"Insurers base prices on risk, and insuring a car that's more expensive to repair or replace adds to the company's financial risk. EVs cost 22% more to repair than gas-powered cars, according to Mitchell's May EV Collision Insights report. The average price of a new EV was $57,734 in June, while the average for gas-powered vehicles was $48,799, according to KBB. In the event of a total loss, insurers could pay an average of 18% more to replace an EV."
"One of the big selling points of EVs is lower ownership costs compared to their gas counterparts. Sure, they typically sell for 14% to 18% more than the average gas car. And, yeah, when parts break, they're generally 30% more expensive to repair (depending on who you ask). Oh, then there's the sky-high depreciation cost to factor in. A new study shows that EV owners are also getting hosed on insurance costs, too."
EV drivers pay about 49% higher insurance premiums than drivers of internal-combustion cars. The average annual premium for EVs nationwide is $3,442 (about $286 per month) versus $2,316 ($193 per month) for gas cars, creating roughly $1,122 in extra yearly cost. Factors include 22% higher repair costs, higher average new-vehicle prices ($57,734 for EVs versus $48,799 for gas cars), 18% higher replacement payouts in total-loss events, and longer mechanical labor hours (3.04 versus 1.66). Many EV repairs require original manufacturer parts.
Read at InsideEVs
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