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Electric car insurance protects one financially if they are held responsible for the injuries or property losses of another party and covers damage to their car.
If someone or their passengers are hurt in an accident or hit by an underinsured or uninsured motorist, their EV insurance may also cover their medical expenses. They and their insurer agreed on these restrictions, and they are covered by their insurance.
Electric vehicles are more environmentally friendly and cost less to operate. All brand-new conventional gasoline and diesel automobiles and vans will no longer be sold in the UK, according to the government’s announcement. New hybrid and electric vehicles will go on sale, which will cause the market for EV insurance to expand.
Since a motoring revolution of this magnitude cannot occur overnight, more and more individuals will soon own and operate electric vehicles. To drive on UK roads, just as with any other vehicle, one must have current auto insurance.
The UK EV Insurance Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2024 to 2030.
The need for EV insurance is quickly rising alongside the demand for electric vehicles.
A critical void in the auto insurance market has been filled by NOVO’s “vision for electric” since the company introduced its specialized EV insurance solution.
With a partnership with the Official Tesla Owners Club in the UK, NOVO was the first supplier in the country to offer specialized electric vehicle insurance to the rapidly expanding EV community.
It now offers EV owners a full range of insurance options as part of a well crafted service, suited to each client’s specific requirements.
