In Depth: Developing the HNW market for electric vehicles

HNW electric car and overhead light_GettyImages-for CMS

What are the insurance requirements for HNW electric vehicles and how is the industry responding? Sam Barrett investigates.

Electric vehicles are becoming more commonplace on the UK’s roads but their high price tags mean they’re more likely to be owned by high-net-worth individuals. And, while they tick the environmentally-friendly box, brokers are calling for more innovation and investment from insurers.

Government figures show there were around 450,000 battery electric vehicles in the UK in March 2022. While this is a big leap from the 8,000 registered in 2010, electric vehicles still only make up a very small

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ABI campaigning for IPT cut

There has never been a greater need for a cut in Insurance Premium Tax according to the Association of British Insurers as it campaigns for an immediate drop in the rate.

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