I was chatting to a couple of friends of family who are older but not elderly. No claims for either of them since age 17, responsible drivers, low risk jobs, both have fairly average small low powered 1.0L cars.
Both renewed insurance last month and both policies went up by around £100 - even after shopping about.
Apparently it is to do with EVs with most being written off rather than repaired, coupled with the fact that they are more expensive to buy.
Apparently last year insurance companies paid out £1.11 for every £1 they took in.
So insurance is going up for ICE cars as well…as even if one doesn’t drive an EV they have to price in the fact that the chance of you having an at-fault crash with one is going up every day.
Not sure whether to believe or not, as stated on another thread an insurance company tried to tell me that a 2% rise in tax was the reason for a 40% increase in premium.
But makes a bit of sense to me.
Has anyone heard similar?
Both renewed insurance last month and both policies went up by around £100 - even after shopping about.
Apparently it is to do with EVs with most being written off rather than repaired, coupled with the fact that they are more expensive to buy.
Apparently last year insurance companies paid out £1.11 for every £1 they took in.
So insurance is going up for ICE cars as well…as even if one doesn’t drive an EV they have to price in the fact that the chance of you having an at-fault crash with one is going up every day.
Not sure whether to believe or not, as stated on another thread an insurance company tried to tell me that a 2% rise in tax was the reason for a 40% increase in premium.
But makes a bit of sense to me.
Has anyone heard similar?
Last edited by Drivingforfun; 20-12-23 at 10:42. Reason: more info
