Hyperdrive
EVs Cost Twice as Much to Insure as Fuel-Burning Cars in UK
- Premiums for EVs grew faster than for gasoline, diesel cars
- Hard-to-fix batteries, longer repairs blamed for soaring cover
The cost of EV insurance premiums, which has climbed faster than cover for combustion-engine models, rose 50% last year.
Photographer: Jose Sarmento Matos/BloombergThis article is for subscribers only.
British drivers have to fork out twice as much to insure electric vehicles as they do for combustion-engine models, adding to hurdles to make the switch to zero-emission cars.
The average insurance premium for EVs jumped to £1,344 ($1,700) at the end of last year, around double the cost of cover for traditional cars, according to UK insurance broker Howden Group Holdings Ltd. The group cited higher repair costs, more time spent in workshops and a lack of mechanics trained to fix EV batteries.