EV Insurance

[Woodcutter]

We’ve just had our renewal quote through for the iX3, and it is more than twice what it was last year. £500 last year and they’re looking £1068 this year!

Who are you using to insure your EV?

Looks like Hastings is out the window!

 

[Rocko]

Went with Direct Line this year. Was £150 more, same circumstances

 

[Marc]

Direct line, went from about £350 - £650ish with nothing changed.

 

[KyleR]

Sounds like insurance companies are feeling the cost of living crisis

 

[Graham2]

Direct Line, £330 for my Model 3 Performance.

 

[Rocko]

Direct Line, £330 for my Model 3 Performance.

That recent? Even the price comparison quotes closest to last years premium wanted me to fit a black box

 

[Graham2]

That recent? Even the price comparison quotes closest to last years premium wanted me to fit a black box

Would be end of May/early June renewal. Was £700 the previous year but that was my first year off the company fleet policy, they credited me with something like 5 or 6 years NCB. When the renewal came in it was £350, I rang Direct Line to check the price was correct and they thought I was looking a bit of discount so took £20 off it

 

[impact]

Electric vehicles create new challenges for insurers in 2023 : Clyde & Co

The growing number of electric vehicles and hybrids bring new pressures for the authorities and the insurance industry.

www.clydeco.com

EVs are supposed to be something like 40% less likely to be in a crash as generally they have all the latest driver assists but maybe insurers starting to be hit with big repair costs when they do smack?

I know a neighbour that bought running gear and battery from a Tesla a while back that had been wrote off. Showed my the photos of the damage and it didn't look too major but was enough to write it off, not that old at the time.

 

[Gavlar]

@gpaevo could probably clarify, read something in work saying if an EV/Hybrid vehicle has an impact it could damage/rupture the battery pack but not be evident with fire/explosion for days/weeks until it goes, and when battery packs go it's nearly impossible to extinguish

 

[gpaevo]

@gpaevo and when battery packs go it's nearly impossible to extinguish

Once they are in thermal runaway it's game over. Even after being submerged for a week the damaged cells have ignited again once dry.

For ref, the 'smoke' they give off is actually a highly toxic, combustible gas cloud.

 

[Rocko]

Doesn't explain the massive increases.

 

[variant]

Doesn't explain the massive increases.

More on the road, more involved in accidents, more requiring massive costly repairs

 

[Coog]

Massive increases across the board not just EV's. My van went up 25% on renewal and it's as basic and simple as they come these days.

 

[e320mark]

Wait until you renew your house insurance! It’s up too and by a fair whack! All insurance is up sadly!

 

[Rocko]

My health insurance came down. House insurance was £7 more for the year.

 

[Boydie]

My health insurance came down. House insurance was £7 more for the year.

Private health? Ours went up, only £5 a month but still - making use of it for sure this year! Not sure when house insurance is up, its all sickening!

 

[Rocko]

Yeah, Aviva. Was shocked since they love to jack the price up then negotiate back down to what it was last year.

 

[andy9eleven]

New normal is class.

 

[Boydie]

Yeah, Aviva. Was shocked since they love to jack the price up then negotiate back down to what it was last year.

That's who we are with too, currently have 3 claims going on with them and been ok to deal with so far.

 

[Graham]

More on the road, more involved in accidents, more requiring massive costly repairs

I'd say this is the main reason.

 

[AC]

Our non-EV policy went up considerably this year with no changes and I couldn’t get it cheaper anywhere else than the Admial multi-car we were already on. It was over 50% increase. Couldn’t believe it.

 

[mark19]

Wait until you renew your house insurance! It’s up too and by a fair whack! All insurance is up sadly!

Got that today! Up 70 quid last year for no change

 

[Snoopcousins]

Our non-EV policy went up considerably this year with no changes and I couldn’t get it cheaper anywhere else than the Admial multi-car we were already on. It was over 50% increase. Couldn’t believe it.

Yep my Admiral multi-car policy went up 50% this month too,
Phoned them and still Ended up with about a 22% increase.
Still Cheaper than the individual quotes I’m getting elsewhere