EV Financing and Insurance Study 2024

Segmentation criteria:

• Type of financing (cash purchase, financing, private leasing, business leasing)
• Various attitudinal variables regarding financing and insurance
• Demographics of e-car drivers (age groups, household income)
• Living situation (size of residence, size of house)
• Driving habits (kilometres driven per year)
• Company vs. private car

Information phase financing

• Attitudes towards buying a vehicle
• Perceived level of information about electric cars, financing and insurance
• Factors influencing the choice of vehicle
• Relevance of cost types for vehicle choice
• Purchase contract location
• Negotiation type
• Purchase price and negotiated discount

Completion of financing contract:

• Types of purchase (cash purchase/financing/leasing/subscription, etc.) shortlisted
• Type of purchase selected (cash purchase/financing/leasing/subscription, etc.)
• Reasons for/against cash purchase
• Reasons for/against credit
• Reasons for/against leasing
• Reasons for/against subscription

Banks for financing/leasing/subscription:

• Shortlisted banks
• Selected banks
• Reasons for the choice of bank
• Change of bank compared to previous vehicle
• Reasons for changing banks
• Type of contract (full service vs. individual choice)
• Additional services
• Actual vs. desired term
• Monthly instalment
• Satisfaction with dealer
• Satisfaction with financing process
• Satisfaction with financing partner

Interest in additional products:

• Interest in additional services (charging cards / sustainability of financing / financing of additional charging technology or photovoltaics)
• Surcharge for green finance offers
• Product market fit and willingness to buy finance-on-demand (i.e. possibility to adjust contractual conditions of loan and leasing contracts during the term), purchase drivers, purchase barriers

Insurance:

• Place of graduation
• Type of contract
• Chosen insurance
• Satisfaction with insurance partner
• Satisfaction with the conclusion process

Data sensitivity:

• Willingness to share various data from the vehicle
• Trust in the vehicle brand, the dealer, the insurance company, the bank or the leasing partner in connection with the sharing of data
• Use of the Connect app
• Reasons against using the Connect app

Outlook for next vehicle:

• planned drive type
• planned brand
• planned type of financing
• planned financing partner
• planned insurance
• New vs. used car

Drivers and buyers of fully battery electric vehicles (BEV) were surveyed for the study. The average holding period of the respondents was 9 months. For comparison, drivers of hybrid vehicles (HEV and PHEV) and combustion engines were surveyed.

The study is mainly aimed at business developers, product managers and marketing experts from captive and non-captive auto banks, leasing providers but also insurance companies.

The EV Financing and Insurance study shows not only the specific information needs and the chosen products but also the interest of e-car buyers in new offers. This enables providers to improve both strengths and weaknesses of their own offers. Hence product managers receive a qualified basis for the development or revision of their own offers and services.

Many exciting findings only become apparent when the results are evaluated separately according to important customer groups. Thus this allows providers to target their offers to different user segments in a differentiated way. Thanks to the high sample size, subscribers to the study can split the results in the interactive dashboard as they wish and analyse them in detail. In addition, the dashboard shows over 25,000 pre-clustered verbatim mentions of the respondents.

Since 2018, USCALE has been systematically surveying e-car drivers about their expectations and experiences at all touchpoints of the e-mobile customer journey. An overview with all USCALE Focus Studies can be found HERE.

If you have any questions, please contact us at contact@uscale.digital.

This study was conducted in cooperation with MiiOS Research, which contributed its extensive experience in customer research for both automotive banks and insurance companies.

If you have any questions, please contact us at contact@uscale.digital or MiiOS Research at info@miios.de.