Jacques Pienaar, head of commercial underwriting at King Price

King Price Insurance is the first insurer in South Africa to cover a commercial fleet of electric vehicles (EVs). This partnership with Everlectric marks a significant shift in the local logistics and insurance landscapes; one that blends innovation with practicality.

For Jacques Pienaar, head of commercial underwriting at King Price, stepping into this new territory was a natural move. “We saw an opportunity to support a ground-breaking entrepreneurial venture that’s already reducing the carbon footprint in the logistics sector, while at the same time enhancing service delivery. We always like being the first to offer new insurance solutions to South African businesses but, importantly, this is also an opportunity for us to learn,” he says. “Insuring electric fleets are different, so we built a model around collaboration and data-sharing. That’s what gave us the confidence to move forward.”

For Everlectric, choosing King Price as a partner was about finding the right mindset. “We weren’t just looking for an insurer,” says CCO and co-founder Paul Plummer. “We needed someone entrepreneurial, innovative, and agile, who aligns to the way we think and the speed at which we move. King Price stood out because they’re willing to adapt and grow with us.”

The risks linked to EV fleets aren’t the same as those faced by traditional fuel-powered vehicles. Theft and hijacking are far less common. Instead, insurers must focus on accident damage, battery-related issues, and component failure. Covering these risks requires a fresh approach to underwriting.

Everlectric knows this first-hand. Founded in 2019, the company pioneered the electric-vehicle-as-a-service model in South Africa, but its offering goes beyond supplying vehicles. “We reduce the barriers to EV adoption,” says Plummer. “Our clients don’t have to worry about batteries, power, or downtime. They pay a monthly fee that covers everything, including the vehicles, insurance, and the charging stations.”

The numbers back this up. Everlectric’s fleet has already logged more than eight million kilometres, cutting around 1,700 tons of CO₂ emissions and maintaining 100% vehicle availability. “We’ve grown from five vehicles to over 200 on the road,” says Plummer. “Half are owned and operated by us. The rest are run by independent operators, with King Price insuring all of the vehicles owned by Everlectric.”

What makes the partnership unique is the data loop between Everlectric and King Price. Key vehicle data is shared with the insurer, helping refine risk assessments in real time. This, in turn, helps King Price provide reinsurers with locally generated insights.

“This is unusual,” says Pienaar. “Normally, global insurers set the standards and South Africa follows. With Everlectric, we’re turning it around and sending valuable data back into the global market. King Price is contributing to the future of EV insurance worldwide.”

For both companies, this collaboration is more than just a business deal. It’s proof that traditional industries can adapt quickly to new realities. For Everlectric, it means a stable insurance partner that helps protect their business and lower barriers for clients. For King Price, it’s a showcase of agility and foresight in the face of new risks.

“This is what sets us apart,” Pienaar says. “We don’t shy away from change. We adapt our underwriting to meet emerging risks, and we’re proud to help build a future where electric fleets are not only viable, but mainstream. The Everlectric King Price model shows how collaboration and innovation can drive real-world change.”