Friday, May 24, 2024
Home Latest The cost of insuring electric cars will decrease by £ 75 in...

The cost of insuring electric cars will decrease by £ 75 in the first quarter of 2021

Electric Car Charging – London

The average insurance cost for an electric vehicle fell by £ 75 in the first quarter of 2021, according to new data released today.

Electricity owners now pay an average annual premium of £ 566, compared to £ 641 in the previous quarter. This means that EVs are typically £ 45 cheaper to insure compared to gasoline and diesel cars.

The figures published by comparison site Comparethemarket show fluctuations in the cost of insuring electric cars over the years. It peaked at £ 692 in December 2019 before falling back to £ 550 in February 2021 as lockdown measures continued to restrict travel.

Dan Hutson, Head of Auto Insurance at Comparethemarket.com, said, “Electric vehicles will become increasingly popular before the government phased out new gasoline and diesel cars by 2030. The transition to electric vehicles will be critical to tackling climate change, but the higher upfront cost of these cars compared to traditional models has often put many motorists off.

“Drivers switching to greener vehicles will be happy that our research shows that electric cars can deliver significant financial and environmental benefits over time. If drivers are considering buying a new car, an electric vehicle could be an attractive option given the savings on insurance, fuel, and taxes.

Drivers can take advantage of further savings by switching to the cheapest coverage available. On average, the cheapest annual EV premium in the first quarter of 2021 was £ 478, a significant saving over gasoline and diesel cars. Depending on their driving history and experience, EV drivers can save up to £ 133 by switching to a cheaper policy.

RELATED ARTICLES

Most Popular

Recent Comments