• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 11 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 12 hours The United States produced more crude oil than any nation, at any time.
  • 12 hours How Far Have We Really Gotten With Alternative Energy
  • 11 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 1 day Bankruptcy in the Industry
LNG Bunkering Sales Off to a Strong Start in 2024

LNG Bunkering Sales Off to a Strong Start in 2024

LNG maintains its dominance as…

Iran's Attack on Israel Sparks Global Concerns of Escalation

Iran's Attack on Israel Sparks Global Concerns of Escalation

Diplomatic and political leaders worldwide…

EV Insurance Premiums in the UK Surge Compared to Conventional Car Coverage

Insurance premiums for electric vehicles (EVs) have surged in the UK in the past year to cost twice as much as coverage for gasoline and diesel-fueled cars, according to data from UK insurance broker Howden Group Holdings cited by Bloomberg.

The premiums that EV owners pay have been rising faster than those for conventional internal combustion engine (ICE) cars, which has narrowed the pool of potential buyers who can afford the cost of having an electric vehicle. This could also pose a challenge to government plans for a faster adoption of EVs.    

Electric vehicle premiums, at around $1,700 (£1,344) at the end of 2023, are much higher than insurance cover for conventional cars because of higher repair costs, hard-to-fix batteries, and a shortage of mechanics capable of fixing an EV battery. Higher costs of spare parts and more time EVs spent at repair shops are also to blame for the more expensive insurance premiums for electric cars, according to Howden Group.

Soaring insurance costs for EVs in the UK risk undermining “the appeal of electric cars and vans for businesses and motorists because it undermines one of the key advantages of electric vehicles, which is their cheaper running costs,” Ben Nelmes, chief executive at non-profit group New AutoMotive, which supports EV adoption, told the Financial Times last year.

Higher insurance costs are one of the reasons for hesitance among consumers. Others include price affordability, anxiety over battery range, and a lack of a widespread network of charging points.

A recent study by the American Automobile Association (AAA) has found that an EV can lose as much as 12% of its range when temperatures drop to 20 degrees Fahrenheit or -6 Celsius.

Another study from last year showed that there were about 104 gas pumps per 1,000 road miles on average in the United States compared to just 22 EV charging points for the same road distance.

“While EV adoption continues to surge, ensuring convenient and accessible charging options is crucial for further growth and widespread acceptance of electric vehicles,” the authors of the study by smart fuel card management platform Coast wrote


By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News