Drivers hesitant to switch to electric vehicles with the most expensive car insurance prices
Many Britons are hesitant about switching to an EV with expensive car insurance rates
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More than half of all Britons are concerned about making the switch to an electric vehicle in response to expensive car insurance prices.
A new survey found that 86 per cent of motorists said they prefer to drive petrol or diesel cars amid calls for Britons to transition to zero emission vehicles.
Around 57 per cent of people said they were not planning to go electric, while eight per cent said they would only do so shortly before the mandated 2035 deadline to ban the sale of internal combustion engine vehicles.
This deadline may be shortened, however, as the new Labour Government look to reinstate the 2030 deadline after it was delayed by former Prime Minister Rishi Sunak last September.
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Drivers also mentioned EV chargers as being a barrier to entry
PAAround 78 per cent of drivers said they were not looking forward to the switch to electric, with just nine per cent saying they would make the switch within the next two years.
A number of motorists taking part in the survey pointed to high car insurance prices as being a major part of their hesitation before moving to an electric vehicle.
Research from Quotezone shows that electric vehicles have the highest car insurance costs of all engine types, at a current rate of £996 per year.
This is 54 per cent more expensive than the average petrol vehicle and around 13 per cent more expensive than the same time last year.
In the second quarter of 2023, EV owners were paying an average of £884 for their insurance, while diesel owners paid £659 and petrol motorists were being asked to fork out £569.
In the 12 months since then, prices have grown massively. Petrol drivers have to pay £647, diesel owners face costs of £764 and electric cars need to pay almost £1,000.
Greg Wilson, CEO of Quotezone.co.uk, said: "These findings highlight a significant reluctance amongst UK motorists to transition to electric vehicles, despite the fast-approaching deadlines.
“The hesitation is understandable, based on the cost of electric vehicles and the current charging infrastructure."
He noted how the upfront cost of electric vehicles can also have an impact on motorists, with the average new EV costing around £50,000.
Wilson pointed out that this was more than £10,000 more expensive than the average medium-sized petrol car such as a Ford Focus.
Prices should fall in the coming years with the introduction of the Zero Emission Vehicle mandate which requires manufacturers to have 22 per cent of total sales be electric by the end of the year.
These targets will gradually increase over the next 11 years, with a target of 80 per cent of cars and 70 per cent of vans by 2030 and 100 per cent of both vehicle types being zero emission by the middle of the next decade.
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VOLVOWilson concluded, saying: "There are also additional costs to take into account including higher insurance premiums and now vehicle tax.
“The challenge over the coming decade will be to address these concerns and support motorists in the transition to electric vehicles.
“The future of motoring is electric, but we have some way to go before we achieve the ambitious targets that have been set.”