DIG enters the market of electric cars and hybrids with new Gap insurance

Alternative fuel vehicles sold in CEE rose by more than 50 % over the last year and market results show that interest in electric cars continues to grow.

„We’ve noticed the growth tendency in demand - supply for electric cars and hybrids lately, however it’s a new product, so the question is: how long will the batteries of these cars last? So far the battery lifetime is far less than a lifetime of classic engine and therefore, the residual value of the car after few years is much lower. That’s the reason why the insurance market is a bit cautious about electric cars so far.“ This is how Andrew Quirke, managing director of DEFEND INSURANCE GROUP explained the current situation on the market.

International background and business stability of the company allowed us to be one step ahead. „Our experence and processes allow us to flexibly react on the recent developments of the market. Thanks to that we were able to extend our programmes DEFEND Gap even for electric cars, hybrids and vehicles with alternative fuel systems (LPG/CNG). Moreover, we are grateful to our insurers who are not afraid of facing new challenges with us.“ added Quirke.

"We believe that this move will contribute to the development of the alternative fuel vehicle market. According to our surveys, the riskiness of the investment is one of the key reasons why people are held back. Moreover,principles of sustainable development and environment-friendly attitude are among our priorities in the long-term strategy, "he says.

DEFEND Gap insurance covers the difference between the purchase price of the vehicle and the general price calculated by a primary insurer (or the balance of debt in installing vehicle financing) in the case of the total damage or theft.