In this episode, Scott Grandys interviews James Fleming, the Managing Director of Attento Underwriting Agency in London, UK.
They talk about electric trucks and how these new vehicles are disrupting logistics and insurance.
[01:10] James Fleming’s background and expertise
[03:11] Insurance for electric trucks
[07:34] Is maintenance of electric trucks cheaper?
[15:16] The shape of electric trucks
[16:59] Electric vs diesel trucks expenses
[26:54] Battery life of electric vehicles
[32:32] The US Electric Tax Vehicle Credit
A lot of sources claim that electric trucks are better compared to their diesel counterparts, but is that true?
First, let’s consider maintenance costs. There aren’t as many moving parts in electric vehicles (EV), which would make it seem like maintenance costs would be lower. But people often forget about the tires that go through wear and tear for all kinds of vehicles. If an electric truck is damaged, it might be more expensive and challenging to have it repaired due to the lack of spare parts and mechanics who might specialize in EVs.
Then there is the problem of the batteries. On average, a single charge allows a truck to cover 200-300 miles. You may get even less mileage if you have heavier cargo. A regular electric vehicle’s battery has an estimated life span of 10-20 years, but an electric truck’s battery life may be shorter than that.
Electric trucks are best suited for short haul trips. But for longer distances, drivers will need to stop and charge every now and then. Super charging stations are not as commonplace in the U.S. Midwest as on the East and West coasts, which is another concern.
If all EVs, including trucks, can have sophisticated safety systems in place, then it can potentially save money for both insurers and the insured. But at the moment, technology needs more time to develop.