Allianz offers customised insurance for EVs with My Car product

What specific features of the "My Car" insurance product are tailored to address the unique needs and risks associated with electric vehicles compared to traditional car insurance?

Nowadays, electric cars are gaining more popularity as the market is annually reporting a steady increase in sales. In 2023, 1,929 units were sold in Bulgaria, with a relative share of 4.5% compared to internal combustion engine vehicles. The forecast for 2024 is 2,800 units, with a relative share of 6%, and for 2025 – 5000 units, as their share is expected to increase up to 10%. This shows that the electric vehicle market has great potential. Our commitment, as an insurer, is to offer our customers sustainable solutions tailored to their needs.

Our insurance product My Car provides customers with full protection that covers their specific requirements and mitigates the risks electric cars eventually bring about. .I believe this product is innovative for our market as it provides a comprehensive solution for everything drivers need to feel at ease on the road with their electric car– from Motor Third Party Liability, battery and charging station coverage, accidents, auto assistance, etc.

We are aware that the purchase of an electric car is an expression of the buyer’s lifestyle and responsibility towards the environment. In this context, a seemingly minor detail that is actually crucial is our assistance service for providing a replacement car. Sometimes, the damage to the car can be repaired quickly, but other times it can take longer. In this case, we offer our customers replacement cars, and for electric car owners we do our best to provide an electric one.

As an insurer, we are fully focused on meeting the expectations of each client depending on their lifestyle and needs, thus providing them with the right solution.

How does the insurance policy handle scenarios where an EV battery is depleted on the road?

Technological advances in electric vehicles, such as longer battery life, greater range and faster charging options, are currently shaping our insurance products to provide more personalised and relevant insurance coverage.

The most common concern for electric vehicle drivers is the range—will they be able to reach their destination as planned? What happens if there are no available spots at charging stations and the battery runs out on the road? For all these reasons, we also offer relevant solutions that ensure that drivers will not be blocked and will be able to get back on the road as quickly as possible. For example, in the assistance coverage of the My Car insurance, we have included a service for charging the car on site with a mobile charging station or transporting it to the nearest suitable charging station.

When it comes to internal combustion engine vehicles, the engine is the most important for consumers. When it comes to electric cars, the most important thing is the battery. There are many myths about the battery and how it works. Our goal is to give extra security to those who have concerns about what will happen if it breaks down. Therefore, in the event of an accident with another vehicle or any incident covered by the insurance—such as parking lot damage or battery issues—My Car Insurance covers everything. An interesting fact is that electric cars are bought together with the battery, but there are also cases when the battery is rented. Some companies use the argument that the rented battery is not part of the equipment of the electric car, but we think differently here – if the battery is part of the electric car, it can be insured and then it is included in the coverage. This is one of the most important and attractive advantages of our product.

Another important topic for electric car owners is the availability of a sufficient number of charging stations. Many customers choose to install stationary charging stations at their property to charge their car overnight. This equipment usually costs up to EUR 2,000. Much like any other household equipment, it can also be damaged or even stolen. Our insurance covers fixed charging stations, together with cables and adaptors to them, for the risks of fire, theft, robbery or accidents.

How does Allianz’s "My Car" insurance align with broader sustainability goals, and what trends in the EV market are influencing the development of such insurance products?

Globally, Allianz is strongly committed to sustainability, reflecting the company's broader environmental goals. The policy is aimed at supporting the transition to electric vehicles, which is playing a crucial role in reducing carbon emissions and promoting a cleaner and healthier environment.

In addition, Allianz encourages more consumers to switch to sustainable transport through various incentives, for example, our customers receive a 10% discount when insuring electric vehicles or hybrid vehicles, thus making the decision more financially attractive.

Another important point is that Allianz is committed to reducing paper usage globally and locally, allowing insurance to be completed entirely online in just a few minutes with only the vehicle's registration number and car licence documents.

We have also joined the EV 100 initiative, committing to replace our company fleet with electric vehicles and develop charging infrastructure by 2030.