Electric cars are becoming more expensive to insure and run because of a lack of replacement parts and garages to service them.
Batteries, which can cost more than £5,000 to replace, are often scrapped if they are even slightly damaged because that can cause performance issues. Sometimes a whole vehicle can be written off if the battery is damaged, further pushing up an owner’s premiums.
Between February and April this year the average cost of fully comprehensive insurance for an electric car was £687 — 21 per cent higher than the same period the year before, according to the consumer site Compare The Market. Petrol car insurance went up 18 per cent to an average of £659.
Insuring a Tesla last year cost an average
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.