ELECTRIC CAR INSURANCE HUGE INCREASES BY 72%

dundee1961

dundee1961

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Good morning Everyone, if you had been watching the news this morning they are saying 72% increase in Full Ev car insurance .
Supposedly due it costs 25% more to repair an EV ?
The garages are taking longer to recieve parts !!
EV's are 500kg heavier so cause more damage if involved in a car crash!!
They are saying then due to this folk have courtesy cars longer!!

Has anyone experienced this !!!
 
The reasons they are giving are all debunked rubbish. Apart from the battery, the rest of the car is the same as any other. Many EV's are built on the same chassis as hybrid and ICE versions of the same model.

As for weight, there are many ICE SUV's which top the list of heaviest cars before you even get to EV's.

I still think it's a ploy by the oil industry to price EV's out of the reach of the average driver. We all know how much money the oil giants have to bribe . . . sorry, "influence" other industries.
 

Insurance renewal problems?

Has anyone here recently had problems renewing their insurance? Read this article on Apple News from The Guardian, and wonder if any MG drivers are experiencing the issues reported by some Tesla owners. £5K per year insurance??? Surely not… https://apple.news/AbDbouTvUQ1aazIIzsFjEkg
www.mgevs.com www.mgevs.com

(I'm sure there are other threads in other boards too). All insurances have increased, but perhaps BEVs have been hit harder.
 
Market forces dictate that if someone is charging too much someone else will see the opportunity to charge less - it's just a matter of finding them.

As BEV's are still quite new and disruptive this carries a higher risk and/or cost to the insurer due to it not being the same as before - they don't like unknowns. Also the volume is an issue - if one MG has a problem, as a percentage, it's a lot bigger than if, say, a ford fiesta has an issue - which is a drop in the ocean. However, with insurance, as with loans, every company has a different objectives and risk profiles - so it's just a case of finding the right fit.

Anyways - it's always good habit to get a few quotes every year and even more so with "new" tech - oh yeah, and not crashing tends to be a good habit too....
 
The cost quoted for the insurance for my MG5 with Aviva has gone up from £540 last year to £720 this year ! They try to explain themselves here:-

www.aviva.co.uk

Your car insurance price explained

Want to know what impacts your car insurance quote? We use several factors - including the chances of you making a claim. Find out more here.
www.aviva.co.uk www.aviva.co.uk

How events affect your car insurance price​


More expensive repair costs​

A combination of less skilled workers [3], higher gas and electric prices, and problems finding replacement parts [4] has pushed up the price of fixing vehicles over the last few years.

2022 was a bumper year for electric car sales in the UK, with December seeing the biggest spike [5]. It can be unusually expensive to fix and replace specialist parts since they require specialised mechanics. This has also had a knock-on effect for the customers’ price.

Longer time to repair vehicles​

There's no car repair without staff and parts, and they're both in higher demand than usual. As a result of COVID and Brexit, there's a shortage of specialist skills [3], while imported parts (such as microchips) are harder to get hold of [4]. Providing courtesy cars for longer periods of time increases costs as well.

  1. Subject to underwriting criteria.
  2. Motor vehicle theft in England and Wales 2022 | Statista
  3. Britain to run out of electric vehicle mechanics by 2030 - Social Market Foundation. (smf.co.uk)
  4. Chip crisis subdues new car market but EVs now second only to petrol - SMMT
  5. UK new car sales hit 30-year low but electric vehicle demand soars - BBC News
  6. Cost of living insights - Office for National Statistics (ons.gov.uk)
  7. Aviva unveils claims hit of £50m from December freeze | This is Money
 
Gadget Geek said:
The reasons they are giving are all debunked rubbish. Apart from the battery, the rest of the car is the same as any other. Many EV's are built on the same chassis as hybrid and ICE versions of the same model.

As for weight, there are many ICE SUV's which top the list of heaviest cars before you even get to EV's.

I still think it's a ploy by the oil industry to price EV's out of the reach of the average driver. We all know how much money the oil giants have to bribe . . . sorry, "influence" other industries.
Click to expand...
Actually what you are saying is very possible ...the billions the oil companies rake in ......

Tiny Tim said:
Market forces dictate that if someone is charging too much someone else will see the opportunity to charge less - it's just a matter of finding them.

As BEV's are still quite new and disruptive this carries a higher risk and/or cost to the insurer due to it not being the same as before - they don't like unknowns. Also the volume is an issue - if one MG has a problem, as a percentage, it's a lot bigger than if, say, a ford fiesta has an issue - which is a drop in the ocean. However, with insurance, as with loans, every company has a different objectives and risk profiles - so it's just a case of finding the right fit.

Anyways - it's always good habit to get a few quotes every year and even more so with "new" tech - oh yeah, and not crashing tends to be a good habit too....
Click to expand...
I do my insurance homework every year diligently...
 
My insurance for my brand new ZS EV SE Long Range is exactly the same as my 3 year old Prius with Direct Line
 
Out of interest I got a insurance quote for my new MG4 SE Standard Range (Mine will be a salary sacrifice vehicle so its included) but thought I would run it through the meerkats. £378 fully comp. £450 compulsory Excess No Voluntary) 50 Yrs old 12 Years No Claims (has 2 accidents but both third party at fault) so about £100 more than my Suzuki Swift Sport 1.6 (56 plate) and £50 more than our family car I insure a 2023 Renault Captur Etech Hybrid. So not a bad price I didnt think. The quote was with our current insurer on the Captur - Hastings Direct.
 
Just got my new quote, gone from £300 to £750. had a check around, and cant get it cheaper.
 
Just got my insurance renewal with LV. From £604 to £1120. Increase of 85%!!!

One minor incident this year where we were scammed by someone saying we reversed into him and insurance settled for a fixed cost of £500. No claims bonus protected though and have full NCB of 10 Years. Incredible....
 
Out of interest, I thought I'd just quickly do a 'Compare The Market'

(Other comparison sites are available 🤣)

Although not due yet, I was pleasantly surprised at £352 Fully Comp.

That's with Hastings, who are my current insurer!

They relieved me of the best part of £700 last year.
 
Bricktop X PWR said:
They relieved me of the best part of £700 last year.
Click to expand...
Interesting . . . Here's a thought . . . What if next years renewal is lower than going for a new policy? That would encourage people to stay with their provider, even if they are paying more than they did last year, and still paying less than going else where. Are we looking at an insurance conspiracy here?
 
Last edited:
So Basically shop around and DO NOT just auto renew your Car Insurance ... That's what Ive always done .. Granted a few years I've stayed with existing - But that's only because their quote was cheaper than any new business quotes elsewhere - Won't be the case now ...
 
Anyone had the merry go round of receiving your renewal, £600 for example.
Going on a comparison site and seeing your current insurer offering you the same policy for £400???

I've had that a few times in the last few years.
Madness.
 
Bricktop X PWR said:
Anyone had the merry go round of receiving your renewal, £600 for example.
Going on a comparison site and seeing your current insurer offering you the same policy for £400???

I've had that a few times in the last few years.
Madness.
Click to expand...
They weren't supposed to do that anymore.
 
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