EV insurance - experiences?
Discussion
I'd heard the stories about Tesla insurance but was a bit shocked to find that for any "ordinary" EV I'm getting quotes which start at double my current premium and go rapidly upwards from there.
I know a few people who signed up for EVs (new and used) and never checked insurance and then got a massive shock. amongst our friends they're certainly all aware now that EVs are "expensive" to insure. *It's rattled people that a widely used insurer for middle-aged people, LV=. won't cover them at all.
I'm particularly wondering how people have got on at renewal if they've switched to an EV mid-policy - looking at the e:Ny1 threads some people seem to have switched for remarkably little uplift. I'm wondering if it's a trap?
I know a few people who signed up for EVs (new and used) and never checked insurance and then got a massive shock. amongst our friends they're certainly all aware now that EVs are "expensive" to insure. *
I'm particularly wondering how people have got on at renewal if they've switched to an EV mid-policy - looking at the e:Ny1 threads some people seem to have switched for remarkably little uplift. I'm wondering if it's a trap?
- ETA: Correction to above: Seems LV= will insure most EVs. Bit of Googling suggests there's been some coming and going at LV on EVs and Hybrids over the last few years, but I tried a few EVs (inc a Model 3) and the only one if rejected was the Honda eNy:1. For me, the quotes I ran came back around £700 mark (as a comparison, our ICE Skoda Karoq is £320). iPace stood out - that was over £2K.
Edited by Sheepshanks on Monday 25th March 16:14
Depends on the car.
My Model 3 LR was ~£700 with Admiral.
My previous Ioniq Hybrid was about £450
There was a period last year (before i bought the Tesla) where quotes were £1200+, but it's settled down recently.
For comparison an M2 was coming in at £800 with similar headline BHP/torque figures but in reality not as fast in daily use. Similar values too. The M2 lost out on the drivetrain warranty cost at £1k/year (Tesla has drivetrain warranty to 8 yrs/120k miles), tax cost (£380 vs £0), and fuel/energy costs for 15k miles (£3k vs £350). The savings over 2 years are about £8k. Just have to be careful about how much you spend on the EV some have a habit of losing value.
My Model 3 LR was ~£700 with Admiral.
My previous Ioniq Hybrid was about £450
There was a period last year (before i bought the Tesla) where quotes were £1200+, but it's settled down recently.
For comparison an M2 was coming in at £800 with similar headline BHP/torque figures but in reality not as fast in daily use. Similar values too. The M2 lost out on the drivetrain warranty cost at £1k/year (Tesla has drivetrain warranty to 8 yrs/120k miles), tax cost (£380 vs £0), and fuel/energy costs for 15k miles (£3k vs £350). The savings over 2 years are about £8k. Just have to be careful about how much you spend on the EV some have a habit of losing value.
Edited by LowTread on Monday 25th March 10:08
I'm not convinced all EV insurance is expensive. I think part of the perception is that people who wouldn't normally be trying to insure a car of a similar performance and value are shocked that it's more than the mundane, lower-powered car they had before. The EV market has made a high-performance car like eg a Tesla more likely to be on the radar of someone who wouldn't have thought of buying eg an M3.
My wife's Model 3 cost me £3** to insure last year, similar to an M3.
I understand there are outliers like some of the new Chinese stuff, as in the country there are neither the parts or the expertise to fix them. BYD, Ora etc. I imagine this will settle once the supply chain and dealers catch up.
My wife's Model 3 cost me £3** to insure last year, similar to an M3.
I understand there are outliers like some of the new Chinese stuff, as in the country there are neither the parts or the expertise to fix them. BYD, Ora etc. I imagine this will settle once the supply chain and dealers catch up.
Sheepshanks said:
OK, you both focussed on Tesla's vs BMW M cars - neither are "ordinary".
I've been looking at cars like Honda e:Ny1, Kia Niro E, Peugeot e-2008.
My point is that whilst many wouldn't think of an M3 as 'ordinary', the amount of Teslas about and the sales figures for them suggest that they are the very definition of ordinary. So people's insurance perception is skewed because 400+ bhp and ~4s 0-60 has become normalised and people who wouldn't have considered eg an M car for the wife and kids have taken on eg a Tesla without that layer of thought. I've been looking at cars like Honda e:Ny1, Kia Niro E, Peugeot e-2008.
If threads appeared on here discussing surprise at purchasing an M car, AMG Merc, or RS Audi and discovering the insurance to be expensive, they'd be laughed out of town. Yet there's no end of 'goodness my Tesla insurance is more than the run-of-the-mill saloon I've replaced' threads and everyone nods.
I've not tried to insure a more mundane EV. I've ordered a Dacia Spring though out of curiosity so will see how that stacks up against similar shopping cars. As it's less common than an ICE runabout I'd presume the algorithm will load the premium accordingly.
Sheepshanks said:
t's rattled people that a widely used insurer for middle-aged people, LV=. won't cover them at all.
I insured my wife's EV yesterday.With LV
tbf, i can understand insurers turning down tesla Y's. With those huge castings I can see minor accidents writing the cars off.
Edited by TooLateForAName on Monday 25th March 13:31
karma mechanic said:
Current car Ioniq 5 AWD £428 with LV= cover as above.
That's interesting - as I've seen in several places that LV= won't insure EVs, so I wasn't surprised when they no bid the e:Ny1 (which I was thinking of due to the cheap PCP deal).Tried a few and they quoted them all - around the £6-700 area with my details (which are extremely benign). So still 2x, but could be worse. It still baulks at the the e:Ny1.
