this post was submitted on 02 Oct 2023
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‘The quotes were £5,000 or more’: electric vehicle owners face soaring insurance costs (www.theguardian.com)
submitted 1 year ago by dragontamer to c/realtesla
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Guess which EV this article is complaining about?

Tesla Model Y.

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[–] [email protected] 12 points 1 year ago* (last edited 1 year ago) (2 children)

Very clickbait headline from the Guardian.

But it is not only owners of Model Ys - who are finding that, like the government, insurers are wobbling about the cost of net zero.

It is not just one brand:

Alex Gerlis, who bought a Smart EQ Forfour last year, had insurance from John Lewis Finance but, before the mid-August renewal date, it advised him it would not be able to offer a renewal because it was not insuring electric cars

And it is not just EV's

It comes as all motorists face soaring insurance costs...the Office for National Statistics revealed that the price of car insurance – which for many Britons is one of their biggest household bills – is up by 52.9% in the last 12 months.

They went with EV's as it will generate a nice headline.

TLDR of the actual story.

"All car insurance is up in the UK with EV's seeing the biggest rise."

[–] 0110010001100010 2 points 1 year ago

“All car insurance is up in the UK with EV’s seeing the biggest rise.”

I don't know how the EV vs ICE vehicles compare in the US but rates have jumped quite a bit here too. I know at least part of the reason is (unsurprisingly) rising costs for parts due to inflation.

[–] dragontamer 0 points 1 year ago* (last edited 1 year ago)

When David did secure a new deal [for his Model Y], the annual cost rocketed from £1,200 to more than £5,000.

However, this average masks bigger increases for electric car owners, according to Confused.com. Its figures, derived from quotes, show that insurance premiums for electric vehicles are 72% – or £402 – higher than this time last year, at a typical £959.

With Tesla Model Y insurance bills being quoted in the article at 5000 GBP, while more typical EVs are 959 GBP, I think we can safely say that Teslas are an aberration.

The numbers are all there for ya to see yourself. Growing from 1200 GBP to 5000 GBP is far more than the "average" 52% increase for the typical car buyer, or a 72% increase for the typical EV buyer. Depending on the customer, the % rise is far worse...

In the Facebook group, members share stories of horror renewal quotes, with increases ranging from 60% (up to £1,100) to a staggering 940% (a jump from £447 to £4,661, according to a screengrab shared by one driver).