dates – one policy means one renewal date

An electric fleet insurance policy may be the easiest way to cover all your eco-friendly company vehicles and can be tailored to the exact needs of your business.   

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