Electric car ownership is set to soar across the UK as there is a push away from petrol and diesel vehicles. While electric cars represent a very narrow market percentage currently, sales of these battery-powered vehicles look to soar over the next decade. The cost of buying and owning an electric car is set to drop over time but they are typically more expensive than internal combustion engine (ICE) vehicles. However, there are a number of good electric car options on the roads in Britain currently such as Teslas, Renault Zoe, Nissan Leaf, Jaguar I-Pace and more.
New research is now suggesting that motorists who own an electric car are collectively paying an additional £231 million for their annual insurance bill.
The investigation by Vantage Leasing found that EVs cost an average of 14 per cent more than an equivalent petrol or diesel models – roughly around £116.
In addition to this, the cost of an electric car is supposedly 18 per cent higher than its ICE equivalents.
For example, the VW e-Golf costs £27,690 to buy and £904.45 to insure compared to £27,000 for the petrol with £709.91 on insurance.
While the average difference was 14 per cent, EV cover can be as much as 37 per cent pricier than a petrol or diesel equivalent.
This means that, by 2025, motorists could be paying an additional £231 million in insurance annually as the UK’s car parc of BEVs reaches a predicted two million, according to the research.
One thing the research also found is that charging an EV in a garage overnight could mean higher insurance premiums.
It also found that insurance is usually cheaper when parked on the road than in a garage.
Vantage Leasing Managing Director, Rob Walker, said: “There’s no doubt UK motorists are ready for EVs.
“Demand is growing because the technology and infrastructure is getting better every year.
“However, this optimism could easily be curtailed if the costs mount up.
“After all, electric cars are touted as being both kinder to the environment and easier on the wallet, so the industry must ensure they are affordable to ensure they become increasingly popular.”
Battery Electric Vehicles (BEVs)
VW e-Golf – 2019 Electric 0.0L Automatic 5 doors E-GOLF Hatchback
Average insurance cost: £904.45
Retail price: £27,690.00
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Renault Zoe – 2019 Electric 0.0L Automatic 5 doors EV I S EDITION NAV R110 ZE40 Hatchback
Average insurance cost: £895.32
Retail price:£17,720.00
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Hyundai Kona electric – 2019 Electric 0.0L Automatic 5 doors EV SE 39 KWH Hatchback
Average insurance cost: £728.12
Retail price: £24,995.00
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Audi e-tron – 2019 Electric 0.0L Automatic 5 doors 55 QUATTRO Estate
Average insurance cost: £1,518.63
Retail price: £70,805.00
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VW e-UP! – 2019 Electric 0.0L Automatic 5 doors E-UP! Hatchback
Average insurance cost: £641.60
Retail price: £19,615.00
Petrol or diesel equivalent models
VW Golf – 2019 Petrol 1.5L Manual 5 doors R-LINE TSI EVO 150 Hatchback
Average insurance cost:£709.91
Retail price: £27,000.00
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Renault Clio – 2019 Diesel 1.5L Manual 5 doors GT LINE DCI 90 Hatchback
Average insurance cost:£651.22
Retail price: £15,500.00
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Hyundai Kona – 2019 Petrol 1.0L Manual 5 doors SE T-GDI Hatchback
Average insurance cost: £660.16
Retail price: £17,786.00
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Audi Q8 – 2019 Petrol 3.0L Automatic 5 doors S LINE QUATTRO 55 TFSI 340 Estate
Average insurance cost: £1,444.37
Retail price: £62,915.00
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VW UP! – 2019 Petrol 1.0L Manual 5 doors HIGH UP! 75 Hatchback
Average insurance cost: £642.29
Retail price: £13,000.00
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