EV insurance - experiences?

[off_again]

Yikes, thats weird. I am in the US but saw my insurance drop significantly from the Porsche Macan S to a Ford Mach-e. I have saved around $1800 a year by switching cars!

The weird thing is that they have the same power output, same number of seats and the same technical features (blind spot thingy in the mirrors etc). Ok, so the Ford will have cheaper parts prices, but there is a single large expense in the battery! Go figure.

[mdk1]

Just renewed my Skoda Enyaq VRS up £50 from last year to £600 this year, also my wife’s Skoda Enyaq Suite has increased £63 to £450 to be renewed in the next couple of weeks.
I was paying over £400 for a Skoda Octavia VRS, and if I still had my Tesla M3P it would have been £1500 this year.

[h0b0]

off_again said:

Yikes, thats weird. I am in the US but saw my insurance drop significantly from the Porsche Macan S to a Ford Mach-e. I have saved around $1800 a year by switching cars!

The weird thing is that they have the same power output, same number of seats and the same technical features (blind spot thingy in the mirrors etc). Ok, so the Ford will have cheaper parts prices, but there is a single large expense in the battery! Go figure.

I do not pay $1800/yr for my Cayenne GTS in NJ. I think we pay about that for my car + an Audi Q3.

[LocoBlade]

Admiral seem to be the best on the comparison sites but worth trying Highway through somewhere like Chris Knott. I'm currently insured with them for my BMW M240i (about £450) and when I enquired about the cost to switch to a Polestar 2 Dual Motor, they were going to refund me about £50 for the remaining 10 months of the policy, that's 12k a year with full NCB and lowish risk postcode.

[Sheepshanks]

Well, finally got an EV today, for one our daughters.

She had a SEAT Ateca and was 3mths into a policy with LV= which cost £398. Switching to Hyundai Kona Ultimate, and at the same time bumping her mileage from 12K to 15K, cost an additional pemium of £560. So near as dammit a grand for the year. Mad.

[HoHoHo]

My Taycan GTS is a company car on a fleet policy and added about £1200 P/A to the premium, fully comp, 60, no points, SE UK.

The excess is £2500…….

[anonymous-user]

I have multi insurance, house & 2 cars, £1100 last March.
In September I replaced my 10 year old Skoda diesel with a 2024 Skoda Enyaq Ev.
Cost me £12 to change, for the remaining 6 months of multi insurance.

Will be interesting what it costs to renew next year.

[Sheepshanks]

James6112 said:

I have multi insurance, house & 2 cars, £1100 last March.
In September I replaced my 10 year old Skoda diesel with a 2024 Skoda Enyaq Ev.
Cost me £12 to change, for the remaining 6 months of multi insurance.

Will be interesting what it costs to renew next year.

I'm wondering if daughter's EV was dear because it's new, so the insurer would need to replace it if it gets written off in the first year.

I did some test quotes before buying it, but used the reg off a nearly new one, and they were coming out around £700. Or the insurer has cunningly calculated a premium that doesn't quite make it worthwhile cancelling her previous insurance and moving elsewhere.

I kept her old Ateca and LV= added that to our other car for £30 for the next couple of months, and that's with daughter still covered on it for Class 1 business use.

[Road2Ruin]

Sheepshanks said:

Well, finally got an EV today, for one our daughters.

She had a SEAT Ateca and was 3mths into a policy with LV= which cost £398. Switching to Hyundai Kona Ultimate, and at the same time bumping her mileage from 12K to 15K, cost an additional pemium of £560. So near as dammit a grand for the year. Mad.

Why is it mad? A newer, more expensive car, with higher miles per annum. Do you expect them to give it away. It's probably got a higher insurance group too.

[Ste-EVo]

Sheepshanks said:

Well, finally got an EV today, for one our daughters.

She had a SEAT Ateca and was 3mths into a policy with LV= which cost £398. Switching to Hyundai Kona Ultimate, and at the same time bumping her mileage from 12K to 15K, cost an additional pemium of £560. So near as dammit a grand for the year. Mad.

Insurance premiums are calculated based on risk and many risk factors are assessed when calculating a premium, you've insured what I presume is a more expensive car with a greater mileage, therefor it's not surprising the premium has increased. Granted that is a significant increase, but it maybe that the underwriter has unfavourable claims and risk data for that car and in your specific area which will drive a higher premium. That's just one of any things that could be driving the increase. However, it's very possible that the same insurer/underwriter may well find that car is less of a risk in a different area based on claims data and could be the opposite and a reduced premium could be seen. Another factor could be that if its a very new car they may have limited data available to calculate the risk and therefor stick a premium on it for that alone. Generally, but not always, though EVs are more expensive to insure given the cost of repairs and replacement is higher.

[Ledaig]

I'll offer a current change just made.

Wife mid-50's, was running a 2007 Mazda 3 1.6 auto, just renewed a month ago for £220.

New leased Corsa EV £208.

£12 refund and no additional admin charges (this is with Aviva).

[Sheepshanks]

Ledaig said:

I'll offer a current change just made.

Wife mid-50's, was running a 2007 Mazda 3 1.6 auto, just renewed a month ago for £220.

New leased Corsa EV £208.

£12 refund and no additional admin charges (this is with Aviva).

