More people are paying over the odds for their car insurance. Those with electric vehicles face paying a much higher premium
The Tesla Model Y is much more expensive to insure compared with its petrol and diesel counterparts Prices have soared over the past year, in part due to the high cost of covering electric vehicles but also the addedNow the average cost of car insurance has increased by 58 per cent in just 12 months, the equivalent of an additional £338 per person.
Inflation is also a major contributor. The Association of British Insurers said the cost of vehicle repairs increased by 33 per cent over the year to £1.5bn, reflecting rising costs, including energy inflation.Although inflation has been high for two years, there is a lag in the impact being felt – because of supply lines and pricing for parts happening in advance – which is why drivers are only now seeing higher bills.
However, they often come with a hefty price tag. These tend to have more sophisticated machinery and are therefore more costly to repair. The higher cost of repairs is being spread across the board to motorists as opposed to just EV owners. Louise Thomas, motor expert at Confused.com car insurance, said: “For another consecutive quarter, we’ve seen some of the highest inflation rates when it comes to car insurance. Drivers are likely to be paying more than ever. So those who haven’t yet been affected should be wary of how pricing may affect them at their next renewal.”In the past three months alone, insurance has increased by 19 per cent which adds £148 to the average bill.
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