• Supply chain disruption is causing backlogs, with average waiting times to lease a new EV over 19 weeks. Over a quarter (28 per cent) of fleet drivers waited 26 weeks or more, the equivalent of over six months
• A quarter (25 per cent) are willing to be flexible with their vehicle trim, colour, or technological specification to receive their vehicle sooner

 

Electric vehicles (EVs) are becoming the go-to option for those making fleet vehicle purchasing decisions, with nearly all (98 per cent)  willing to pay extra to lease one despite long waiting lists, according to Churchill Expert, Direct Line Group’s flexible fleet insurance specialist.¹

However, fleet drivers are taking action to navigate long waiting times to secure their new vehicle. A quarter (25 per cent) are willing to be flexible with their vehicle trim, colour, or technological specification to receive their vehicle sooner. Almost a quarter (24 per cent) would consider a hybrid vehicle and 23 per cent would consider a different model or used vehicle if it arrived quicker.

Supply chain disruption has resulted in 80 per cent of fleet drivers experiencing significant wait times when leasing new EVs in the past year. The average waiting time between signing the lease and receiving the vehicle is over 19 weeks, equivalent to over four months. Over a quarter (28 per cent) have experienced waits of 26 weeks, or six months.

Environmental considerations are among the main factors driving the popularity of EVs. Over a third (36 per cent) of fleet drivers would rather buy an EV because they believe they have a more positive impact on the environment than a petrol or diesel vehicle. Almost a third (30 per cent) prefer EVs because they are exempt from ultra-low emission zone (ULEZ) charges, 38 per cent would opt for an EV due to perceived lower operating costs than internal combustion engine (ICE) vehicles, and 28 per cent were drawn by the current tax incentives available.

Nicola Richmond, head of Churchill Expert Flexible Fleet Partnerships, said:

“While supply chain disruption and growing demand for EVs has led to longer waiting times it is encouraging to see that fleet drivers are willing to wait, or show flexibility in their vehicle choice, while the industry navigates supply chain issues. Many fleet drivers recognise the environmental benefits of EVs, as well as the opportunities to save money on fuel, taxes, and other charges in the long run.

“As EV appetite grows and the EV revolution gathers momentum, Churchill Expert is available to help protect businesses acquiring new EVs for their fleet and support them through this journey.”

-ENDS-

(1) Opinium survey of 500 fleet drivers who make fleet vehicle purchasing decisions, conducted 9^th December – 19^th December 2022

Direct Line Group  

Unni Henry

PR Manager

Email: [email protected]

About Churchill Expert

Churchill Expert specialises in providing easy access to flexible mobility insurance, as well as business and landlord insurance through partnerships. Part of the well know and much-loved Churchill brand, Churchill Expert is a trading name of insurance intermediary U K Insurance Business Solutions Limited (UKIBS) which has been operating since 2004 and provides NIG policies underwritten by U K Insurance Limited (UKI). Along with the insurer U K Insurance Limited (UKI), U K Insurance Business Solutions Limited is part of the Direct Line Group.

U K Insurance Business Solutions Limited is authorised and regulated by the Financial Conduct Authority, FCA registration number 313783. Registered office: Churchill Court, Westmoreland Road, Bromley, Kent, BR1 1DP. Registered in England and Wales No 05196274.

U K Insurance Limited trading as NIG is an insurance company which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.