Electric vehicle owners urged to switch car insurance policy with drivers quoted up to £8,000
EV owners are often charged more for car insurance because of the cost of spare parts
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Electric car owners are being hammered by expensive car insurance prices, with some suggesting that EV drivers are being targeted by extortionate costs.
Many electric car owners are struggling with costs associated with car insurance prices with insurers charging thousands of pounds for cover.
There are also fears from industry experts that the expensive costs are holding other drivers back from investing in electric vehicles, keeping people in their petrol and diesel cars for longer.
According to Confused.com, the average price of car insurance is now at its highest on record, reaching a staggering £924.
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In just 12 months, the average price of cover for a driver has jumped almost £300 from £629 at the end of 2022, with London drivers paying an average of £1,503 and 18-year-olds being quoted an average of £2,995.
Electric vehicle owners are normally charged more for their cover compared to petrol and diesel alternatives because of the cost and availability of spare parts, in addition to specialist repair work.
A spokesperson for the Association of British Insurers said the insurance market was “competitive” with cover for electric vehicles.
They added: “Whether to offer insurance, and at what price, is a commercial decision for individual insurers based on their risk appetite.
“When looking for fleet motor insurance, we would recommend using an insurance broker to find a policy that meets your needs,” the spokesperson told Fleet News.
Former Top Gear presenter Rory Reid has also been battered by expensive car insurance quotes.
He took to X, formerly known as Twitter, to ask his 45,000 followers how much they paid for their car insurance for their electric vehicles.
The presenter explained how he had been quoted a staggering £8,200 to insure his Tesla Model Y.
Reid compared the price of his car insurance quote to what a policy would look like for a Bugatti.
Other drivers have taken to social media to vent their frustrations about the rapidly rising price of car insurance, especially for electric vehicles.
A number of drivers said they were being quoted more than £1,000, many of whom are seeing a significant price increase compared to previous years.
Some electric car owners can pay more for their insurance with extra cover including batteries, portable charging cables and legal cover.
Not all car insurance providers will offer cover for electric vehicles, with John Lewis becoming one of the most recent brands to pause new policies while analysing the “risks and costs entailed”.
Commenting on the chaos, GB News presenter Richard Tice branded the situation an “EV car insurance nightmare”.
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Rory Reid said he had been quoted more than £8,000
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The leader of Reform UK added: “Premiums soaring, making EV ownership even more expensive. Another part of costly unaffordable madness of Net Zero.”
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