Rocketing Insurance for Electric Cars

[DAN116L]

Got one from Admiral 1500 GBP a month ago, 18k per year and business use. High excess though. I could not find better on the market at that time.

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[Shere]

Has anyone seen their insurance renewal costs rocket?

I renewed in August and whilst it did go up, nothing like these people have seen.

The quotes were £5,000 or more’: electric vehicle owners face soaring insurance costs

Yes I have. Though I am in Canada the global re-insurance companies are squeezing the retail players. In addition, given the conservative nature of insurance and rising labour costs, the retrail insurance companies are in self protection mode for luxury cars and cars that are stolen most often.

 

[eduardomattos]

Has anyone seen their insurance renewal costs rocket?

I renewed in August and whilst it did go up, nothing like these people have seen.

The quotes were £5,000 or more’: electric vehicle owners face soaring insurance costs

Same here in the US, but Porsche Insurance here has amazing prices ! Last month my invoice was around $100 for a 2020 Turbo S

 

[TXSchnee]

Insurance prices are increasing drastically to keep up with repair prices. When my '18 BMW X3 was hit last year (front right fender, tire, and front bumper) the repair costs were a bit over $20,000 (USD). New LED headlight itself was $5500 of that, plus sensors and the radar for ACC. Everything added as a driver's aid increases repair costs exponentially, as all sensors have to be recalibrated by the dealer service center, in addition to the body shop repair.

 

[Sijmcc]

Directline have just contacted me to advise that they won’t be offering a renewal at the end of the month. They have said that the rocketing costs to repair a Taycan means that it isn’t cost effective to insure them.

Secured a quote with Admiral on a multi car policy for 50% more than my Directline premium this year.

 

[Carax]

Just renewed with Esure after protracted discussions.
Last year 340 this years quote renewal 620 but when I tried to renew would not honour their quote. After I raised complaint they said for me to renew on comparison site with them and if the premium was more than 620 they would refund difference. The on line renewal was 690, but they were still the cheaper than anyone else!

 

[n3ophyte]

Another data point for you. Just insured my Turbo S for £562.
5000 annual miles
£1000 excess

Porsche wanted £1600 for the same cover

 

[pdavison]

Insurance is going through the roof on all cars (and homes), our Velar quote doubled on renewal last month and just glad the Taycan will be on a salary sacrifice scheme when it arrives as insurance is included.

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