Petrol car owners just got an insurance alert. They save £369 on average compared to electric vehicle (EV) drivers. This news comes from fresh data collected in May 2024. EV insurance costs have jumped significantly. It is now much more expensive.
EV Insurance Costs Jump Higher, Impacting Drivers
Electric car insurance premiums now average £1,392. This is a big increase. Petrol car owners pay about £1,023 for their cover. That means EV insurance is 36% more costly. This gap widened in recent months.
Insurance for EVs soared by 72% in the last year. This added an extra £583 to policies. Petrol car insurance also rose. It went up by 60%, adding £384. The overall average UK car insurance premium sits at £995. This shows how high EV costs are today. For more on UK car insurance trends, see the Association of British Insurers.
This big difference hits potential EV buyers. They might rethink their switch. It also affects current EV owners. They face higher renewal costs. Are you thinking about an EV? You should definitely check insurance quotes first. The cost difference might surprise you a lot.
Why Electric Vehicle Repairs Drive Up Insurance Premiums
Why are EV insurance costs climbing so fast? Repairs are a major reason. Electric cars use specialist parts. These parts are often expensive. They need highly trained mechanics too. This increases labour costs significantly.
A big concern is battery damage. Replacing an EV battery can cost a lot. You might pay between £10,000 and £20,000. This represents a huge financial risk for insurers. Many garages still lack the right tools. They also need skilled staff for complex EV repairs. This makes repairs slower and much more costly than for petrol cars.
Getting specific EV parts can also take longer. This adds to repair times and overall expense. Insurers see these higher repair risks clearly. So, they charge more for policies. The increasing number of EVs on roads also means more claims. This naturally pushes premium prices up further. A recent report explains these repair challenges in detail. Read more about electric car repair costs.
This trend impacts many drivers across the UK. Both existing EV owners and those considering a switch feel the financial pinch. Keep a close eye on these rising insurance prices. They are a very significant part of owning an electric car today. Plan your budget carefully.
