Electric car insurance rates are on the rise. Higher repair costs for this type of vehicle are the leading factor driving insurance premiums up.
Electric vehicles (EVs) use expensive and complex parts. Insurers take into account the likely repair bill when pricing policies. Also, there are fewer mechanics trained to fix EVs, increasing labour costs.
Furthermore, EVs are often more expensive to buy than petrol or diesel equivalents, which also influences insurance costs. Prices may drop as more people switch to electric and the technology becomes more familiar, but for now, EV owners can expect to pay more for insurance.
Read source article here:
https://theweek.com/personal-finance/why-electric-car-insurance-is-rising
