Home›Insurance›Property Insurance›EV repairs can run far higher, pushing up insurance pr…

EV repairs can run far higher, pushing up insurance premiums

Thatcham Research says EVs cost about 30% more to repair and take 14% longer to fix, which can translate into 10% to 25% higher insurance costs than petrol or diesel cars.

Reported · Written up by our desk · Property Insurance

EVs are typically more expensive to insure because crash repairs are costlier and more time consuming than for petrol or diesel vehicles, according to tests carried out for the insurance industry by Thatcham Research, as described by BBC Business. In low speed crash testing, an electric vehicle can suffer damage that is not obvious until components are examined. In one example involving a Dacia Spring at 6 mph, a broken front high voltage charging port and connected components were described as part of a single unit, meaning insurers and repairers may need to replace multiple parts rather than just the port. Thatcham Research says that, on average, EVs cost 30% more to repair than petrol or diesel cars and take 14% longer to fix. BBC Business also reports that it can cost 10% to 25% more to insure an EV depending on the make and model, with the higher repair bill and longer downtime feeding through to pricing.

The reporting also notes that EV demand is rising in the UK, with EVs making up almost one in every three new cars sold in June, citing SMMT data. BBC Business adds that Autotrader’s Ian Plummer linked growth to intensifying competition and consumer interest in plug in cars, while saying broader policy and incentives uncertainty remains a factor.

More like this

Sources