Has your business prepared for the increased demand of electric vehicle insurance?
Changes to the Electric Vehicle Market
In recent years, we have seen a colossal improvement in the electric vehicle market. This includes advancements in technology, range and varieties of these vehicles. All these improvements are making the vehicles more accessible for the everyday consumer.
As well as these advancements, there is also a strong growing demand for electric vehicles. We have recently seen proof of this during the pandemic. Manufacturing of Internal Combustion Engine vehicles decreased, and the electric vehicle remained strong and increased in some cases. The market has seen also some strong changes since parliament passed legislation in June 2019. The aim of this legislation is to reduce the UK’s net emissions of greenhouse gases. Many motorists have made the switch to Battery Electric Vehicles (BEV) or Plug-In Hybrid Vehicles (PHEV). This is due to the financial and environmental advantages such as no cost of fuel, and lower emissions.
Electric Vehicle Insurance
As a result of the movement in the market, the insurance industry is adapting. There are increasingly more options for specialist electric vehicle insurance products for those choosing to driver greener vehicles.
As an insurance provider, it is important to ensure that your current product offering caters for the changes in the market, many insurers and insurance providers have implemented changes to products to cater for these demands. The Association of British Insurers (ABI) have said it would like insurance firms to make more eco-friendly choices when making claims. They now have recommended schemes that would enable customers to switch to an EV following a total loss.
That’s why, here at Acasta Europe, we have begun preparing for the rise in electric vehicle insurance demand. We will soon be piloting a GAP Insurance scheme tailored to electric vehicles only. This will be to gain data and information to assess the claims and underwriting statistics. Doing this will allow us to tailor our bespoke products to specific segments of the market, ensuring that the cover offered meets your customer’s needs.
If you are interested in electric vehicle insurance specific schemes, or are willing to share data and information on this growing market, please get in touch with a member of the team.
Written by Remi Cosgrove, Underwriter.
Contact our underwriting team
If you are looking to start a new scheme, or move an existing one, our underwriting team will be happy to help. We can cover a wide range of products, from Warranty to Gap Insurance. Click below to set up a meeting so we can further assess your needs and advise on how we can help you, your business and your clients.
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Effective from 24th April 2025 your claims will no longer be handled by Emmiera Group Limited (formerly known as Homeserve Furniture Repairs). Instead, our newly appointed Claims Administrator, Castelan Limited, will take over the management of all claims.
Please find their contact details below:
New Claims Administrator – Castelan Limited
Castelan Group
- Email: furniturewarranties@castelangroup.com
- Company Website: www.castelangroup.com
- Web/Claims Portal: https://claim.castelangroup.com/
- Telephone: 03330 146 313
What This Means for You
Existing Claims and Complaints:
If you have an ongoing claim or complaint, this will be transferred from Emmiera Group Limited to Castelan Limited. A dedicated specialist team has been appointed to review these cases as quickly as possible. Please allow up to 10 working days for the review process, and you should expect to be contacted by Castelan Limited by 8th May 2025.
If you have not heard from Castelan Limited by this date, please contact the claims transition team directly on 03330 146 314 between the hours of 09:00 and 17:30, Monday to Friday (excluding bank holidays).
If the damage to your furniture presents a potential Health and Safety risk, please contact Castelan Limited immediately (during the operating hours above), using the telephone number provided above.
Additionally, if you have previously notified Emmiera Group Limited of any personal circumstances or vulnerability that may impact the handling of your claim or the way in which we communicate with you, please inform Castelan Limited as soon as possible to ensure that the appropriate support and adjustments are in place.
New Claims:
Should you need to make a new claim from 24th April 2025 onwards, please register it directly with Castelan Limited via their online claims portal:
https://claim.castelangroup.com/
We appreciate that changes of this nature may raise questions or concerns. Please be assured that this change in Claims Administrator does not affect the terms or cover of your policy. Castelan Limited are recognised industry experts committed to providing excellent service standards.