The motor insurance market is entering a brave new world with the increasing popularity of electric vehicles. But just how equipped are insurers to adapt to this evolving risk landscape?
Verisk’s Electric Vehicle Database provides over 175 unique technical attributes for existing models of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), available in different formats and via registration lookup. These attributes provide insurers with critical insights into the associated risk of each vehicle, giving them a competitive edge for both rating and predicting future claims
Electric vehicles have a very different risk profile to vehicles with internal combustion engines, with fewer but much more complex parts built in. Some examples of risk include:
We have a special arrangement with our data partner where the datasets available for the UK and Ireland are exclusive to Verisk and our customers.
All of the electric vehicle datasets can be appended to a customer’s policy book as a batch or accessed through Verisk’s Data Insight Hub, a continuously expanding source of insurance data and analytics accessible at any part of the customer journey, including the point of quote.