BIBA launches electric car scheme with NOVO Insurance

The British Insurance Brokers’ Association (BIBA) and NOVO Insurance have launched an innovative motor insurance scheme specifically tailored for electric cars in the UK market. This new scheme addresses the current challenges faced by electric vehicle (EV) owners and brokers in obtaining comprehensive policy coverage.

Available to BIBA members, the scheme boasts a range of unique features, including like-for-like replacement mobility in the event of a claim and access to a UK wide EV repair network. There is also a partnership with the industry's most specialist EV claims management provider, ensuring expert support throughout the claims process.

Mike Hallam, BIBA Head of Technical Services, commented: “Electric vehicles have rapidly gained popularity in recent years, presenting unique insurance challenges due to their advanced technology and specialist repair requirements. 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. This scheme will provide BIBA members with a solution for this growing sector of the market.”

NOVO Insurance has 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. This strategic move aims to streamline the claims process and provide EV owners and brokers with a swift and efficient service.

Novo’s James Allenby, Managing Director and BIBA’s Northwest regional chair, commented:  "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."

The new scheme not only provides comprehensive coverage but also offers peace of mind to both brokers and clients. With its competitive rates, specialist support, and commitment to customer satisfaction.

Authored by BIBA