UK diesel and petrol ban – Electrified cars could be fifty per cent more expensive to insure
Electrical cars could cost up to fifty per cent more to insure
This budge could see millions of motorists having to ditch their current cars, substituting them with no emission models over the next few years.
Early adopters of the switch could however be stung by big car insurance premiums.
According to comparethemarket.com the average electrical car insurance policy is forty five per cent higher than the average premium of a traditional car.
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Average costs for electrical car insurance premiums sit at £1,040 presently while an equivalent petrol or diesel car will cost around £740.
Electrical cars are becoming more popular in the UK with vehicle registrations enhancing by thirty two per cent in the past year and the cost of electrical car insurance is likely to come down over time as these vehicles become more prolific and prominent.
Fresh analysis of electrical car insurance quote data found that the Nissan Leaf was, by some way, the most popular electrical car with 38.7% of quotes, followed by the Renault Zoe and the Tesla Model S which both had just over 15% of quotes through comparethemarket.com.
This research comes as a fresh Automated and Electrical Vehicles Bill was announced during the Queen’s Speech last month, aiming to improve the infrastructure behind electrified cars through enlargening the number of charging points.
Electrified cars can be expensive
Simon McCulloch, Director at comparethemarket.com
The bill also hopes to drive consumer adoption, which may be difficult in the face of the high premium placed on having an electrical car.
Simon McCulloch, Director at comparethemarket.com, said:
“Electrified cars can be expensive, as their production has yet to reach a volume which will enable economies of scale in their manufacturing and distribution costs.
“However, people looking to purchase an electrified vehicle need to consider cautiously the overall running costs, including insurance, as well as road tax and charging costs.
“While many incentives are being taken to promote the use of electrified vehicles, including enlargened numbers of charging stations and tax cracks for electrical car owners, this data shows that potential owners need to consider other factors too, particularly for the entry level electrified models, where the cost of insurance could sway the purchasing decision back in favour of a petrol or diesel model.”