EV Financing and Insurance Study 2023

Segmentation criteria:

• Type of financing (cash purchase, financing, private leasing, business leasing)
• Different attitudinal variables on financing and insurance
• Demographics of e-car drivers (age groups, household income)
• Driving habits (mileage per year and per weekday)
• New vs. used cars
• Company vs. private car
• Year of purchase

Information phase financing

• Perceived informedness
• Concrete need for information, most important topic in the search for information
• Cash payers: reasons for refusing financing
• Information sources used, satisfaction with information sources (in-depth: online portals used)
• Open questions

Completion of financing contract:

• Concrete place of procurement (“place of purchase”), reasons for place of purchase online purchase or not online purchase.
• concrete financing chosen, reasons for financing chosen
• expected financing next car
• Place of financing, bank chosen
• Loyalty to the brand (comparison of previous vehicle – current vehicle)
• Sale of previous vehicle
• Monthly instalments, terms
• Selected service packages, expected service packages for next vehicle
• Satisfaction with various performance parameters of the financing partner
• Satisfaction with dealer
• Acceptance of portals and insurance companies as vehicle providers or financing partners

Information phase insurance:

• Perceived informedness
• Precise information needs, most important topic in the search for information
• Sources of information used, satisfaction with sources of information (in-depth: online portals and platforms used)
• Open questions

Completion of insurance contract:

• Selected insurances
• Selected insurance partner
• Selected insurance packages
• Place of conclusion
• Interest in further eMobility-specific insurances
• Satisfaction with various service parameters of the insurance partner
• Satisfaction with dealer
• Acceptance of and interest in additional insurance offers
• Acceptance of platforms and banks as insurance partners

Only owners and drivers of fully battery-electric e-cars were surveyed for the study. The average holding period of the respondents was two years.

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.