EV Insurance Costs Are SHOCKING... Here's WHY!
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- เผยแพร่เมื่อ 15 ก.ค. 2024
- Thinking of Buying an Electric Vehicle or Hybrid? Be aware that the insurance may well come at an eye watering cost!
As always let me know your thoughts in the comments below.
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EV Depreciation woes explained …
EV Depreciation May Be Heading For ROCK BOTTOM!
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As long as they charge those to ev owners directly and don’t effect our premiums I’m ok with this
They are on the roads, so if you are in an accident (you at fault) your insurer pays the fantastically high cost. Same way with hitting a Rolls Royce. To add insult to injury they are overweight and don't pay gas tax.
The rising tide lifts all boats
You have to have 3rd party insurance and that takes into account the cost of EV's so we ALL have to pay. It's part of the governments plan to price most people off the road.
@@williamkennedy3837 An American complaining about vehicle weight, now I have seen it all.
you are a short-sighted fool then. all the best to you.
This is going to take years to resolve, perhaps decades, it's rushing the narrative through without letting technology grow. Petrol for me always.
It is… and what happens in the meantime? EV manufacturers run a monopoly on sales, servicing and insurance. It’s in their favour that it takes decades.
Diesel v2
Technology is hardly new. It took its first trial over 100 years ago, and since then few times, and each time failed miserably...nothing has changed
I am of the opinion that our caring, sharing Government will eventually close all fossil fuel forecourts at some point, in order to tick their 'green' box.
@@eccosabanovic1589 and surely will fail again
The battery gets damaged in any accident, the EV is just scrapped. This raises insurance costs.
The battery not getting damaged, the EV is scrapped as they dont know without diganostic software.
@@DemiGod.. All cars have the ODBC plugs to read engine codes.
I think it was 4 years ago, I looked into insuring a Tesla, not that I could afford one. It had begun to occur to me, that if these cars are hugely expensive to buy, there could be a hidden issue with insurance premiums. Nobody, had spoken about their insurance prices, at that time. I was paying £280 fully comp, for a big old Volvo automatic 5-pot diesel, with my old buffer’s discount. So, when it came up as about A GRAND I sat up and took notice. Zero road tax, paled to nothing. Add the £400 or so road tax for the Volvo V70, to the £280 insurance, you still ‘only’ get to £680 per annum. This wasn’t what killed my EV interest - it was frozen feet in the two EVs I tried, as well as the cost.
So in the end between crazy insurance, and inadequate heating/extra battery capacity needed for winter heating (at huge cost), and with needing to have your home turned into a power generating station to make true economic sense, I threw the towel in and just got a Toyota hybrid, used. Loads of heat. Decent if not quite excellent seats, and warm feet, and we don;t have home solar panels or the thousands to do all that as a first step to getting an EV. Just being logical,about it. It would be my path, to do the home generating station thing, before I’d spend on an EV now. If Big EGO (Big Energy Gas & Oil !) can at a whim, not only crank up fossil fuel prices, but also directly influence thereby, home energy prices, this is their last gasp at throttling us all for our last penny, before they weaken.
But I’d say, that’s a decade-long process. They will price-gouge, and the UK government joining in of course, for about the next ten years I believe. During that time, I will try and get green energy going at our home, which I object to. The whole point of a National Grid etc, is to provide energy at an affordable price, so you don;t have to become self-sufficient, but here we are. So it turns out, me avoiding an EV for other reasons, was just as well. I cannot afford the sort of insurance prices, that normally are reserved for 19-year-olds with a Golf Tdi. Pension won’t stretch. As it is, my hybrid insurance has doubled, and my view FWIW, is it’s the floods. They could try hitting homeowners, but that alone would be crazy premiums, so here we are with doubling or more, of car policies. Take care all, have a decent 2024 as much as you can, and batten down those financial hatches.
The UK didn't invest in electricity generation over the decades and now the corrupt pricing mechanisms allow the French State supplier EDF to charge huge prices, way above their cost base of their nuclear powered grid. Meanwhile in the past 50 years the UK's population has grown by 50%.
I'll stick with my Volvo, good parts availability, high mileage assured, low insurance, very comfortable on rough rural roads and I don't drive in towns.
I see the EV insurance on employee salary sacrifice schemes, £300-£400 per month on medium saloons, whereas £800 per vehicle per anum on mixed premium fleet ICE cars. The other variable is the wheeze of taxing cars on the 'list price'. While the manufacturers show high list prices, lease companies are offered big discounts to take cars off the manufacturer's financier's books.
Smug EV owners will just deny this video has any facts and will just pretend it's all ok.
People who can afford an EV probably don't care about the cost or have Tesla insurance (if they own a Tesla)
My insurance is all ok, no pretence needed.
Incidentally, smug?
