Why electric cars cost more to insure - and what's being done about it
Summary
Electric vehicles (EVs) often cost more to insure than petrol or diesel cars because they are more expensive and take longer to repair. Some EV repairs require replacing large, integrated parts rather than smaller pieces, increasing repair costs and leading insurers to charge higher premiums.Key Facts
- EV repairs cost 30% more on average than repairs for petrol or diesel cars.
- It takes 14% longer, on average, to fix EVs.
- Insurance premiums for EVs can be 10-25% higher depending on the model.
- EV components are often glued or combined to reduce weight, making repairs more costly.
- A minor crash can cause expensive damage, such as a £4,000 repair to a charging port and related parts.
- The battery makes up about 40% of an EV’s total value and usually must be replaced as a single unit.
- EVs accounted for nearly one in three new cars sold in the UK in June.
- Experts say lowering insurance costs and making EVs easier to repair could encourage more buyers.
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