Automotive insurers in Britain have refuted allegations of profiteering following a massive 50 percent increase in the cost of insuring electric vehicles in 2023. As a result, drivers in the country are now paying nearly double the insurance premiums compared to owners of internal combustion engine (ICE) vehicles.
Insurers respond that there’s little they can do, and that the premiums are determined by claim costs and frequency. They say that accidental damage claims on EVs are 35 percent more expensive than comparable repairs for combustion engine vehicles.
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