Novo has added another 40 premium-marque electric cars to its courtesy car fleet to meet the rapid growth in demand for its tailored EV insurance solutions.
The UK’s premier electric car insurance and incident management specialist said it was just the first phase of a strategic expansion plan that will see its EV fleet double in size over the next 12 months, as it continues to invest in its comprehensive fleet of prestige EV courtesy cars.
With more electric cars registered in the UK during 2021 than in the previous five years combined, demand for EV insurance has risen sharply – a trend that is set to continue.
Novo recorded a surge of 262 per cent in EV insurance inquiries from Q1 2021 to Q1 2022, with policy conversions increasing by 189 per cent in the same period.
Market data from the SMMT substantiates this demand for electric cars.
The SMMT reveals that a total of 190,727 battery-electric vehicles (BEVs) hit UK roads during 2021, claiming 11.6 per cent share of the overall new car market.
In April 2022, electric car registrations represented 10.8 per cent of all new car registrations in the UK.
The SMMT predicts that by the end of 2022, plug-in cars including BEV and PHEV models will account for a quarter of all new vehicle registrations, of which one in six is expected to be fully electric.
As the UK’s first provider of specialist electric car insurance solutions, with a focus on sports and prestige vehicle cover, such data is driving Novo’s strategy for continual investment and expansion of its extensive EV fleet.
Some of the most recent fleet additions include the Tesla Model Y, Mercedes EQA and EQB, as well as Audi eTron GT, with more high-value vehicles scheduled to arrive over the course of the year.
Having a premium EV and hybrid courtesy car fleet is fundamental to the high-calibre customised service that Novo provides for its policy holders, as well as the wider support it gives to other EV insurers, repairers and fleet services.
Novo promises a like-for-like EV replacement courtesy car if a policy holder’s electric vehicle is involved in an incident, giving clients the reassurance that they won’t have to compromise or wait for an appropriate vehicle if their car is off the road.
With the average repair time being in excess of 45 days, Novo’s like-for-like pledge is especially important to company car drivers.
It is not unusual for insurers to replace an EV with a fossil-fuelled courtesy vehicle, which can lead to potential BIK charges of more than £500 per month and additional fuel costs.
This can be a costly situation on many levels, for the driver personally, and for company reputation when trying to promote an ‘eco-friendly’ image.
The EV fleet is integral to Novo’s incident management service, with comprehensive high-end solutions to manage the entire claims process and all related aspects for the best possible outcomes, representing private and commercial clients.
A concierge claims manager is designated as a single point of contact to manage and co-ordinate all related affairs, removing the burden and stress for those concerned.
Novo is focused on providing the very best customer experience, and as a broker with connections to highly specialised insurers, breaks free from the more conventional ‘one size fits all’ car insurance model.
Motor insurance can be impersonal, but Novo changes this through an attentive concierge service, ensuring all policy holders have the continuity of support from their own concierge manager.
The niche service gives clients the most appropriate level of insurance cover for their needs, whether the vehicle is for business or personal use, with a high degree of flexibility to suit lifestyle factors and general requirements.
Novo’s team of concierge managers and advisers have considerable experience in the EV sector and the wider motor insurance industry.
This knowledge and understanding of the distinct requirements for EV insurance takes the service offered by Novo to an unparalleled level.
Novo was the first provider of specialist electric vehicle insurance to the Official Tesla Owners’ Club in the UK.
The company also has established relationships with leading EV repairers for a very high standard of service, and enjoys the unique advantage of having its own EV body shop.
James Allenby, founder and director of Novo, said: ‘It is an exciting time for the EV sector, and we are delighted to be supporting owners, the environment and the car industry during this fast-paced electric journey.
‘The statistics for EV transition speak for themselves, and this trend is only going to increase.
‘We are ahead of the curve with our EV fleet and our specialist service offering, and it is why we are committed to continual fleet investment to cater for this rapid growth in demand.
‘Novo is not about blending in with the industry – we aim to stand out through a very niche, highly customised and personal service.’
For further information about Novo Insurance, please visit www.novoinsurance.co.uk.