South Africa’s first insured commercial fleet of electric vehicles (EVs) is now operational through a partnership between insurer King Price and fleet provider Everlectric.
The collaboration introduces a data-driven insurance model for EV fleets. Vehicle performance information is shared to the insurer in real time, enabling more accurate assessment of risks such as accident damage, battery degradation and component failure. This data is also supplied to reinsurers, contributing locally generated EV risk insights to a global market that is still developing standards, King Price says.
“The risks linked to EV fleets aren’t the same as those faced by traditional fuel-powered vehicles. Theft and hijacking are far less common. Instead, insurers must focus on accident damage, battery-related issues and component failure. Covering these risks requires a fresh approach to underwriting,” says Everlectric Chief Commercial Officer and co-founder Paul Plummer.
