In a poll of 1,000 drivers almost one in 10 said they think electric car premiums would be more expensive, with one in eight of those aged 17-24 admitting this would potentially stop them buying.
While it’s previously been difficult for young drivers to secure low-cost car insurance, as electric cars sales are rising, premiums are starting to fall.
Insurance expert Ben Smithson said, “In order to calculate your premiums, when considering the insurance group of your vehicle, insurers assess a number of factors including the value of the vehicle, the ease of finding a professional qualified to repair the model and the cost and availability of parts.
“While some electric vehicles are more expensive to insure due to the cars’ higher purchase price, the need for specialist equipment and repairs, and a lack of data on driver behaviour, as more drivers make the switch to electric, it is predicted that the insurance market will undergo a degree of correction. As a result, premiums will eventually fall, making EVs and Hybrids more accessible to a range of drivers.”
Easy ways to lower the cost of EV insurance
- Reducing your miles: the less you use the car, the lower the risk of being in an accident.
- Pay up front: If you can afford to pay the annual cost upfront, you could save 20% or more, depending on your provider.
- Adding a named driver:If you’re under the age of 25 or have previous driving convictions, adding an experienced named driver to your policy could help lower the cost.
- Don’t auto-renew: make sure you’re shopping around for the best deal before renewing your car insurance policy
Increase your excess: If you’re willing to pay more in excess, providers are more likely to reduce your premium.