095: “Computers on Wheels” – The Future of Electric Vehicles with Steven Williams and Rob Durbin - Direct Line

<p>How are electric vehicles (EVs) likely to reshape the car insurance market in the next few years? How should you advise your clients around the use of EVs from an insurance perspective?</p> <p>In this episode of the Insurance Broker Podcast, we’re very pleased to be speaking with Steven Williams and Rob Durbin, who are both at the forefront of Direct Line Group’s evolving strategy for and assessment of the electric vehicle market. In this revealing and informative conversation with Boston Tullis’ Sarah Myerscough, Steven and Rob reveal the fallacies in many common beliefs about how electric vehicles work, and dispel many outdated notions regarding the safety and reliability of the technology. Furthermore, they explain how the insurance market must adapt in order to facilitate manufacturers’ rapid transition towards electric vehicles, in light of the impending ban on the manufacturing of ICE (Internal Combustion Engine) vehicles in the UK, in 2030. Listen now to hear their fascinating insights into this rapidly evolving market for both consumers and business owners.</p> <p> </p> <p>Quote of the Episode</p> <p>‘Cars are becoming computers on wheels.’</p> <p>The technology behind EVs is extraordinary, and has undergone rapid evolution since these vehicles were introduced to the mass market around ten years ago. As such, there remain some prevailing myths regarding the safety and efficiency of these vehicles. Fears of the car battery losing charge and anxieties about not being able to find a charging station whilst on the road continue to prevent many drivers from taking the leap to electric vehicles. Yet, at full charge, most new EV releases are capable of running for 200 miles or more. Most drivers, especially post-pandemic, don’t travel all that much, and therefore this mileage capacity is more than sufficient. Nonetheless, the EV industry isn’t without its growing pains.</p> <p> </p> <p>Key Takeaways</p> <p>Electric vehicles are an emerging risk. They are relatively new to the market, at least on a wide scale,