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Car insurance, here’s how it changes with the arrival of electric cars

the world ofCar Insurancewith the arrival of electric cars presents new scenarios. How does the study analyze “Move to the future: e-mobility on its way”. This one, made by IIA–Italian Insurtech Association e EY in collaboration with Ima Italia Assistance e FairConnect. The research questions all major insurance players in Italy active in the world of motor and roadside assistance. In addition to other key players in the world of cars and electric micro-mobility.

Car insurance, the data of the research carried out on the insurance companies

The study says that 71% of compagnie interviewed already includes in its offer products insurance specific for e-mobility. While a further 23% are considering its introduction. For the 41% of the interviewees, the pay-per-use trend dominates the market. This model is based on the passage from possession to use of the vehicle, in which the costs are based on the actual use of the vehicle.

Then, there is multimodal and sustainable mobility. For the 71% of the sample the main trends of the next few years will be “l’embedded insurance”. The sale of insurance products in combination with products to be insured. While the “mobility-as-a-service” is a service that, thanks to a digital platform.

This allows users to plan, book and pay for different mobility solutions. But even though these two products are seen as the most promising, currently only 41% and 29% include them. These are respectively within its own offer. Highlighting the need for a strategic intervention to fill this gap and keep pace with the now inexorable advance of the electric.

Il 76% of respondents include products related to micro-mobility in their offer. In particular, 29% of companies offer customers ad hoc products (for bikes or scooters). 47% include this type of protection within a broader coverage dedicated to urban mobility as a whole (standard motor liability or householder coverage). While the additional 12% who intend to develop this type of product in the future.

car crash 6243099 1280Car insurance, here’s how it changes with the arrival of electricity. Source Pixabay

The new technologies and the increase in smart mobility will undoubtedly have an impact on the Motor TPL business, whose premiums today have reached a value of 13.1 billion euros in Italy. In fact, the market leaders foresee losses in this branch of business and the main players are already moving towards other areas such as, for example, Health&Wellness. From the point of view of the average collection of premiums on Motor TPL, however, the interviewees are divided between those who believe that the collection will not undergo particular variations (41%) and those who expect an increase in the next few years, due to the inflationary and to the resumption of natural travel habits after the pandemic crisis (41%), independently of the progressive diffusion of electric cars.

The new scenario appears to be rather favorable to the creation of new partnerships with highly innovative and specialized players. In this regard, 88% of those interviewed declare that they have already started collaborations, especially with automotive companies (65%), tech players and IoT device suppliers (47%) and micro-mobility operators (41%).

Auto insurance, the words of the CEOs of the research

Gerardo Di Francesco, IIA Secretary General, explains: “Collaborations will make it possible to better respond to the protection and safety needs of consumers, who are now looking for customized solutions”. While, Marco Concordati, Partner of EY. he states: “The opportunities provided by e-mobility are manifold for the sector: from the development of coverage dedicated to specific components of electric vehicles, to the possibility of proposing policies for emerging risks such as cyber”

John Vassallo is a versatile writer who covers two fascinating realms: Automobiles and Electronics. With a deep knowledge and passion for both industries, John brings you the latest updates, trends, and insights in these dynamic fields. From the latest car models, automotive innovations, and advancements in electric and autonomous technologies, to cutting-edge electronics, gadgets, and emerging tech trends, John's articles provide comprehensive coverage to keep you informed.