Electric vehicles (EVs) are rapidly gaining popularity, with more South African consumers viewing them as viable alternatives to traditional cars. A recent survey by PwC highlights the growing interest in hybrid and electric vehicles, spurred by the steady decline in prices. The National Association of Automobile Manufacturers of South Africa (NAAMSA) also reported a striking 83% increase in EV sales in the first quarter of 2024 compared to the previous year, with 3,042 EVs sold between January and March.
As an EV owner, understanding the unique insurance considerations is crucial. The core difference lies in the technology and maintenance of electric vehicles, particularly the battery, which is one of the most expensive components. At Signature, our exclusive offering caters specifically to these needs, providing tailored cover for high-net-worth clients who require both comprehensive protection and exceptional service.
Key Insurance Considerations for EV Owners:
Battery-Related Risks
The battery of an EV is not only vital to the vehicle’s performance but also a costly component to repair or replace. Our policies ensure you are covered for battery damage, whether it’s due to wear and tear, accidents, or unforeseen electrical failures.
Liability Coverage
With new technology comes new risks. EV owners may face liability challenges unique to their vehicles, such as the complexities of charging station accidents or software malfunctions. Signature’s insurance offers comprehensive liability coverage, ensuring peace of mind for every journey.
Repair Costs
The specialised nature of EV repairs often means higher costs compared to traditional vehicles. With a network of approved repairers and one-to-one service, Signature ensures that any repairs, including those involving advanced EV technology, are handled seamlessly, without the hassle of navigating call centres or paperwork.
Signature clients enjoy a bespoke experience, crafted around their individual needs. With no call centres and no forms, you’re not just another policyholder—you’re part of an elite group that benefits from tailored solutions and personal service. Protect your electric vehicle and embrace the future of driving with confidence.
About Signature:
At Signature, we go all in when it comes to our clients. High Net Worth insurance should be about saving time while offering the best solutions based on your specific needs. The Signature is unique to RBS and underwritten by Hollard. It combines the best offerings in the market into one unique solution focusing on one-to-one services and value for high-net-worth and professional individuals. It’s designed to offer you all the cover you need without the admin and a team of people to be there to service your needs. No call centres, no forms. Be one of a select group and not one of the thousands.