EV Discussion thread

EricMears

JKenH said:

This is a Bloomberg report republished in a UK trade magazine Insurance Journal. Bloomberg do tend to show an anti EV bias but are the facts reported true or false? (No anecdotes required as per previous comments everyone pays less than the average.) What might be of more interest would be the median price. 

Electric Vehicles Cost Twice as Much to Insure as Fuel-Burning Cars in UK

British drivers have to fork out twice as much to insure electric vehicles as they do for combustion-engine models, adding to hurdles to make the switch to zero-emission cars.

The average insurance premium for EVs jumped to £1,344 ($1,700) at the end of last year, around double the cost of cover for traditional cars, according to UK insurance broker Howden Group Holdings Ltd. The group cited higher repair costs, more time spent in workshops and a lack of mechanics trained to fix EV batteries.

Accidental damage claims for EVs are on average 35% more costly than similar ones for combustion vehicles, according to Howden.

https://www.insurancejournal.com/news/international/2024/01/24/756971.htm

Much depends on what EVs they were comparing with which ICEVs.

Very likely that their 'random population' of EVs were newer and more expensive than the 'equally random' set of ICEVs. 

If indeed accident repair claims are 35% dearer for EVs than ICEVs,  that doesn't really justify premiums being 100% more (if indeed that claim also true).

MeteredOut

"Cars which cost more to buy and cost more to repair in higher insurance premiums shock"

said no-one, ever.

Netexporter

My insurance for my EV was in the vicinity of double my ICE insurance but as the ICE insurance was less than £200 and the EV is worth about 10 times more, I don't feel ripped off.

Magnitio

Just renewed both our petrol Golf estate and e-Golf. Similar value and performance. Insurance costs were about £220 for each.

JKenH

How about this? Mercedes EQC 2023 73 plate with 16 miles on the odometer. Based on other adverts I believe the RRP was £79,690 for this model.  That’s a £33.6k reduction. 

MeteredOut

That's a brilliant deal. I guess the worries that people may have had about the initial cost of an EV is now moot, so long as they don't pay RRP.

Magnitio

They have around 60 of those across the country at that price and quote a saving of £33,692. That is quite a discount.

MikeJXE

So if thats a brilliant deal and only 60 across the country they should all be sold by the weekend ? 

paul991

nice to see some cheap affordable Ev,s on the market now 

JKenH

I had a few minutes to spare and had a look on Autotrader, starting with 2023 Teslas for sale. Surprisingly there are only 7 2023 Model 3s for sale on Autotrader, 4 of which are private and 3 trade sellers. The respective figures for the Model Y are 5 and 21. 

Contrast this with Corsa - e, (again 2023) where there are 2 private cars for sale and 111 trade. 75 of these have covered less than 100 miles,
i.e. 66% are pre-registered.

There are 255  2023 MG4s for sale split 2 private 253 trade of which 34 (13%) have covered less than 100 miles. 

There are 329  2023 BEV Mercedes listed of which 88 (26.7%) are less than 100 miles. 

In total 6404  2023 electric cars are listed of which 1438 (22.5%) have less than 100 miles on the clock.

Looking at other fuel types for 2023

There are 2995 PHEVs listed of which 434 are under 100 miles 14.5%

6627 petrol hybrids of which 970 are under 100 miles.14.6%

17,111 petrol cars of which 3933 are under 100 miles 22.9%

4716 diesel of which 564 are under 100 miles. 12%

Given how long this has taken I was hoping to draw some exciting conclusion from this but all I can say is:

1. That there are so few 2023 Tesla on the market suggests the vast majority must be on leases or the owners are extremely satisfied with their purchases. 

2. The overall proportion of BEVs sitting on dealers forecourts that are pre registered is similar to petrol cars, if a little higher than hybrids, PHEVs and diesel cars. It does though vary significantly by brand. 

Edit: to correct formatting