With today's high gasoline prices, it's no surprise that many people are turning to "Neighborhood Electric Vehicles" (NEVs) for short trips near home. These battery-powered vehicles are particularly common in large retirement communities in warmer climates.
Some NEVs are used for personal transportation, while others are used to haul small loads around private property. They range in cost from about $5,000 to as much as $40,000. As the U.S. population ages, many experts predict a steady rise in sales of NEVs.
Later in 2007, in Arizona, Foremost will introduce new insurance products for Neighborhood Electric Vehicles. Most NEV risks will fit one of the two following programs:
Low-Speed Vehicle Program - NEVs and golf carts licensed for on-road use will now be written in our new Low-Speed Vehicle (LSV) program. This is a subset of the Foremost motorcycle insurance program and provides many of the same coverages you'd find in a typical Foremost motorcycle policy.
Unlicensed NEV Program - Neighborhood Electric Vehicles (NEVs) and golf carts used exclusively off-road will be rated in a new segment of the Foremost Off-Road Vehicle program. Coverages will be similar to those provided in the existing ORV policy.
To find out when specific changes are effective in your area, please visit the State News Map on ForemostSTAR®. Or call your Foremost Marketing Representative toll-free at 1-800-237-6136.
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2007 Motorcycle Changes
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Neighborhood Electric Vehicle Program (Arizona)
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