South African insurer covers EV firm Everlectric’s fleet

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King Price Insurance has become the first insurer in South Africa to cover a commercial fleet of EVs. The insurer will cover Everlectric’s EV fleet. The South African company provides commercial EVs as a service to businesses, focusing on logistics and distribution sectors. The company started with a fleet of five EVs in 2021 which has grown to over 200. 

• Commercial EV fleet companies in Africa are struggling to convince insurers to cover EVs, currently attracting higher premiums. EVs are costlier and have more expensive components like batteries, which insurers fear exposes them to higher risks. 

• But increased adoption of EVs is enabling insurers to gather more data and use it to assess risks better. This is seeing more insurers across the continent cover EVs. 

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