Drivers of electric vehicles could be paying an additional £231 million annual insurance bill for their vehicles according to our latest research which shows a disparity between EVs and traditional models.

As the size of the UK’s battery electric vehicle (BEV) fleet increases towards an estimated two million in 2025, our analysis has found that EVs cost an average of 14% more to insure than equivalent petrol or diesel models.

While the average difference was 14%, EV cover can be as much as 37% pricier than a petrol or diesel equivalent. This means that, by 2025, motorists could be paying an additional £231 million in insurance annually as the UK’s car parc of BEVs reaches a predicted two million.

With awareness of electric vehicles higher than ever, and a plethora of exceptional models with significantly longer range than previous examples, the appetite for these innovative models could be tempered by excessive insurance costs.

THE MOST POPULAR ELECTRIC CARS

The five most popular pure EVs (according to the Department for Transport) in the UK in 2018 are listed below, including the long-established Nissan LEAF now in its second generation. Its average insurance cost is significantly more than the UK average of £471 (Association of British Insurers) but is below the one thousand pounds threshold.

As well as the more affordable hatchback-style models, the two powerful Teslas are also popular, with their long-range abilities and rapid performance they are an altogether different prospect to the other models here. However, they are far more expensive to insure.

Battery Electric Vehicle average insurance quotes

(Annual insurance cover: average of multiple quotes)

Vehicle make

Vehicle model

Parked

Insurance

Derivative

Nissan

LEAF N-Connecta

On driveway

£992.33

2018 Electric 0.0L Automatic 5 doors N-CONNECTA Hatchback

BMW

i3

On driveway

£1,244.83

2019 Electric 0.0L Automatic 5 doors (120AH) Hatchback

Renault

Zoe

On driveway

£895.32

2019 Electric 0.0L Automatic 5 doors EV I S EDITION NAV R110 ZE40 Hatchback

Tesla

MODEL S

On driveway

£1,603.63

2019 Electric 0.0L Automatic 5 doors 70 Hatchback

Tesla

MODEL X

On driveway

£1,520.98

2019 Electric 0.0L Automatic 5 doors 60D Hatchback

PARK ON THE ROAD, THE DRIVEWAY OR GARAGE?

We have also compared the insurance costs of a basket of popular EVs, contrasting the cost of cover depending on whether parked on the road, driveway or in the garage.

Surprisingly, parking in the garage is the most expensive and parking on the road can be cheaper than the driveway.

Parking: Battery Electric Vehicle average insurance quotes

(Annual insurance cover: average of multiple quotes)

Vehicle make

Vehicle model

Parked

Insurance

Derivative

VW

e-Golf

On driveway

£904.45

2019 Electric 0.0L Automatic 5 doors E-GOLF Hatchback

Renault

Zoe

On driveway

£895.32

2019 Electric 0.0L Automatic 5 doors EV I S EDITION NAV R110 ZE40 Hatchback

Hyundai

Kona electric

On driveway

£728.12

2019 Electric 0.0L Automatic 5 doors EV SE 39 KWH Hatchback

Audi

e-Tron

On driveway

£1,518.63

2019 Electric 0.0L Automatic 5 doors 55 QUATTRO Estate

VW

e-UP!

On driveway

£641.60

2019 Electric 0.0L Automatic 5 doors E-UP! Hatchback

£937.63

Vehicle make

Vehicle model

Parked

Insurance

Derivative

VW

e-Golf

Locked Garage

£910.52

2019 Electric 0.0L Automatic 5 doors E-GOLF Hatchback

Renault

Zoe

Locked Garage

£968.76

2019 Electric 0.0L Automatic 5 doors EV I S EDITION NAV R110 ZE40 Hatchback

Hyundai

Kona electric

Locked Garage

£743.23

2019 Electric 0.0L Automatic 5 doors EV SE 39 KWH Hatchback

Audi

e-Tron

Locked Garage

£1,715.78

2019 Electric 0.0L Automatic 5 doors 55 QUATTRO Estate

VW

e-UP!

Locked Garage

£740.14

2019 Electric 0.0L Automatic 5 doors E-UP! Hatchback

£1,015.69

Vehicle make

Vehicle model

Parked

Insurance

Derivative

VW

e-Golf

Road

£909.65

2019 Electric 0.0L Automatic 5 doors E-GOLF Hatchback

Renault

Zoe

Road

£894.48

2019 Electric 0.0L Automatic 5 doors EV I S EDITION NAV R110 ZE40 Hatchback

Hyundai

Kona electric

Road

£718.71

2019 Electric 0.0L Automatic 5 doors EV SE 39 KWH Hatchback

Audi

e-Tron

Road

£1,584.53

2019 Electric 0.0L Automatic 5 doors 55 QUATTRO Estate

VW

e-UP!

Road

£660.81

2019 Electric 0.0L Automatic 5 doors E-UP! Hatchback

£953.64


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