Why?
Any what do you think will happen to ICE car insurance?
I'll give you an old Japanese saying:
"The rising tide lifts all boats"
@@stuartburns8657 Insurance rates in the UK are based on you and your vehicle, nit that of your neighbour. £415 fully comp for my MG5.
@@Roadrunner_1000 I have, normal.
I think the electric Utopia is rapidly heading for the buffers. Insurance, servicing, infrastructure, charging costs and, at some point, greedy governments will seek to tax these cars as they currently tax petrol / diesel vehicles (because they revenue stream is not going to replace itself for them).
My insurance is has cheap as my wife’s fiat 500, servicing doesn’t have to be done for 2 years and literally just needs a coolant change and brake fluid, costs me £4 a week to charge👍🏻 I won’t mind paying some tax on it my daughters Ford KA is £30 so if it’s roughly that then fine.
Ice cars will always be on the road, it’s just at some stage which will probably keep getting further away cos EV charging infrastructure is crap the production of the majority of ice cars will stop. Big oil companies will not let the governments ban ice cars altogether cos they generate too much profit.
Servicing is pennies. £77 to tavel 3000 miles, 53000 chargers up 46% in 14 months and yes the insurance has gone up but not as much as a Range Rover. I'll keep the model 3 Tesla thanks 😂
Less than £800 fully comp on a 20 plate, I was paying £460 on a 62 plate golf with 150k on the clock which was worth £2k. This video is fantasy and nonsense.
I still hold to the belief that whatever savings you enjoy right now are purely to encourage take-up of the technology, but if EVs ever become as common as ICE vehicles are now the costs and charges will rise sharply as manufacturers, dealer networks and the governments will actively seek to replace the revenue streams they currently enjoy from ICE vehicles. None of these parties are working for your benefit, or seeking to protect the environment., they just want your money and they will find a rationale for taking it.
To be fair , the government isn't greedy to put on the same tax that ICE cars have, EV's have been getting a free ride for to long, if they use the same roads they should be paying the same amount of tax to maintain those roads.
@@silverdale3207 The Government's dilemma with road tax is that it is needed for far more than just roads. The money it raises funds a great deal of socialised government spending. That is why I believe that if ICE vehicles were to be largely replaced by EVs there would be a huge government funding issue created unless they were to switch the tax burden to EVs. I image these questions have long since been considered and plans created for such an eventuality. As the saying goes: only death and taxes are guaranteed.
As fires increase and affect homes, I'm sure it will affect the homeowner insurance as well.
Exactly.
Once that car catches fire in a garage that is a part of a house .... good bye house.
EV take up REDUCES fires!
Well there’s a horribly thought provoking scenario 🫣
@@mikebreen2890 You do understand what a single LI 18650 cell looks like when it vents? Right?
@@zachmdful Did you see what the airport car park looked like when a diesel vented?
We won’t have private cars in the future, that’s their end goal and it seems to be going to plan with initial forced ev purchase for those that can afford them.
Yeah, that does not bode well with me. I require a 4x4 for remote work. So good luck taking my truck away from me. An EV's would not last with me.
The problem is it will raise the price for ICE vehicles also. If an insurance provider is losing money on one portion of the business, they will make it up on others.
I was looking at a few used EV's for my first car and the insurance was insane - sticking with petrol for now!
The danger with a used EV is not only do you have to consider insane insurance costs, but also you don't know the wear or condition of that used battery. Did it ever sustain damage that could one day result in a spontaneous thermal runaway fire? Was the previous owner religious or lax when it came to battery preservation? For example, did they maintain the range between only 20 - 80% at all times?
Sure, pre-existing issues are not limited to used EVs. You have these concerns with used ICE cars as well, but generally, because ICE cars have thousands of individual parts, the cost of replacing even say, an engine or transmission, won't cost nearly as much as replacing a battery on an EV, nor do insurance companies typically write-off an entire petrol car because of a mechanical issue.
It’s quite easy to peer under the vehicle to see if there is any obvious damage and a cheap OBDII dongle and freely available, easy to use iOS or Android software will tell you how the battery has degraded. Some EV specialist car dealers will print out a battery health report as part of the used car spec. And before you ask - no I don’t own an EV (diesel Range Rover and Jag XK are my daily drivers) so I’m not an evangelist.
I think most of us will stick to petrol / diesel for the foreseeable future. Cheaper motoring, insurance, no stress looking for and waiting bloody hours to get charged.
Remember, not everyone has a drive, or can charge up at work.
Not to mention being able to get repair parts from multiple parts stores instead of being at the 'mercy' of the car manufacturer.
EVs are not for everyone and if you do a lot of miles and like you say don’t have a drive or a means to charge at home then stick to petrol but an EV made sense to me, I do roughly 20 miles round trip to work and back I charge up on a Sunday night for £4 and it lasts me all week with trips to school to drop my daughter off a few times a week.
