EV Insurance Nightmare is Crippling Blow for UK Drivers
Electric vehicle insurance premiums are set to soar under a regime shake-up that further penalises EVs for potential damage to batteries, it has been warned
The Telegraph has the story
Insurance premiums for EVs and Chinese-made cars in particular could skyrocket after a new Vehicle Risk Rating (VRR) system was rolled out last month, an expert said.
VRR will eventually replace the group-based system of insurance, which bands vehicles into 50 separate premium categories.
Five key categories go into the VRR rating, including performance, damageability, safety, security – and “repairability”.
It is this last category that will send EV premiums soaring, Chris Rosamond of Auto Express magazine said, because the insurance industry lacks the information it needs to offer lower premiums on EVs.
Mr. Rosamond said: “If the data does show… as many or most of us expect, that there is this increased risk around batteries, then it’s likely that will emerge in, or be reflected in, premiums down the track.
“If you get a golf ball-sized dent in the battery casing of your new EV, for example, there is no sort of technical reference available for insurers to be able to say with 100% certainty that a repair has fixed that and returned it to, effectively, its original condition.”
Professor David Bailey of the University of Birmingham told the Telegraph that Chinese EV manufacturers are struggling to keep up with the demand for spares for repairers.
“So they’ve entered the market [but] not necessarily set up a distribution system in terms of parts for the vehicles, which has meant that actually getting them repaired at all has proven to be quite difficult,” he said.
“Especially on the EV side. I mean, there’s a combination of things there anyway. One is repairers’ knowledge in general of repairing EVs; not all repairers can do that.”
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Tom
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Well there it is again…the dire repercussions of unintended consequences totally ignore by the retarded experts. Green energy is a clown show at best.
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Ken Hughes
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Has anyone carried out a fire risk analysis for EV’s?
I suspect they have, but are keeping it quiet. Why? Because if the truth were known about the high risk of fire with EV’s then they would have to stop allowing them in car parks, on ferries and insurance premiums would be unaffordable. They would never achieve a significant percentage of EV’s on the roads, and they’re determined to do that aren’t they.
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Dave
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ALL EVs, Unsafe at any Speed!🔥🔥🔥
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