Commercial electric vehicle (EV) uptake is accelerating fast. And while it tends to be only the biggest organisations that make the headlines for their commercial EV investments, we’re seeing many examples of entrepreneurs, startups and smaller commercial businesses joining the EV movement – for example:
New electric Specialist Commercial Vehicles
Two areas showing exceptionally high levels of EV interest right now are specialist catering vehicles and taxis, as business owners and self-employed drivers anticipate bumper demand during the British summer that awaits us.
As a Specialist motor insurer, Our Specialist Commercial Vehicles (SCV) product can cover the new trend of the older, retro vehicles that have been converted to EV or new purpose Electric catering vehicles; including ice cream vans, mobile barista vehicles, and Prosecco Tuk Tuks. And, our Standard Taxi product has seen a rise in EV quote requests for fully electric taxis and LEVC.
The return of summer hospitality & events
After a year of uncertainty, the UK’s 2021 events schedule is on the rise, creating great opportunities for local catering businesses everywhere. And we’re expecting to see more modified electric catering vehicles out in force, especially as mobile caterers will be able to fully charge their EVs while they’re static and serving customers; perfect for when they move on to their next destination.
Street eats and staycations
Street food was already a growing market long before the pandemic, with modified catering vehicles and tuk-tuks selling everything from burgers to prosecco to give families and friends a special day out. And with most Brits planning domestic holidays this summer, we’re expecting the street food craze to reach a whole new level in the months ahead.
An environmentally-friendly ride home
With all corners of society finally reopening, demand for taxis is on the rise again, and there’s growing industry momentum behind the shift to EVs across both public and private hire. In part, this is due to consumer demand, with some taxi apps already allowing users to specify an electric ride home. At the same time, there are now stringent emissions regulations in place in London and other major cities.
The electric taxi market is one that we know well. In fact, our first-ever EV insurance product was created to support LEVC’s revolutionary electric TX – an electric black cab that shifted more than 2,500 units in its first year of production.
Increasing accessibility for commercial EVs
Traditionally, one of the most significant barriers to EV uptake has been the cost of buying or modifying the vehicles. But from a commercial standpoint, EVs look increasingly viable thanks to the lower running costs, tax benefits and other Government incentives on offer.
And while the proximity to charging points remains a concern for some businesses, there are already 23,000 in the UK – a 250% increase in just five years – with this number continuing to rise quickly.
In the mobile catering space, vehicles rarely travel significant distances and remain static for long periods – perfect for their next full recharge. And while taxis certainly do tend to rack up the miles, they also gravitate towards town centres, where charging point availability is higher.
A specialist insurer for specialist EVs
Commercial vehicles support people’s livelihoods, so it’s vital that these professionals can access tailored insurance that addresses the specific nature of their work and how they use their vehicles.
We support a vast range of commercial EV use cases – from specialist commercial vehicles to mixed fleets of EV and petrol vehicles. We’ve also changed our appetite to allow for leased EVs, which many businesses are finding more economical than purchases in the current climate. We’ve even modified our cover to include things like damage to or accidents caused by charging cables.
So, whether your customers are mobile caterers or electric taxi drivers, get in touch with our commercial team today to learn more about how we can give these tireless professionals the EV insurance they deserve.
