We welcome the latest news about the promotion of greener vehicles on the road 5 years earlier than originally planned. Not only does it help the planet, but in the long run, our pockets too.
Currently electric cars have a small market share in relation to the diesel and petrol cars in the UK. This is not surprising as the cost to purchase is higher than more established vehicle types. In the future, as with all technology, this will hopefully decrease as technological advances bring the prices down, and more electronic vehicles will be in the second hand market too, driving more customers to choose this option.
In April, the Government plans to abolish the tax incurred on benefit-in-kind options on electric vehicles which is currently 16%. This was making any electric vehicle purchase under a salary sacrifice scheme hardly worth the benefit gained. This move by the Government however makes an electric vehicle purchase under a salary sacrifice scheme far more tax efficient and will hopefully drive sales of electric cars.
Markham Motor Insurance product can cover all electric vehicles and we have built the policy to accommodate future technological advances.
It includes a number of real benefits to the policy owner including:
- New vehicle acquisition cover for 5 days automatic insurance, covering the client and/or spouse to drive – max vehicle value £500,000
- Agreed value
- New car replacement for up to 36 months
- Full UK and Continental European Breakdown covering the insured any vehicle listed or any vehicle an insured person is travelling in