King Price Insurance has become the first insurer in South Africa to provide coverage for commercial electric vehicle (EV) fleets. This groundbreaking partnership with Everlectric signals a major step forward in the logistics industry, merging innovation with sustainable solutions.
Why King Price stepped into EV insurance
According to Jacques Pienaar, Head of Commercial Underwriting at King Price, the decision to insure EV fleets was natural.
“We saw an opportunity to support an entrepreneurial venture actively reducing carbon footprints while enhancing logistics service delivery,” he explains. “Insuring EV fleets is different, which required us to develop a model grounded in data-sharing and collaboration. This approach gave us the confidence to move forward.”
This partnership represents not just innovation but a shift in how insurers adapt to emerging risks in sustainable industries.
Pioneers of the electric vehicle-as-a-service model
Everlectric, founded in 2019, provides more than just electric vehicles. Their EV-as-a-service model eliminates many barriers to EV adoption by bundling batteries, insurance, and charging stations into a single monthly fee.
“We reduce the friction for clients adopting EVs,” says Paul Plummer, Everlectric’s CCO and co-founder. “Our clients don’t worry about downtime or power. We make it easy for businesses to go electric.”
Since inception, Everlectric has logged over eight million kilometres, cutting down approximately 1,700 tons of CO₂ emissions, and maintaining 100% vehicle availability. Growth has been significant, scaling from five to over 200 EVs on the road.
Understanding the unique risks of EV fleet insurance
The risks associated with EV fleets differ from traditional fuel-powered vehicles.
- Theft and hijacking: Less common compared to traditional fleets.
- Key risks: Battery failures, accident-related damage, and component malfunctions.
This shift demands a new underwriting approach. “Rather than follow global standards, we’re now building an independent South African model. Our collaboration with Everlectric feeds real, localized data into risk assessments, helping refine EV insurance both locally and globally,” notes Pienaar.
Data-driven collaboration benefits insurers and operators
What makes this partnership unique is the data loop created between Everlectric and King Price. Real-time insights from Everlectric EVs help refine King Price’s risk models.
“Typically, South Africa relies on global standards set by overseas insurers. Here, we’re reversing that pattern, sending valuable local data to global reinsurers,” explains Pienaar.
This innovative exchange ensures insurance solutions are better tailored to South African operating conditions, benefiting both insurers and the market as a whole.
Sustainable progress in logistics and insurance
This collaboration highlights how traditional industries like insurance and logistics can adapt to future needs:
- Everlectric gains a stable insurance partner, reducing EV adoption barriers for clients.
- King Price showcases agility in developing solutions for emerging trends like sustainability and electrification.
Paul Plummer appreciates King Price for its entrepreneurial mindset. “We didn’t just need another insurer. We needed someone agile, willing to grow with us. King Price delivers.”
The future of commercial EV fleet insurance
For King Price, this partnership reinforces their reputation as an innovator. “Our strength lies in adapting underwriting for evolving risks. This partnership demonstrates how collaboration and innovation can drive meaningful change,” concludes Pienaar.
Looking ahead, the model laid out by King Price and Everlectric could redefine sustainable logistics, proving that EV fleets are not just viable, but mainstream.
Ready to explore the future of EV fleet insurance? Learn more about King Price Electric Vehicle Insurance here.
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