@mortyst290 fair play. We buy things to suit our personal needs.
It's not cheaper motoring, ICE are much more expensive to run.
@mikebreen2890 not convinced there. It mainly depends on the right foot, how you drive. Insurance is definitely more expensive, so are tyres.
Speed bumps, the planned scourge of driving in Co Durham. I call them spring breakers. They were introduced as speed control but really they are there to make driving a pain in the arse and expensive for drivers. The authorities are anti car/driver and using every method to give them grief. Its all part of the great reset, which is against the common person.
Come to north Tyneside , the speed bumps are either take off ramps or in such a bad state of repair you fear for your tyres ….
EV is a timing bomb costwise. I bet on that long time ago and no friend of mine believed me
... and your friends were right! EVs (well... the ones I have experience with, i.e. Teslas). are still more expensive to buy, but are WAYYY cheaper to operate, especially in Europe!
Its an illusion. Youre paying up front for fuel in the cost of a battery plus whatever waste energy to return it to charged. Batteries dont store electricity they generate it
Youre actually double or triple paying for energy in an EV where as gasoline the energy is in the gasoline expelled when an engine burns it
@@st-ex8506 Many of us on the west coast of the USA, got our Teslas for FREE. How? Recent Tesla price cuts, Tesla referral code, federal, state, air district, county, city, DMV and energy company cash and non-cash incentives.
@@st-ex8506 Extrapolate the cost of battery replacement out into all those recharges. A massive portion if not all of that cost savings has dried up.
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My brother and I also joined his strategy and we made massive gains at the moment while under training. I am forever grateful to Mr Fergus Waylen
Though I started with as low as $15,000 actually because it was my first time and it was successful, he's is a great personality in the state
If car companies want to sell cars then they need to make them economical to repair.
They aren't interested because if it's written off they get you to buy a new car so win win. Plus EVs don't last like an ice vehicle you won't get 20+ years from an EV
Push for Tesla insurance for your area, state or country. Battery casing damage is the problem, not necessarily the cells. If the cooling oil escapes the cell casing, the batteries over heat and cause a severe (deadly) fire hazard
Reading comments on other videos today, it appears that UK car insurance premiums are up across the board. The cost of EV repairs not only hits EV drivers, it also affects ICE drivers who have an accident with an EV. So we all end up paying more for insurance to subsidise EV drivers.
Yes true, my insurance has just gone up an extra £102 on a Ford fiesta.
@@martinwebb1681 Ditto me in a 20 year old low-mileage Corsa, 2024 renewal quote from Hastings rose to £420 from £320 the previous year even as a clean slate with decades of 'no claims' bonus. I automatically rejected that 33% increase and price comparison websites found me a £320 quote from AA with breakdown cover included, so they won my business as a result.
I wasn't on auto-renewal so was always going to shop around.. they clearly make enough from those unwilling to shop around to stand the cost of losing customers like me.
Yep just in the same way I pay as an EV driver for all the uninsured on the road
and any "non fault accident " now costs you more as well for three years
That's rubbish. Your premiums are based on your car and I bet my EV premium is cheaper than your ICE.
same thing happening in Canada with EV's. it's all a huge scam.
Should all come under right to repair laws
This man speaks sense
Surely the access to the vehicle's battery management system should only be a plug in diagnostic port as with ICE vehicles and therefore would be within the capital expenditure tool budget of even independent repairers. You are right in pointing out that the manufacturers are operating a "closed shop" system.
Genuinely interested, what has convinced you that it's a closed shop system?
@@alexst0ne
Wath 'Rich Repairs' early Tesla videos to see why.
@@alexst0ne I apologise for the late reply. The synonym relates to lack of access to the equipment required to analyse the battery status via the BMS for independent repairers.
The electric car dream is still just a dream 💭 😂
The damage shown was on an Ionic 5 and it was not a speed bump. The Gentleman was driving on a highway when he hit a piece of debris probably part of a tractor trailer tire tread recap as this is the most common loose item to hit on British Columbia highways.
Worthy of discussion! Thanks for explaining why we have this increase in EV premiums. Second problem is, as comments below suggest, insurers are as profit-centered as ever and some are taking advantage of the buzz around EV rates to rip us off. I never accept the initial renewal quote and have always, always, always asked for a reduction and always, always, always received one, sometimes reducing the premium to less than the previous year. Shop around, do the leg-work. BTW the big name motoring organisations who offer insurance to members are among the worst offenders. They offer a good price in year one and then rack up the rate in year two, clearly because enough buyers do not challenge their renewal cost. If you pay monthly and the cost increases by around a tenner, you can be conned into thinking its fine. That's 12 x £10 = £120 increase in the premium. Think about it!
