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SUSTAINABILITY | 18.09.2020

Unstoppable trend: electric mobility

Marta Villalba

Carlos Nagore

Verti Germany

Since 2005, a new generation of electric cars has been created. Spurred on by the desire for low-emission vehicles and the “Fridays for Future” movement, electric cars are currently experiencing a boom in Germany. The German government is additionally driving the trend towards electric mobility with premiums of up to 9,000 euros. 

Privately used company cars (e-vehicles & plug-in hybrids) with a gross price list of less than 60.000 euros benefit from a reduced monthly rate of 0.25 percent. The exemption from vehicle tax for up to ten years is also an incentive for German car buyers. The market share of newly registered electric cars in Germany is already more than six percent – with upward tendency.

“The latest decisions by the Federal Government to increase state support for purchase premiums for electric vehicles show that Germany is already in the midst of a change in mobility. We are supporting this by continuously developing our insurance benefits for electric and hybrid vehicles. Our goal is to be the leading insurance company for electric vehicles in Germany”, comments Carlos Nagore, board member  of Verti Germany. “We would doubly welcome developments in further state subsidies for the purchase of low-emission vehicles as direct motor vehicle insurance. After all, increasing the attractiveness of offers for new and low-emission vehicles will not only contribute to sustainability, but also make traffic safer through the use of modern assistance systems”.

Regional characteristics

A data analysis by Verti Germany in June 2020 showed that electric cars are in greater demand in southern Germany than in the new federal states. In terms of the number of insured e-vehicles in relation to the total number of insured passenger cars, the two German states geographically most southerly – Bavaria and Baden-Württemberg – are the states with the highest density of electric vehicles, at 0.57 percent each. This is not surprising, as German car manufacturers and suppliers are traditionally based in southern Germany. At the same time, it can be seen that in the eastern German state of Saxony-Anhalt, the share of purely electric vehicles is lowest in relation to the total number of passenger cars insured with Verti Germany, at 0.18 percent. This is followed by the three eastern German states of Mecklenburg-Western Pomerania with 0.22 percent and Saxony and Thuringia with 0.23 percent each of e-vehicles. 

Insurance in transition

In view of rapid development in the automotive industry, insurance companies are therefore called upon to adjust their policies for electric vehicles. The electric car shows remarkable differences compared to the combustion engine. If damage occurs to an electric vehicle, high costs can quickly arise. The high-voltage battery of an electric car accounts for about 45 percent of the vehicle value.

Verti Germany recognised the trend towards electric mobility early on. Carlos Nagore explains: “Sustainability is a tradition with us. In line with our commitment to sustainability, for which we were recently awarded a prize by the German news magazine “Focus Money”, we were one of the first motor insurers in Germany to introduce the CO2 discount as early as 2007 to reward low-emission driving and create incentives to reduce the burden on the environment through our own consumption and driving behaviour. Since 2019, we have been offering our own product for electric vehicles and are continuously developing it further”.

The direct insurer reacts to the subsidies of the German government by including the so-called “Schutzbrief für Elektroauto” (eng. protection certificate for electric cars). Everyone who insures their electric car with Verti Germany will automatically receive this certificate of protection with their contract until the end of January 2021. The Verti certificate of cover for electric cars protects the customer from expensive recovery and towing aids in the event of a breakdown of the vehicle. All the customer has to do is inform Verti about the breakdown and leave the organisation of the towing service to the insurer. The Verti Certificate of Protection for Eelectric vehicles also includes the transport of the vehicle to the customer’s place of residence or the provision of a rental car in the event of a trip interruption due to the customer’s vehicle being in a workshop.

In addition to the included services of the free cover note, the insurance tariff for electric vehicles of Verti Germany protects policyholders from possible costs due to theft of charging cables, damage caused by lightning strikes, consequential damage to the drive battery in the event of an animal bite, short-circuit damage and consequential damage to the wiring and drive battery. In the classic tariff, Verti guarantees insurance for damage up to 20,000 euros in all cases of consequential damage, and in the premium tariff even unlimited coverage.

Since September 2020 Verti also offers an all-risk cover for the battery of an e-vehicle within the Classic and Premium tariff. This covers both operating errors and damage caused by deep discharge or overcharge. Excluded from the cover are gradual damages or damage caused by abrasion or a normal aging process. Also excluded from the cover are damages caused by construction or material defects of the manufacturer and damages caused by chemical reactions such as oxidation.

“The following applies to every insurance policy: The customer only realises how good it really is in the event of damage. With Verti insurance, drivers of electric cars are optimally covered and the fun of low-emission driving remains unclouded,” says Carlos Nagore.