Nigel West, director of Fiveways Insurance Consultants Ltd, based in Newport, is launching a new division – Greenways Insurance Consultants – to provide the specialist electric car insurance packages.
The new division, which officially launched in October, operates from its Newport branch.
The move follows a significant rise in the popularity of electric/plug-in hybrid (PHEV) cars in recent years with more than 50,000 vehicles now on the road compared with just 3,500 in 2013.
Nigel West said: “With such a limited insurance market available to electric car owners, Greenways would be able to offer customers a bespoke, tailored policy.
“People looking to change their vehicles are seriously considering electric/PHEV cars as a viable option with many making the switch from petrol and diesel to pure electric altogether.
“I don’t think it will be long before electric cars are the norm on our roads. Many mainstream manufacturers including Nissan, Renault, Volvo, BMW, Audi and Mercedes all plan to have at least 25 per cent of their range powered by electric motors by 2020.
“The technology and battery capacity is improving all the time and they are undoubtedly cheaper to run.
“I certainly think the younger generation will be making their first car purchase an electric one when the time comes. The technology in the cars is phenomenal so it could really suit the younger generation.
“We’ve been working behind the scenes for twelve months on developing our Greenways scheme and are delighted that we are now ready to launch.
“The scheme will offer electric/hybrid car owners a carefully tailored insurance policy for their valued asset.
“Specialist insurance is already available in the UK but Greenways is the first company in Shropshire to be a dedicated, specialist provider of electric car insurance and we are very proud of that.
“We’ve teamed up with specialist car insurer ERS to develop the bespoke scheme and they have agreed to underwrite our policies, which is fantastic news.”