News: Electric UK Car Insurance Substantially Less than Petrol + Diesel

Insuring EVs is cheaper than Combustion in the UK

Photo Credit: CSO Online

Averaged, insuring an electric car in the UK is £45 less compared to diesel or petrol. Looking at annual premiums during the first three months of the year showed electric motorists charged £566 on average, combustion drivers paid out £611.

Looking at Numbers

If we analyse numbers from the UK Society of Motor Manufacturers and Traders, it displays March figures as 22,000 sold in that month.

Head of Motor Insurance, Dan Hutson at Comparethemarket.com commented,

The difference was explained by a range of factors, including electric cars having fewer moving parts to be damaged in an accident. Electric cars are typically less likely to be stolen and more likely to be recovered when they are, due to their limited range and because charging them is relatively time- consuming.

Drivers making the switch to greener vehicles will be glad that our research shows electric cars could bring significant financial as well as environmental benefits over time. If drivers are considering buying a new car, then an electric vehicle could be an appealing option, considering the savings on insurance, fuel and tax.

Buyers of Electric Vehicles Benefits

Buyers of electric vehicles are exempt from excise duty, and pay no premiums, eligible for a plug-in grant from the government of up to £4,5000 to put towards purchasing a car with a price tag of climbing up to £35,000.