Young Driver Electric Car Insurance

I have been trying to get my son (18yrs) insurance on the family car (electric vehicle).  He has only recently gotten his full license.
Quotes from so-called specialist brokers and comparison sites are coming in at astronomical prices up to £10k (30% of the value of the vehicle).
I have been told that due to his age, value of the vehicle AND the fact that it is electric pretty much puts him out of contention.

This is problematic as we - the general public - are being pushed to electric vehicles by government in a bid to clean our environment but no provisions are being made for new/young drivers regarding insurance.  The reality is that due to the cost of EVs, underwriters and insurance companies see that as too risky.  
Typically EVs can have their power delivery mapped at the push of a switch to "soften" the power delivery.
Due to range anxiety, chances are young drivers will be more mindful of speed anyway to get the most out of battery life.

Has anyone had any success in insuring their young person on an EV at an affordable cost?

Insurers have suggested I buy him a cheap ICE to get him started on... really? Is this the best the insurance industry and government can do ?

Inputs welcome.
 

Comments

  • user1977
    user1977 Posts: 17,492 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    edited 20 February 2023 at 12:50PM
    How much difference does that fact it's electric make to the premium, rather than the fact it's a car which happens to be worth c. £33k? Cheaper EVs are available, after all.
  • DullGreyGuy
    DullGreyGuy Posts: 17,760 Forumite
    10,000 Posts Second Anniversary Name Dropper
    The up to is a bit pointless as plenty of insurers will give a silly high quote when its something they really arent keen on taking on rather than declining to quote. I've had quotes over £10k as a mature driver when looking at fairly expensive fairly well performing vehicles but I also go quotes around £600.

    What are the lower end of the prices looking like?

    Personally I'm not convinced about the "range anxiety" claim... if my parents had had a Tesla S Plaid, it was showing a range of 300miles plus and I was just borrowing the car to go to my mates 4 miles down the road the finite range is not going to stop me from testing the sub 2 second 0-60 or showing off the same to my mate if they get in the car. 
  • Smithcom
    Smithcom Posts: 250 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    ND63 said:
    I have been trying to get my son (18yrs) insurance on the family car (electric vehicle).  He has only recently gotten his full license.
    Quotes from so-called specialist brokers and comparison sites are coming in at astronomical prices up to £10k (30% of the value of the vehicle).
    I have been told that due to his age, value of the vehicle AND the fact that it is electric pretty much puts him out of contention.

    This is problematic as we - the general public - are being pushed to electric vehicles by government in a bid to clean our environment but no provisions are being made for new/young drivers regarding insurance.  The reality is that due to the cost of EVs, underwriters and insurance companies see that as too risky.  
    Typically EVs can have their power delivery mapped at the push of a switch to "soften" the power delivery.
    Due to range anxiety, chances are young drivers will be more mindful of speed anyway to get the most out of battery life.

    Has anyone had any success in insuring their young person on an EV at an affordable cost?

    Insurers have suggested I buy him a cheap ICE to get him started on... really? Is this the best the insurance industry and government can do ?

    Inputs welcome.
     
    Electric cars are pretty quick, often expensive and are, therefore, usually, a high insurance vehicle grouping.

    From the anecdotal statistics that I am seeing from insurers, the repairs costs for electric cars are massively more expensive, partly because of the cost of parts, supply chain shortages and lack of skilled mechanics needed to repair these vehicles.

    I don't believe that 'range anxiety' has had any positive impact on claims costs for younger drivers, who are massively more statistically likely to have an accident than a more experienced driver.

    I understand your frustration, but the natural solution to your argument is that insurers do not underwrite according to vehicle grouping or their perception of a vehicle's risk.     I'm unsure as to how such a solution would work in practice.    

    I equally take your point re Government involvement, and the evolution towards electric vehicles.   I do not envisage a situation where the Government will either subsidise insurance premiums, or mandate that insurers are unable to price their policies according to their perception of risk.

    SC
  • daveyjp
    daveyjp Posts: 13,425 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Just another downside of being an early EV adopter.

    Insurance has always been expensive for new drivers.  Add in that the car is a £30k EV and its no surprise.  

    There are far cheaper options available, hence the insurance company suggestion.

    A friend's 21 year old daughter has just passed her test.  Inusrance on an Aygo is £800.
  • DullGreyGuy
    DullGreyGuy Posts: 17,760 Forumite
    10,000 Posts Second Anniversary Name Dropper
    daveyjp said:
    A friend's 21 year old daughter has just passed her test.  Inusrance on an Aygo is £800.
    The fact shes in her 20s and not a teenager will also be helping a lot -v- the OP
  • daveyjp
    daveyjp Posts: 13,425 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    daveyjp said:
    A friend's 21 year old daughter has just passed her test.  Inusrance on an Aygo is £800.
    The fact shes in her 20s and not a teenager will also be helping a lot -v- the OP
    Agree.  Its also one reason why I was in my mid 20s before I had a car.  Insurance still cost me more than I paid for the car.
  • born_again
    born_again Posts: 19,858 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    Additional driver?
    That is taking it that you already have insurance on the car. Given you say that it's a family car. So they will not be the sole driver.
    Life in the slow lane
  • jimbo6977
    jimbo6977 Posts: 1,280 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    Be cheaper and safer to buy the youngster an i-MiEV or C-zero and pay the insurance on that. And the tiny range will mean they won't be able to go too far astray.
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