Electric vehicle insurance costs are expensive for good reason

 The cost of insuring electric vehicles (EV) in Australia will eventually drop as demand continues, but in the meantime the industry's fledgling supply chain and relatively new technology mean premiums are almost double that of a regular car.

Kevin Baker wanted to purchase an EV last year but when he started researching insurance prices he found they were too expensive for him.

With the best of three quotes coming in at $3,000 per year to insure a SUV-style EV, compared to $800 for a combustion engine car, Mr Baker opted for a petrol vehicle.

"It wasn't anything to do with charging stations [that changed our minds]. We're city drivers … the cost savings on running the car were seemingly diminished by the insurance costs," he said.

Read More: https://www.abc.net.au/news/2022-04-20/high-cost-of-insurance-for-electric-vehicles-affecting-ev-uptake/100999226



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