The huge price of electric cars due to battery costs often leaves customers with a cold feeling when considering the move to zero emissions transport whereas some look to their cars as a source of income in order to help offset the purchase price.
However, this can lead to another slowdown in electric car sales, as insurance premiums for these cars are exorbitant and more difficult to find than for internal combustion engine (ICE) counterparts.
For drivers interested in putting their cars out there to generate income, such as by ridesharing with a company like Uber or renting out their cars with startups like Australia’s Evee, the challenge is compounded by the fact that there is yet to exist an insurance solution that covers the vehicle when being shared.
This puzzle has now been solved by Evee, which provides drivers with the opportunity to make a financial return on renting out their cars in Sydney, Brisbane, Melbourne and the Gold Coast.
One problem with conventional insurers is that they operate on historical data, Evee founder Slava Kozlovskii told the The Driven.
“The insurance industry is very slow to develop and adapt, because they reply on historical data and there’s very little for electric vehicles,” he says.
“Through 3 years of continuous work and perseverance, we were able to collect and present real usage data to prove electric vehicles aren’t just a novelty in the motoring industry, and that they’re here to stay,” says Kozlovskii.
Evee becomes the first company in Australia to offer insurance cover while car-sharing an electric car.
According to Kozlovskii, the potential monetary return from hiring an electric car out as well imply that there is in effect no price to pay for insuring the car.
“No other business within Australia enables owners to rent out their electric vehicles, we are proud that Evee is the first to make this dream a reality.
“In most cases, the insurance cost will cost owners nothing if they simply rent their car through Evee for as little as several days per year,” says Kozlovskii.
To access the coverage, vehicle owners must have their cars listed on the Evee platform. There is no set minimum number of days the vehicle needs to be rented out.
Founder Kozlovskii added that given enough interest, Evee is also considering an insurance cover without ride-share premium.