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Electric car insurance in the UK is £ 45 less than petrol or diesel car insurance

The average cost of insuring an electric car in the UK is £ 45 less than the cost of covering a gasoline or diesel car. This is based on research by the website Comparethemarket.com.

Analysis of annual bonuses for the first three months of the year found that EV drivers were charged an average of £ 566, while gasoline and diesel drivers paid £ 611.

Travel restrictions during the coronavirus blackout periods last year have resulted in fewer claims on automotive guidelines and general premium cuts.

For EV drivers, this meant a drop in the average premium of £ 75 in the first quarter of 2021, while other motorists saw a drop of £ 101.

Dan Hutson, head of auto insurance at Comparethemarket.com, said the difference was due to a number of factors, including electric cars with less complex moving parts that could be damaged in an accident.

He added, “Electric cars are typically less likely to be stolen due to their limited range and relatively time-consuming charging, and more likely to be recovered when they are stolen.”

Electric cars are growing in popularity with drivers, and UK figures from the Society of Motor Manufacturers and Traders showed that 22,000 were sold in March.

In addition to lower premiums, EV buyers pay no excise duty and can receive a plug-in grant from the government of up to £ 2,500 to buy a car that costs up to £ 35,000.

Hutson said, “Drivers switching to greener vehicles will be happy that our research shows that electric cars can deliver significant financial and environmental benefits over time.

“When drivers are considering buying a new car, an electric vehicle could be an attractive option given the savings on insurance, fuel and taxes.”

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