A TESLA owner has warned other drivers over the price of insurance after his renewal quote leapt by £1,000 this year.
Matt Hone, 35, saw the premium on his Model 3 go from £1,500 to £2,500 and claimed he wasn’t told why.
LinkedinMatt Hone was left baffled when his Tesla insurance shot up by £1,000[/caption]
He was initially quoted £3,000 and managed to negotiate down to £2,700 before switching provider to pay £200 less.
He told The I: “They didn’t give me a reason.
“When you try to ask them, they just say insurance goes up, insurance goes down.
“They never give more than that.
“A lot of insurers still don’t really understand electric vehicles.”
In October, Confused.com found that expensive electric car policies had helped to drive a spike in the average cost of car insurance to £924, a record high.
The increase on 2022’s figure of £586 was the largest year-on-year rise since the site started tracking the data in 2006.
Matt, from Coventry, added that many insurers “wouldn’t touch” EVs when they first came out and, while there are more potential providers now, everyone has raised prices significantly compared to just a year ago.
Consumer lawyer Dean Dunham pointed out that there is no law prohibiting this and that EV insurance costs may be higher.
He said: “Unfortunately, there is no law preventing insurance providers from hiking up premiums for the likes of electric vehicles, hence the importance of shopping around for the best deal
“However, when you come to the end of an insurance contract your provider can no longer offer you a renewal deal that is less favourable than deals they are offering new customers; which used to be a common practice.
“I always advise consumers in the market for a new car to obtain an insurance quote before committing to the purchase, especially if the car is electric, so there are no surprises post-purchase.”
It comes after a car expert shared the tips that helped her save £2,000 on her renewal – it’s as easy as clicking a button.
Meanwhile, car dealers revealed the most important questions to ask when buying a used car, including how to avoid duds.