Learn about electric vehicle charging station insurance. EV charging station insurance is a newer coverage and it is often asked where does owner liability begin and where does it end? In cases of vandalism or cable theft of the stations, who would pay for the repairs?
Electric Vehicle Charging Station Insurance
Electric cars are becoming a more popular option for new car buyers. The motivation to go green has influenced many drivers. Less emissions from fossil fuels can help heal our atmosphere. There are, however, some major changes necessary when switching over to an electric model.
For one, there is the need for charging equipment. Many electric car (EV) owners have a charging stations set up at home. Public stations are not, however, a common occurrence in all areas of the world. What type of coverage comes into question when electric vehicle charging station insurance is concerned. All charging stations should be covered, however, the amount of coverage depends a lot on the accessories and services they offer.
The Charging Cables
The main item in question when it comes to a charging station is the use of a cable that connects to the car. Some owners choose to purchase a detachable cord that is kept in the trunk of the car. Others choose to have a cable attached to their home station. A public station has the choice to offer a universal cord for use, or leave that responsibility to the owners.
Vandalism in connection with the cables has been an issue. The copper can easily be sold for profit. Electric vehicle charging station insurance includes the cord replacement. Repeated claims, however, may raise rates or cancel the policy. Opting out of providing a universal cable, leaves the coverage of cord damage or liability to the owner of the vehicle and personal cord.
Electric car charging stations are popping up in a variety of areas. Some are independently owned, like a business. Others are owned by utility or car companies. Tesla, for example, supplies stations for free use to drivers of their cars. Stations are often available in apartment or condominium complexes for the use of residents. These stations are covered under the property insurance of the complex. Vandalism, theft, or injuries are covered.
Independent owners should have electric vehicle charging station insurance that covers the same things as most business owners. Customers and their property should be a priority.
The Gray Area
While most electric vehicle charging station insurance coverage has been clarified, there are still a few areas that may cause conflict when insurance claims arise. One scenario is that of a person injured by tripping on a charging cable. Insurance companies may be able to argue their way out of a claim, depending on the owner of the cord.
If an individual brings their own cord to the station, the cord is covered by their auto policy. It is considered a part of the car. The insurance for the charging station may be liable since the incident happened on their property. The automobile insurance for the individual may also be considered, however, since the cord itself is privately owned.
Many scenarios are new with the introduction of individual car charging stations. It is pertinent that you have a clear understanding of your coverage. Discuss multiple scenarios with your representative before committing to a policy.
Electric vehicles are meant to reduce pollutants, yet they do put a strain on electricity resources. Businesses, like malls or parking garages, need to be aware of the increased expense and risk. The possibility of a power outage is much higher when a charging station is implemented on the property. Free standing stations may not pose the same risk as a station that is a part of another commercial business.
Transformers usually cool down in the later hours of the day and evening. Cooler temperatures and less usage give electricity transformers a chance to recharge. Electric vehicles, however, are usually charged after the work day. This increases the chances of a power outage, as hot transformers are then overused during the usual down time.
Loss of power can decrease business revenue, as a complete shutdown is often necessary. Insurance coverage for businesses often includes coverage for loss of business. Some may eliminate this option to owners of charging stations, however. There is also the issue of liability for the transformer and other victims of an outage. Look for a electric vehicle charging station insurance policy that covers these increased risks.
Electric Vehicle Charging Station Insurance - The Bottom Line
We hope this article on electric vehicle charging station insurance has been informative. Electric car charging stations are becoming more of a necessity as these vehicles become more popular. Many cities are encouraging the switch to electric cars by making it easy to own one. Public charging stations add a significant convenience to driving an electric car. There are some simple coverage solutions when it comes to insurance for public charging stations.
There are some simple coverage solutions when it comes to insurance for public charging stations. There are also a few wrinkle that need to be worked out, so that coverage details are clear. The increased demand for charging stations is prompting more serious discussion about solutions to charging station coverage.