I’d like to see the insurance company apologists explain that.

I wonder if the price generation system is clever enough to know that if the car is written off they won’t need to replace it. Having said that, the cost of insurance is supposed to be mainly about 3rd party liability, so the value of the insured car isn’t the major factor.

[clockworks]

I'm due to collect my new Kia EV3 in 4 weeks.
I'd already got some quotes via a comparison site, and they were very similar to my current XC40 PHEV - from around £400 with all the "extras".

I tried getting a quote to change my existing insurance to the new car, and I can't. Aviva don't have the EV3 on their database.

[48k]

Volvo XC40 Twin Pro driver here.
6000 miles pa with business use for me and spouse.
First year, Direct Line, £281.
Second year, Direct Line refused to offer a renewal quote so switched to Saga. Same details, £665.
Third year (this year), Saga renewal comes through for £458
Tell them of gaining my first 3 points / SP30 on my licence this year and they add £143 so £601 total.

[OutInTheShed]

Sheepshanks said:

Ledaig said:

I'll offer a current change just made.

Wife mid-50's, was running a 2007 Mazda 3 1.6 auto, just renewed a month ago for £220.

New leased Corsa EV £208.

£12 refund and no additional admin charges (this is with Aviva).

I’d like to see the insurance company apologists explain that.

I wonder if the price generation system is clever enough to know that if the car is written off they won’t need to replace it. Having said that, the cost of insurance is supposed to be mainly about 3rd party liability, so the value of the insured car isn’t the major factor.

Maybe the risk statistics for sheds which are past the age of consent reflect the fact that the brakes, tyres, suspension etc etc are likely to be not quite as good as a new car?

TBH, low risk drive gets insurance for under £250, the rest is just insignificant random variation in the detail really.

[Sheepshanks]

Ledaig said:

I'll offer a current change just made.

Wife mid-50's, was running a 2007 Mazda 3 1.6 auto, just renewed a month ago for £220.

New leased Corsa EV £208.

£12 refund and no additional admin charges (this is with Aviva).

Spent a bit of time running quotes on Aviva - we have Aviva health insurance so it's applying a discount, but doesn't say what that discount is.

For wife and I (with the most benign details imaginable, low risk area, 4K miles a year, £250 excess, none of the extra stuff ticked) it's producing a quote of £314 for a Corsa EV. Amazingly the Kona is cheaper - £297.

I'd love to know what it is that can make it churn out £208.

Adding our daughter and bumping the mileage up to 15K for the Kona and it becomes £600. She also probably has all of the optional things ticked - certainly she has protected NCB and enhanced courtesy car, which adds another £100 with Aviva.

Hopefully it will be much cheaper at renewal - LV= does have a bit of habit of producing apparently random bonkers prices.

The online Aviva policy wouldn't work for us as it doesn't allow named drivers to have business cover. It would be fine for daughter as policyholder though.

[jonwm]

Just changed the wife's car from a 330d BMW worth about £5k to a £42k E308.
I was dreading the insurance but it's gone from £529 for the BMW to £310 for the Peugeot. I was very surprised

[Ledaig]

Sheepshanks said:

Spent a bit of time running quotes on Aviva - we have Aviva health insurance so it's applying a discount, but doesn't say what that discount is.

For wife and I (with the most benign details imaginable, low risk area, 4K miles a year, £250 excess, none of the extra stuff ticked) it's producing a quote of £314 for a Corsa EV. Amazingly the Kona is cheaper - £297.

I'd love to know what it is that can make it churn out £208.

Adding our daughter and bumping the mileage up to 15K for the Kona and it becomes £600. She also probably has all of the optional things ticked - certainly she has protected NCB and enhanced courtesy car, which adds another £100 with Aviva.

Hopefully it will be much cheaper at renewal - LV= does have a bit of habit of producing apparently random bonkers prices.

The online Aviva policy wouldn't work for us as it doesn't allow named drivers to have business cover. It would be fine for daughter as policyholder though.

Main driver - Female, mid-50's (as mentioned)
Named driver - myself, same age group
Full protected no-claims (19 years)
Fully comp
Business use (for main driver only)
8k miles per year
Rural Camb's
Off road parking at night
£500 excess
No points or convictions.

All done over the phone.

That's about all I can add.

I did get the numbers slightly wrong though, so for accuracy:




For the Mazda - £211.45 (paid at the end of September for policy renewal at the end of October)

For the Corsa - Refund of £9.40 when transferred a couple of weeks into the new policy, making the Corsa £202.05 for the year.

[Sheepshanks]

Thanks for that,

Interestingly (maybe) I found a listing of insurance ratings by post code and it has ours as B and daughter's as A. Yet using her post code added £50. I tried several other supposedly low cost post codes and all came out dearer.

Changing the excess from £250 to £500 or even £1000 doesn't make much difference. Increasing the mileage fromm 4000 to 8000 puts it up £20.

Protected NCB adds around £40 - if you've got that, then your base premium is insane!

[TheRainMaker]

I've just had my renewal through for next year.

Aston Martin Vantage £439.64
Polestar 2 £697.39
BMW i3 £641.79

All insured with the same address, same drivers, same usage, same mileage.

I must become a safer driver in the Aston Martin, or they are cheaper to repair than the Polestar or BMW