LB Forsikring’s electric car insurance is ranked “Best in Test”

23 August 2021

electric car suv parked in front of home modern low energy suburban house

The Danish Consumer Council Think regularly tests insurance and makes recommendations for where Danes can get the best insurance. For the first time, they have made a major test of insurance for electric cars on the Danish market, and Lærerstandens Brandforsikring, part of ICMIF member LB Forsikring has been named “Best in Test”.

Sales of electric cars are rising quickly in Denmark, and car manufacturers are investing heavily in converting production to electric vehicles. Therefore, the Consumer Council Think carried out testing of the supply of the statutory insurance for electric cars. Among 15 tested companies, Lærerstandens Brandforsikring has been named “Best in Test” on their electric car insurance.

In the test, the Consumer Council Think considers Lærerstandens Brandforsikring to be a representative company of ICMIF member LB Forsikring. Together the insurance brands Lærerstandens Brandforsikring, Bauta Forsikring, Runa Forsikring and LB Forsikring for PFA make up LB Forsikring A/S – Denmark’s 3rd largest insurance company in the private insurance market. As the tested insurance is offered in exactly the same by each of the four insurance brands; the good terms and benefits of this electric car insurance benefit the member policyholders of the four companies.

“We are very happy to come first in the Consumer Council Think’s test of insurance for electric cars. The electric car market is growing rapidly, and here at LB Forsikring we want our members to experience the market’s best insurance for green cars. Therefore, in the spring we launched both new and improved conditions on insurance for electric cars and at a sharp price. The recognition from Think shows that we are on the right track in terms of becoming the best insurance company for electric cars,” says Philip Wegloop, Chief Digital Officer (CDO) and Director of Digital Member Experience, Product & Market at LB Forsikring.

The Consumer Council emphasises that Lærerstandens Brandforsikring has the lowest prices in the test, and the insurance terms are among the best among the insurance companies in the test. What Philip Wegloop especially notices is: “Think emphasises that LB Forsikring with our prices and terms has the clear message that all electric cars are welcome with us. This is correct. We want to hit the green car market broadly. Of course, there is a difference in what an insurance costs depending on the car, but in the spring of 2021, we made a new increased car body coverage that is tailored to electric and hybrid cars, so our members have broad-ranging cover, no matter what type of green car they have,” says Philip Wegloop.

Independent assessments mean more

With the award for offering the best insurance for electric car owners, LB Forsikring has now won “Best in Test” or has been in the “Recommended” category a total of six times in 2020/2021 within the main insurance assessment categories such as house/buildings, car, travel, home contents, holiday home and now electric car.

“As Denmark’s largest member-owned insurance company, our focus is solely on serving our members, we have no shareholders we have to make a profit for. That is why impartial assessments, such as this one from Think, which rank our insurance policies as the “Best” or “Recommended”, are very important to us,” says Philip Wegloop.

Earlier this year (May 2021), LB Forsikring announced its wish to make it easier for its members to choose an electric car with its new electric car insurance cover. The insurance provides a 35% price reduction on small and medium-sized electric cars and completely new and improved terms for electric car owners. The aim was to make the option of buying an electric car as attractive as possible for their members.

“We want to be the electric car insurance company. The company with a sharp price and the best terms. This sends a clear signal about our new prices and terms. We believe that by providing good conditions we can help give our members a push in the direction of a more climate-friendly car. For electric cars is very much the future,” said Chief Commercial Officer, Steen Holse Andersen, on the launch of the new product.


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