If minor scratches to battery undersides are enough to invalidate insurance, its time for a redesign. Design vehicles to go over speed bumps safely, or put strike platting under them as on FI cars. The other option is to nationally remove speed bumps as few people observe them anyway. And definitely no off roading with electric vehicles !!!
I’ve just had my renewal through for my SL500 Mercedes, it’s gone up from £312 to… £329 including European breakdown and recovery. My ‘daily’ a 2019 Toyota RAV4 hybrid insurance a couple of months ago had gone from £330 to £380… so it’s not ICE vehicles insurance generally that’s rocketing ……. unless you’re trying to insure a Range Rover/Land Rover!! 😱 Oh and my two classic BMW motorbikes were actually slightly cheaper to insure at last renewal 😮
Careful if you have a diesel range rover.... Could be an EV in disguise..... Luton airport parking fire!
Same here my BMW only went up £20 from last years premium.
@@wgharmsworth ... Lucky you, my ford fiesta insurance has gone up an extra £102 pound this year.
My 2022 X3 policy has gone up from 403 last year to 687 this !!!!....................no claims made so why the massive hike? That was with LV.
@@maxthelab8457 well if it was an EV it may go up in flames!
After hurricanes, electric cars are known to combust due to salt water contact with the battery, which is unavoidable in a hurricane
This is what deters me From buying a EV, I hope they work this out soon
Don't be a mug stick with ICE vehicles
Good one. Very thought provoking.👏🏻👏🏻👏🏻👏🏻
When I was young I started rebuilding "lawnmower" engines so I could eventually work on car engines. A used car was cheap and there wasn't a modification I couldn't perform. Then as I reached my teens this knowledge allowed a car that I could afford so I had transportation to and from work and college. How is that accomplished with EV? How do you buy an affordable car when you graduate high school?
Thanks for the truth. It is too scarce nowadays.
Had a quote for £400 for a Zoe. Just shopped around a bit. Varied massively for my current CX-5. One company was over a grand.
Speed bumps… could be charged off to the city, county, or state.
Pot hole damage can be claimed against them.
They'll just say you were going too fast for the speed bumps, and the pot holes are marked for repair, no claims there
This should not be the taxpayers problem. In the real world, these POC's would be forced off the market and manufacturing would be shut down.
i believe and have always belived that hydrgen power in its many forms is the way forward. I know that it is expensive to revine into a useable everyday fuel at this time. But as this blog shows there are a lot of factors not originally considered as we wander down the electric route.
They never wanted independent work shops if they did they would display fault codes in English on an info screen with a picture of what is wrong and where. Why should anyone have to go to a garage to find out what is wrong? Car manufacturers have to much power.
Watched a guy on here a few years back buy a water damaged Tesla, it was his first ever experience with such a car as his channel was usually restoring petrol or diesel etc.
The hassle he had getting the parts he needed for the Tesla was disturbing, some parts he managed to source pretty much as good as reported him and because Tesla themselves hadn't supplied the parts direct the car would often go into LHM - Limp Home Mode, the cars software was informing Tesla the parts were 2nd hand etc, Tesla didn't like that one bit.
Also watched another channel the guy has a Porsche and when he put the car in for a software update they removed the car door handles coming out feature as you approach the car, he noticed that straight away when he got the car back and called Porsche and they said he wasn't paying for that feature so they Disabled it, they said they could enable it again if he paid more money, as he pointed out himself, that's the future for you, anything and everything on subscription.
As you say......... 2 much power!
Really interesting video. I drive an EV, but its a company car and I have the peace of mind with the cover that comes with that. I would never get an EV outside of that, too risky and your video only convinces me more.
Harry Metcalf (Harry's Garage) was quoting his real world mileage on a diesel BMW and also Range Rover diesel. Range Rover and Land Rover use BMW engines. The diesel SUVs were getting insane fuel mileage like 45 to 50 mpg. The best and greenest solution is diesel plug in hybrids. Lithium and the others things used on electric cars is not eco friendly at all.
I have a diesel, petrol and an EV. The EV is fun to drive and a nice car (company car), but I very quickly discovered how bad national recharging infrastructure is and the impracticality of using it for journeys over 250 miles. Add to that the ridiculous cost and the issues with the batteries, the expense of insurance and this will never be a "green" solution.
Thanks for this video, I had heard the prices were rocketing and thought it was just ignorance regarding the occasional EV fire. This is worse and I'd suggest that unless governments step in to require the EV manufacturers change their ways, then this insurance cost issue will be global. I live in the EU so I hope the EU comes with some regulation that forces manufacturers to fix this issue and indeed go a step further an demand that new designs are required to have an easy battery swap system just as they are forcing mobile phones to include this feature.
