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Insurance premiums for electric cars up to 60% higher than petrol

Sep 26, 2018
According to consumer website HonestJohn.co.uk, insurers are powering up premiums for electric cars, leading to a drop-off in demand for the cleanest and greenest vehicles on the road.

The site is calling for the UK government to scrap Insurance Premium Tax (IPT) for electric vehicles after it emerged that some EVs cost as much as 60% more than their petrol-powered equivalents to insure. 

The move comes after the latest industry figures from January to June 2018 show that pure electric car registrations are down by more than 3% compared with the first half of 2017.

Data from the Society of Motor Manufacturers and Traders show that there were more than 1.2 million petrol and diesel cars registered between January and June 2018, compared with only 7,441 electric ones.

Electric car

HonestJohn.co.uk Managing Editor, Dan Powell said, “If the government is serious about getting more people into genuine zero-emission electric vehicles, rather than plug-in hybrids, then there needs to be decisive action and the government itself holds the key. At present, it takes 12% of every motor insurance premium in IPT.”

A spokesperson for the Association of British Insurers commented, “While on the one hand electric vehicles tend to be smaller and less powerful, they also need specialist parts and skills to repair, so may cost more to insure in some cases. However, drivers can expect pressure on insurance premiums to reduce as the technology becomes more widespread.”

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