The UK’s EV Insurance Premiums Are Higher Than Those for Conventional Cars
Conventional Energy : 1Increased Cars UK EV Insurance
According to data from UK insurance broker Howden Group Holdings cited by Bloomberg, insurance premiums for electric vehicles (EVs) have increased in the UK over the past year to double the cost of coverage for cars powered by gasoline and diesel.
The group of potential customers who can afford the cost of owning an electric vehicle has shrunk due to the fact that EV owners’ premiums have been rising more quickly than those of conventional internal combustion engine (ICE) vehicles.
Government plans to accelerate the adoption of EVs may also face difficulties as a result of this.
By the end of 2023, the cost of insurance for electric vehicles will be approximately $1,700 (£1,344), which is significantly more than that of conventional cars.
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due to increased repair costs, difficult-to-fix batteries, and a lack of mechanics qualified to work on electric vehicle batteries. The Howden Group claims that additional
Factors contributing to the higher insurance rates for electric vehicles are the increased cost of replacement parts and the length of time EVs spend in repair facilities.
Ben Nelmes, chief executive of non-profit group New Auto Motive, which promotes EV adoption, told the Financial Times last year that rising insurance costs for EVs in the UK run the risk of undermining
“The appeal of electric cars and vans for businesses and motorists because it undermines one of the key advantages of electric vehicles, which is their cheaper running costs.”
One of the factors contributing to consumer reluctance is rising insurance costs. Other factors include cost-effectiveness, concern over battery life, as well as the absence of a broad network of charging stations.
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According to a recent study conducted by the American Automobile Association (AAA), when temperatures drop to 20 degrees Fahrenheit or -6 degrees Celsius, an electric vehicle (EV) may lose up to 12% of its range.
In contrast to just 22 EV charging stations for the same road distance, another study conducted last year found that, on average, there were 104 gas pumps for every 1,000 road miles in the US.
The study’s authors, smart fuel card management platform Coast, stated that “as EV adoption continues to surge, ensuring
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