Excellent video!👍
I think as you…as the overall sales of new vehicles fall away , manufacturers will try and maintain profits by ensuring they are the only point of access
Just renewed my skoda rapid 1.0 tsi petrol nothing special, Swinton Ins £285 fully comp up from 245, Direct line quote same details £697!! Unreal! Shop around.
Remember the days when Direct Line were Good ?
Good work!
Good luck with all that, but I’ll stick to my Bentley all the same.
Good for you, hope you enjoy your Kia. 😂👍
Try insuring a Land Rover - just tried to insure a diesel Velar (for a laugh) with LV, they wouldn’t touch it at any price…
So true. Friend of mine had waited 2 years for a new Range Rover. They're getting stolen so often that his insurance wouldn't cover it. Order cancelled.
Mine is up £400 this year as I just got a new model, V8 up from V6. It has to be in my garage when at home and I had to have a secondary tracker on it (always do that anyway) but it’s still only £1680 for me and my mrs. A lot of people exaggerate.
Surely this will affect insurance premiums for all car drivers because there is always the risk that a non-EV will have contact with an EV?
What about having contact with a Bentley or Aston Martin or any expensive car. Surely far worse than hitting a EV that has massive depreciation and the value is low.
Apparently a lot of written off EVs end up in Ukraine where they are serviced and put back on the road.
Just for fun, I got an insurance quote for a 3 year old Tesla Model 3. It was about double what I currently pay for my diesel car. However, the policy excess was a lot higher, about £600, 3 x more than I have now.
I’d kill for 600, I pay 1600+ on my family car, then have a trade policy for 2.8 as well😅I am 30 but still
The basics of EV ownership is just coming into the public awareness.
With 1000-2500 cycles of the battery, assuming only one charge a day that 2.7-6.8 years before a complete battery swap out at 90% the *original value* of the vehicle. That's one hell of a shock for a second hand EV owner.... Imagine in the real world having a quick charge required for any distance travelled and that reduces the life of the battery.
That's if there's no damage to the battery pack, that's underslung the car, the most likely area to be hit be debris on the road.
That's assuming the battery management system works perfectly throughout the life of the battery, no pump failure, coolant leakage or control system glitches.
How does it sound this far?
Other problem is that the battery pack is built around the vehicle. Over time the model changes and where will you get an old battery pack? Your vehicle becomes obsolete.
Yeah, a bit like Betamax video recorders .... 🤣
Glad to say after a renewal quote for my EV that suggested a 80% increase the AA came in with a
Acceptable Price. So still insured
They absolutely should be expensive. And that burden should not be placed onto other vehicle owners
The whole insurance industry is nothing but a scam, thieves the lot of them.
What I don’t understand is why, if there is possible damage to the battery pack, don’t the insurance companies get the manufacturer to check it? I don’t believe that the test equipment is located ONLY at the factory. Getting the vehicle recovered to the local dealer for checking is a lot cheaper than writing off the cost of the pack.
One other point to note is that there is quite a lucrative business repurposing cells from written off car battery packs into battery pack for home PV energy systems.
You'd need a heart of stone not to laugh
Insurance for a tesla for me is double my normal car monthly payment, ,, But I spend about $150 a month in gas so it's about the same in the end but I can fix my gas car for a lot less and my gas car is $20,000 less to buy.
Just out of curiosity. How much do you pay in road tax per kilometer on the electric? Lorne.
So I live in Canada , I moved here in 97 ,I drive a 2020 ram truck I bought new, due to the extreme cold we get I have had 🎉 two new batteries in three years ,these are regular batteries ,I don’t have a garage and it does get extremely cold ,-37 was the last cold spell which basically did the battery in ,anyway while I was at the dealer for an oil change I noticed there were no EVs in the show room so I asked the service guy what their take was now all the issues are being well publicized,he said the big issue is that EV batteries may have a 10: year lifespan in normal conditions however the vehicles value would be about a third of the cost of a new battery at that point so no dealer will likely take it as a trade to spend say 30,000 on a battery for a vehicle worth 10,000 that of course does not take into account our cold which would more than like kill the battery in as little as 3 years ,we all knew this but the idiots in charge will not admit it ,this is the biggest scam in our recent history.
Really enjoyed this video. Not. I have been wondering whether it is time to get out of our i-Pace but as the prices have fallen greatly since I bought ours I will take a huge hit and if the likely hood of the insurance cost rises as I predict it might be the final straw. The car though is brilliant and maybe I will get a favourable quote from JLR's new Insurance if they are doing it for electric cars. If this is the future of motoring we are all doomed or I might need to come out of retirement to afford the car.
Why you people buy a car for £50 - 60 k is absurd. The biggest depreciating asset you ever own. You will lose a packet. Not just EV’s, petrol / diesel as well.
