The Expert Podcast

You've heard us talk about the used and new electric vehicle market and the associated risks many times. Well, here is something that's flying under the radar, but it's a very significant development. State Farm Insurance, one of the largest automotive personal lines insurance companies in the country—if not the largest—had a perk for their employees: electric vehicle charging stations at their offices.

If you were an EV owner working at State Farm, you could pull into work, plug in your EV, and charge it up for free during your workday. However, State Farm should know a few things about the risk of electric vehicle fires.

What they've done now is remove EV chargers at their hubs across the country—not just one place, but all across the country. According to an article, State Farm said the removal was due to an enterprise risk assessment that found fire risks.

So here's an insurance company that is getting rid of their EV chargers because of fire risk. If anybody should know what the actual risks are, it should be an insurance company. The article noted that studies have found EVs tend to catch fire less often than gas vehicles, but the fires are more expensive and harder to put out.

State Farm didn't specify the amount of risk, but they stated that they’re pulling the EV chargers. This is kind of interesting because here’s an insurance company that provided free EV charging as a perk for employees, and now they’re removing all these charging stations.

What do you think about this? Is this an indication that EVs are dangerous? Or is it just an insurance company being overly cautious? Obviously, they don’t have gas stations on their premises, so maybe that’s not a fair comparison. But this is a significant development that indicates there might be a danger in charging an EV on the premises of a business or even a home.

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