573 said:
I'm not convinced all EV insurance is expensive. I think part of the perception is that people who wouldn't normally be trying to insure a car of a similar performance and value are shocked that it's more than the mundane, lower-powered car they had before. The EV market has made a high-performance car like eg a Tesla more likely to be on the radar of someone who wouldn't have thought of buying eg an M3.
My wife's Model 3 cost me £3** to insure last year, similar to an M3.
I understand there are outliers like some of the new Chinese stuff, as in the country there are neither the parts or the expertise to fix them. BYD, Ora etc. I imagine this will settle once the supply chain and dealers catch up.
you cant compare a tesla with an m3. an m3 is a sports car, a tesla is a shopping car, albe it a quick of the line one. but a sports car it isnt, and yes i have driven oneMy wife's Model 3 cost me £3** to insure last year, similar to an M3.
I understand there are outliers like some of the new Chinese stuff, as in the country there are neither the parts or the expertise to fix them. BYD, Ora etc. I imagine this will settle once the supply chain and dealers catch up.
I came out of a 10 year old Freelander2 into a brand new Kia EV6 AWD and my premium went from £500 to £1000 (multi car policy also covering MX5 NA and TVR Chim). I wasn't surprised as I'd increased both value and performance.
A year later my work changed and I gave the EV6 back and bought an 18 year old Jaguar X350 XJR, premium stayed the same which, rightly or wrongly, did surprise me.
A year later my work changed and I gave the EV6 back and bought an 18 year old Jaguar X350 XJR, premium stayed the same which, rightly or wrongly, did surprise me.
Oldwolf said:
I came out of a 10 year old Freelander2 into a brand new Kia EV6 AWD and my premium went from £500 to £1000 (multi car policy also covering MX5 NA and TVR Chim). I wasn't surprised as I'd increased both value and performance.
A year later my work changed and I gave the EV6 back and bought an 18 year old Jaguar X350 XJR, premium stayed the same which, rightly or wrongly, did surprise me.
It seems that insurers don't like giving refunds for "reduced risk" cars anymore.A year later my work changed and I gave the EV6 back and bought an 18 year old Jaguar X350 XJR, premium stayed the same which, rightly or wrongly, did surprise me.
I sold an M140i and bought a Kia Picanto turbo. Group 30-something down to group 10-ish, and worth 40% less. Transferring the policy, no refund. I asked them (Saga) why, they couldn't answer.
I'm due for renewal in a couple of weeks.
2023 ID3, Family, Pro performance (upgraded motor)
Last year with LV was £400, new offer is £600. Can find a quote for £430 although haven't tried to ring LV as I would like to stay with them, but not at £600. If they can price match the £430, great but was slightly worried that the 50% YOY increase was going to be every insurer. Thankfully not.
Our Range Rover Sport on the otherhand, worth the same £value as the ID3 but £1k was the cheapest. Yikes.
2023 ID3, Family, Pro performance (upgraded motor)
Last year with LV was £400, new offer is £600. Can find a quote for £430 although haven't tried to ring LV as I would like to stay with them, but not at £600. If they can price match the £430, great but was slightly worried that the 50% YOY increase was going to be every insurer. Thankfully not.
Our Range Rover Sport on the otherhand, worth the same £value as the ID3 but £1k was the cheapest. Yikes.
Nomme de Plum said:
richhead said:
573 said:
I'm not convinced all EV insurance is expensive. I think part of the perception is that people who wouldn't normally be trying to insure a car of a similar performance and value are shocked that it's more than the mundane, lower-powered car they had before. The EV market has made a high-performance car like eg a Tesla more likely to be on the radar of someone who wouldn't have thought of buying eg an M3.
My wife's Model 3 cost me £3** to insure last year, similar to an M3.
I understand there are outliers like some of the new Chinese stuff, as in the country there are neither the parts or the expertise to fix them. BYD, Ora etc. I imagine this will settle once the supply chain and dealers catch up.
you cant compare a tesla with an m3. an m3 is a sports car, a tesla is a shopping car, albe it a quick of the line one. but a sports car it isnt, and yes i have driven oneMy wife's Model 3 cost me £3** to insure last year, similar to an M3.
I understand there are outliers like some of the new Chinese stuff, as in the country there are neither the parts or the expertise to fix them. BYD, Ora etc. I imagine this will settle once the supply chain and dealers catch up.
The jury is out on whether the M3 is a sports car. On balance it is not. It is however a sports saloon with many of the capabilities of a sports car.
For starters the M3 is over 1700kg so sort of fails on the weight front. It also has 4 seats. I tend to think Sports cars have 2 or 2+2 at a push.
As for the Tesla 3 I'm not aware that anyone has called it a sports car. The performance version does have a good turn of speed though.
Seems this 'shopping car' is a match for the M3 around Dunsfold. They are about the same weight too.
https://www.youtube.com/watch?v=5iqEhD-bgq8
richhead said:
you cant compare a tesla with an m3. an m3 is a sports car, a tesla is a shopping car, albe it a quick of the line one. but a sports car it isnt, and yes i have driven one
LOLPoint out where anyone said a Tesla is a sports car.
It's totally irrelant, but I'd wager I've owned more M3s than you if that helps your skewed opinion of what this discussion was about. Our Tesla is the wife's shopping car I can and have compared it to an M3 as the performance to a point is broadly similar and for the purposes of this discussion, the insurance premiums are similar too.
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