Low-carbon transport is considered one of the critical strategies for tackling our polluting emissions. The switch to hybrid and electric cars cuts back on the harmful fumes that damage the atmosphere and contribute to the climate crisis. As more people make the switch to these environmentally conscious cars, many households and businesses are choosing to install an electric vehicle charging station. Electric vehicle charging station insurance should be sought to protect this investment and safeguard against any injuries or damages pertaining to its use.
A new form of insurance, thanks to the relatively recent rise in the number of electric vehicles, you may struggle to find information about this type of policy. Our helpful guide will talk you through EV charger insurance, letting you know what types of cover are available and why.
Is electric vehicle charging insurance a type of public liability insurance?
Public liability insurance is a crucial component of EV charger insurance. If a member of the public should be injured or their personal property damaged by your charging station, they could make a costly claim against you.
Public liability insurance will help cover the legal fees associated with defending such a claim, along with any compensation you are liable to pay. By discussing your personal circumstances with Park Insurance, you can set the most appropriate level of public liability cover.
My charging station doesn’t have a cable. Does this affect my policy?
An insurer will need to know whether your charging station has its own charging cable. Some public and commercial charging stations require the car owner to bring their own detachable cable with them – over which the car owner ultimately has responsibility. This will reduce the cost of the EV charger insurance policy.
If, however, the station provides a universal charging cable, your policy will need to reflect the risks associated with a member of the public using that charger. It has also become apparent that covering the cable for vandalism (since it contains copper, a target for theft) is also a good idea.
What other cover should my electric vehicle charging station insurance include?
If you’re a business owner who provides a charging station, the risk of power outages and the resulting loss of revenue should be considered. Business interruption cover can help to manage this risk.
You may wish to take out an “all risks” cover, provided by erection all risks (EAR) and operational all risks (OAR) cover. EAR protects the charging station during installation and refurbishment, while OAR protects the station from a range of risks while it is in active use, including accidental and intentional damage and damage caused by natural disasters.
Being a relatively new form of insurance, you should seek to protect your electric vehicle charging station with an insurer with plenty of experience tailoring bespoke policies. At Park Insurance, we love to curate the perfect specialist policy to meet our customers’ needs, so give our friendly experts a call today.
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