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Read Eddie Cunninghams full article in the Irish Independent here: Why your electric car can cost more to insure than a petrol one.
As the electric vehicle revolution accelerates, potential EV owners are faced with a surprising discovery: insuring an electric car can often be more expensive than a petrol one. This revelation, detailed by Eddie Cunningham in his recent Irish Independent article, "Why your electric car can cost more to insure than a petrol one," highlights the financial nuances of EV ownership.
Michael Comerford of AXA outlines two primary factors contributing to this insurance cost disparity. Firstly, the higher initial purchase price of battery electric vehicles (BEVs) compared to internal combustion engine (ICE) vehicles elevates insurance premiums. Despite narrowing price gaps, the significant upfront cost of BEVs remains a hurdle for many consumers.
Secondly, the replacement of parts for BEVs can be notably costlier. For example, repairing a Tesla's front bumper, damaged in a collision, may involve replacing expensive sensors, unlike simpler repairs for ICE vehicles.
The article also touches on unique insurance coverages for EVs, such as protection against tripping over home-charging cables and assistance for depleted batteries, further illustrating the evolving landscape of EV insurance.
With the Nevo Electric Vehicle Show around the corner, offering attendees the chance to dive deep into the world of EVs, it's an opportune moment to explore these issues further. The show promises to be an informative gathering for anyone interested in the future of transportation, highlighting the need for a shift in mindset towards electric mobility.
For those intrigued by the complexities of insuring electric vehicles and the broader implications for the EV market, Cunningham's article offers invaluable insights. We encourage our readers to explore his piece in full for a thorough understanding of the challenges and opportunities facing electric vehicle owners today.
If you are thinking about buying an EV, or looking for charging solutions for your current EV or one you're about to buy, please send us an email to info@egoevchargers.com