EV’s generally devalue quicker though.
Ive driven Jaguar’s for the last 7 years. All £30-40k vehicles. Never purchased, always leased. Quids in.
You aint seen nothing yet in terms of trade value. The ZEV legislation which is law now will mean 22% of cars produced have to be EVs for each brand this year. JLR tried to lobby the decision because they are nowhere near 22% but they have I-paces galore in stock. Its £15000 fine for each vehicle if they dont make that threshold at the end of Q4, so you can bet your house that significant discounts are inbound to try and shift those. Unfortunately that means used values are going to take an absolute kicking on top of whats happened already. Either dump it now or be prepared to hold onto it indefinitely. Its going to be a great year for people wanting to get into EVs price wise, horrendous for owners of brands the are going to struggle to meet that threshold. The I-pace, Ford Mustang Mach-E, Toyota BZ4X, Nissan Arya are likely going to be most depreciated cars of 2024. Tesla, VAG group, Polestar, MG will weather the storm as they make either full electric or near full electric and have very little problems with new or used sales.
Thanks for commenting John. I agreed before, I bet that is a really great car to drive. It’s unfortunate that the larger picture paints a bleak scenario. As always thank you for watching
It is such a good car to drive with it's air suspension and to look at with it's 22" rims and performance seats so even with all the problems with EV's its a keeper as we can charge it in our driveway courtesy of Jaguar free with the car pity they didn't pay for the power though. I thought the other comments were a bit harsh but there is some strong feelings on EV's good and bad but if you feel that acceleration I think more people would be converted.@@ScottishCarClan
@@johnbrown3951you could have gotten a petrol or diesel equivalent spec with air suspension for much less and it still be faster than the ipace easily though. I really don’t understand why people want an electric car at all, why not just pay for diesel have more torque than most EVs and no worry of running out of juice or having to borrow other peoples cars to go on holiday or long trips.
I have a 'self-charging' hybrid and it runs on EV in built up areas, but without any of the issues. It's a bit more to insure than my old car, but not by much.
I've heard it said elsewhere that there is no reliable technology that will give the true condition of an electric battery. That makes buying an EV with significant miles on it a risky venture.
Ownership of a residence in an area where forest fires are common, or a beachfront property where the encroachment of the surf often occurs, or a river prone to flooding is known known to occur knows insurance is very expensive and insurance coverage can even be denied by insurance providers.
Buyers of vehicles incorporating new technology need to be, or should acknowledge that there are risks associated with new technology.
Being first on your block to have the newest gadgetry can also mean being the first on your block to be ridiculed as being a fool.
These are great news!
If the bottom enclosure of the battery pack is scratched or dented, the only way to verify is to remove the battery unit and inspect the batteries. A new enclosure should be able to be ordered to replace the damaged one. The labor will be expensive because of the time involved to change the battery enclosure.
It is best to buy an EV SUV. This will allow for higher ground clearance to avoid underside damage. This is also with regular cars having their fuel tank and some suspension parts damaged from speed bumps and pot holes in the road. I drive an SUV with high ground clearance. I have no worry about speed bumps and pot holes.
In the US it varies quite a bit.
Example, 2022 model Y LR - My almost 40 yr old son was paying around $300 a month in Denver Area with no tickets, claims etc. I bought the model Y from him, and in my southern state, retired, small city, 300k liability, collision, $1,000 deduct - under $250 for six months.
So my electric 208 Peugeot was written off - it's the same car as the petrol and the diesel. All the damage was body work and nothing to do with the battery. Availability of parts is the major issue.
If you hit a speed bump and take the sump off your engine and it needs a new engine then that's gonna be a massive cost too.
They are ev specialist insurers in Australia too
The batteries are protected .a speed bump won’t damage it. Wife’s MG ZS EV was £185 now £285
Sadly I was looking at going EV until I received the insurance quote of $5200 in Sydney Australia. For an equivalent price ice car the quotes were from $950 to $1200.
I think we can already see where this is leading. With the fatuous mileage claims, the ridiculous insurance premiums and the catastrophic depreciation there is a growing mistrust of buying EVs. Couple all of this with a majority of customers still preferring ICE vehicles because of their convenience and it's not hard to see the demise of EVs in their present form.
A sensible change to EVs might be to concentrate more on what most people want. We don't need 700 horsepower and zero to 60 in three seconds. 200 horsepower is a fair amount for a sensible car, that would automatically get a far better range from the big battery and a smaller battery for local driving would make it a far cheaper vehicle. A smaller battery could also be positioned away from areas where collision damage is more likely. Why have no manufacturers produced something like this? Surely it would be a far more attractive proposition than the current batch of vehicles costing in the region of £80k and upwards.
Tesla Model Y best selling new car globally in 2023. Not best selling EV, best selling car.
