Electric Cars Cost More Than Twice as Much to Insure: Broker

A report by car insurance brokers has revealed that average premiums for electric vehicles are substantially higher than for traditional cars. Britons, driving electric cars, saw the average electric vehicle (EV) premiums increase 50 percent across 2023. Last year, the price for EV premiums climbed from £896 to £1,344. Meanwhile, the cost of insuring a traditional car still remained some £668 less expensive per year. The increase in rate for EV drivers was attributed to higher claims frequency and higher average cost per claim. The claim frequency on electric cars was 26 percent higher than on petrol and diesel cars, according to data provided by Howden Insurance Brokers....