EV drivers are having to pay more for insurance than owners of petrol or diesel motors, with some providers refusing to cover them at all.
Electric car enthusiasts have to swallow prices of up to 27% more amid concerns over repairs and running costs.
GettyInsurance experts have revealed that drivers are having to pay more to cover EVs than petrol or diesel cars[/caption]
According to the Association of British Insurers (ABI), the average comprehensive policy across all engine types rose to a record £511 in June.
But data from Confused.com found that premiums on EVs were most affected, with a 72% since September 2022.
The site compared equivalent petrol and electric models and found a marked difference.
For example, a petrol-powered Jaguar F-Pace cost £801 on average, while the EV I-Pace was a whopping £1,013.
Likewise, covering the Tesla Model Y will set you back £1,421, compared to £799 for the similarly-sized BMW X3 M40d.
Across all models, new electric cars had an average premium of £959 versus £848 for non-electric motors.
Several insurers have begun refusing to insure EVs across the board.
John Lewis made the decision to pull their EV deals last week as their underwriter reviews the risk profile, while Aviva took a temporary break from insuring Tesla Model Y’s earlier this year.
Key factors include the “repairability” of EVs, the cost of parts and the shortage of mechanics with the specialist knowledge and kit required to fix them.
Jo Lloyd, from Axa Insurance, told The Times: “Electric vehicles are more complex than vehicles with a standard internal combustion engine and this means the cost of repairs are often higher, which is a significant factor for insurers when setting premiums.”
Battery damage is a particular worry, with even minor knocks requiring a full replacement, which can cost thousands.
A spokesperson for the ABI said: “The motor insurance market remains competitive with cover for electric vehicles available from a wide range of providers.
“Whether to offer insurance, and at what price, is a commercial decision for insurers based on their risk appetite.”
It comes after a major brand’s new EV failed to receive a five-star safety rating.
Meanwhile, new figures revealed that nearly half of speed cameras don’t actually work.