Well said Grant. Good move buying the R8. Looking forward to some videos on it especially how it compares to the GTR.
most enviromental friendly car is my 1991 volvo 740
As a qualified HV expert the independents are restricted. I went to 12 weeks training, most battery need different equipment that is unbelievably expensive. Not worthwhile for an independent to gear up and train. I have seen almost new cars just written off. Makes me want to cry. There is no way even with equipment you can’t guarantee long-term liability basically they can set on fire any time after a crash. It may be weeks also damage ones have to be stored 15 m away in case I sat on fire not many dealers have the space
I believe that Henry Ford once said that “we not only make cars, we also make spare parts” and then smiled! In the 1970s an Australian automotive magazine journalist estimated that a new Holden, selling for a little over $3,000, would cost upwards of $30,000 if purchased in spare parts.
We are about to enter a new generation of batteries called solid state batteries that arent flammable like lithium.
Once solid state goes into cars theres going to be massive insurance hikes for the poor old lithium battery owners
what i find really interesting is that as a Tesla ev owner in France for the last 3 years my fully comprehensive insurance including full european breakdown cover costs me 354 euros so very little difference to what i was paying 3 years ago on my old diesel Honda, and so i would question if this is just a UK problem. also here in France their are lots of body repair shops that are Tesla approved and my experience after a mishap with a gate post was that the repairs were cost wise very similar to that of a similar repair i had on a VW Passat. really if insurance in France was much different for EVs then people here would simply refuse to buy them. Like wise i was amazed at how much people pay in the UK for new cars having just bought another New Tesla Model Y rwd here in France for 34k euros with the EU ecologial grant that makes a new Tesla the same price as a Ciroen C4 diesel, and my friend in the UK has paid 46000 pounds for the same car ie 53000 euros. I guess its as case of that if the people will pay then the companies will carry on charging what they like especially if the government is unprepared to help the british buying public to transition to electric cars. if the people voted with their wallets as we do in France then you too would see prices fall drastically as there is no way the French buying public would be adopting EVs in the numbers they are without EU ecological grants and the excellent cheap government sponsored charging infrastructure that we have.
Plaid is the same price my previous Tacoma was... State Farm.
A week ago i spent 3hrs in stuck traffic on the M6. We all thought the worst, 2x fast response ambulances, 2x normal ambulances, 3x fire engines 4x police cars. Basically a Tesla on autopilot had got to the dashed line to enter the M6 seen cars emergency stopped and the van behind hit them and knocked the bumper off the Tesla. The tesla will be a write off even for that minor damage. That is what 60-70k on a less than 3 year old car. It still take oil and gas to produce these EVs and ship them. So not surprised insurers even say we do not insure EVs full stop.
Just done a insurance quote. Current insurance for my £6k, 11yr old Volvo XC70 is £344 - change the car to a £55k, 1yr old ID Buzz and the price jumps up to £399.....eye watering increase , I'll skip the coffee shop tomorrow.... now a £90k 2023 Porsche Taycan comes in a little more at £869.11 ......(all like for like quotes which includes business use, just a vehicle change) however put in a 6yr old V8 petrol Range Rover and it comes out at £2952.71 and goes up £7665 ....... I have an hybrid vehicle, insurance is £665........ (Lol.....EV Smart car came out at £309)
I am in Canada so this is in Canadian dollars. I have never had an accident in my 35 years as a driver, with just a few minor insurance claims over the years, for things like a smashed window and stolen stereo. So I get the absolute best price for insurance. I have 2 cars. My 2007 Yaris has liability only and is insured to travel to work. $88 a month. I have a 2004 996, full coverage for summer only and I can only use the car 5000KM over the six months $186 per month. New Model 3 would be $346 a month with my full discount. Over $500 a month for most people.
Just had a quote for a second hand Nissan leaf for £657. This compares to my ICE car which costs £330 and which I have just renewed. This is for a policy which has less benefits but costs twice as much!
You're driving a giant battery around that has wheels. What could go wrong?
I'll be sticking to my ten-year-old diesel>
Imagine all those cells continual inside vibrations, stapled together rubbing against each other the welding breaks, the outer cells rub through, indude mudt be like a horror movie where see everything in perpetual action as it evolves to its crescendo of utter destruction
You should inform those engineers at Tesla about that in case they hadn't thought about such things with their silly degrees from MIT. What do they know eh?
to be fair to JL is not them making this policy but the insurer who underwrites the policy and currently there appetite isnt for electrical vehicles. In the end it seems that buying insurance will probably be with the manufacture of the car with tesla driving (no pun) the trend.
My petrol car. Insurance went up 60% last year. So why was that then????
The insurance on my ICE Porsche Macan is going up 71% this month. I have a full no claims bonus and have not made any claim.
