things are not looking good for EV insurance.......[titter]
Insurance companies have always wanted it all their own way. In their ideal world the premiums come in & no settlements are paid out.
However, they realise that will never happen. And there is always going to be an element of risk involved.
However, when that risk becomes too great they massively increase the premium or refuse to offer insurance full stop.
i.e. the Cosworth Sierra in the 1990's. In the end they became uninsurable due to how frequently they were stolen or crashed. It was a similar story with the early Honda Fireblade.
Unsurprisingly, EV's are even less attractive to insurers. As unlike a Cosworth Sierra they can spontaneously combust & take an entire multistorey carpark worth of other vehicles with them. Not to mention the fact that a relatively minor bump can write them off if the batteries are damaged.
Let's hope this crazy insurance premium hike is the final nail in EV's coffin.
Buyers were initially tempted by free road tax which unsurprisingly the government promptly did a U-turn on. The cost to rapid charge them is a lot more than the equivalent cost V's range in petrol or diesel. Now the insurance premiums are ridiculous as well.
Who in their right mind is going to purchase one?