Octopus EV lowers EV insurance for salary sacrifice drivers

MAJOR salary sacrifice provider Octopus Electric Vehicles (Octopus EV), has teamed with Admiral Pioneer to lower the inclusive insurance costs for its drivers.

Instead of traditional fleet-rated pricing – where everyone pays an average – this new model prices insurance based on individual risk. Octopus EV estimates that when the offering launches in spring, more than three in four new salary sacrifice drivers will benefit from lower insurance costs, with an average driver saving close to £550 (subject to eligibility). Drivers can also carry over their existing no claims bonus from previous policies.

“Salary sacrifice has become one of the most powerful ways to help drivers switch to electric – but the insurance experience hasn’t always kept pace,” said Gurjeet Grewal, CEO, Octopus Electric Vehicles.

“By moving beyond fleet averages, the new insurance better reflects real-world driving and supports a fairer deal for EV drivers, without adding complexity to the salary sacrifice experience.”

Gurjeet Grewal, CEO, Octopus Electric Vehicles Tweet

Octopus EV offers all-in-one EV package including a leased car, bespoke EV tariffs, home chargers, public charging and insurance.

Last November it upsized its funding to push its UK fleet from 40,000 cars to more than 75,000 once all funds are deployed.

Emma Huntington, CEO of Admiral Pioneer, said: “By combining our deep insurance expertise with Octopus’ digital-first approach, we’re delivering smarter, fairer, and more personalised insurance for electric drivers. This partnership shows what’s possible when forward-thinking brands come together.”