Ah it’s worse than that. Some home insurers are now asking if you charge an EV in your home. And one insurer I spoke with asked if any of my neighbours were charging vehicles in their homes. Reason ? Fire. Fire that cannot be extinguished.
I am 57 and my next car will be a BMW M440i - Dont care I will not be buying one of these EVs. By the time I am forced to buy one by the Stasi, I will hang my driving gloves up and stop driving. Bollocks with them
Lets fuckin go! 🫡🫡
Do it 💨💨💨💨
Well said.
Enjoy the BMW - tasty car.
@@markstarmer3677 Actually very poor English so not very well written.
Could the speed bump issue also be part of the reason behind the push for 20mph limits?
As in speed bumps might rattle the battery enough to cause potential faults?
If it only saves one life...
@@floxy20 in that case perhaps the speed limit should be 4MPH ?
@@floxy20 Perhaps some investment in pedestrian education?
Just outlaw speedhumps
My car insurance renewal is next month and my current insurer quoted me £1100 from £500 the previous year. Their excuse was that newer cars are more expensive and complicated to repair. Why thank you, a quick search and got the insurance at last year's price but it should have been even cheaper.
No ones talking about insurers of buildings. I live in a 40 story high rise & sit on the body Corp. We are getting indications that insurers will drop our building insurance if we decide to allow charge points in the car parks. No one cares about an EV lost yet no fire truck can get in there, any sprinkler water run off is classed as toxic, the smoke will be toxic & can’t escape or be safely vented (let alone any venting retrofit) Then there is engineering reports on concrete & heat damage, let alone the smoke entering elsewhere in our building or setting more cars alight. The smoke from burning EV’s is dangerously toxic so we can’t mitigate that either. They are indicating to us that we need to put any ideas of chargers on the back burner
Then there is not only the cost to upgrade our transformer but the elect authority have said they won’t allow us further capacity which we will need. This isn’t going to end well & I do believe EV’s are not here to stay. Money talks & if you cannot get building insurance then you don’t put chargers in
I have Tesla Insurance on my Model Y and it costs about the same as on the similar-sized 2015 Volvo XC60 it replaced. ... And Mitchell, an organization that monitors over 300 insurance providers in the US, says the total rate for EVs and gasoline cars made after 2020 is 7.3% for EVs and 7.4% for gasoline cars.
Friends son-in-law is a motor mechanic. They have several damaged ev batteries in the back of the business that they LITERALLY cannot get rid of. No one will touch them
I call BS. I have a 2 year old MG ZS EV, and just renewed comprehensive insurance (3rd year of the policy) for AUD$738.02. My other car is a one year old VW Diesel Tiguan, and the renewal with the same company (AAMI) was $1,747.89 (I changed to Allianz at $1327.72).
I’ve had no trouble insuring this vehicle. I shopped around and none of the three insurers I asked for quotes from refused to give me a quote.
Its more reasons why I'll stay with combustion engines.
Atleast if the engine goes it cheap enough to replace but cant see it being so easily to do the same with the batteries
Not if you have an higher end car, your talking £20k-£30k for most Audi RS model engines just cos your car has cheap parts to replace not every one does and this is why insurance across the board is going up.
@mortyst290 thats fair enough but the manufacturers can't fix or change parts than theres going to be a massive stock pill of evs sitting about waiting to be scrapped. There meant to better for the environment and peoples pocks but isnt looking to be as good as they expected.
If the combustion engines are fully removed from the roads the government will have to look at how can road tax payments be replaced with something else or put tax up or something.
Got to imagine the government get a large amount from Road tax.
@mortyst290 your 100% correct it wont be as cheap to replace an engine likes of audi rs6, but surely youd buy a vehicle that you can maintain and have money aside to keep them on the road. Obviously there will be times that it'll not be the case but 95% of people will put money aside every month
Great video. I've got a diesel VW and I'm not swapping.
I was quoted £5100pa for a 2019 Tesla model 3 performance so my 2019 Nissan GT-R costs £1400. I’m 51 with 20 plus years NCD clean licence. Shocking!
Tesla authorized repairers have access to tesla diagnostic equipment and parts systems in Australia, they determine for insurancer if something is a write off or not.
A friend of mine has a garage and if he has an electric car on site his insurers have stipulated the car cannot be parked inside the premises when not being worked on and incredibly they also stated it had to be parked at least 21m away from the premises. That in itself has put me off buying an electric car.
What a racket!
Best honest comment so far
In UK the cost it's spread among all clients.. Every year it's a different excuse to raise the insurance...
I been driving for over 25 years and never had an accident. Maybe it will be better to NOT pay those suckers and pay the fee if ever been stop and ask for insurance! (Just been stop twice in 25 years).
I am sick of the "legal" scams!!!!!!!!!