The proportion of car insurance enquires for electric vehicles (EVs) increased by more than two-thirds (69%) in 2020, according to research conducted by MoneySuperMarket.
Data from millions of MoneySuperMarket car insurance enquiries revealed that between July and December 2020 around five out of every 1,000 enquiries were for EVs, up from four out of 1,000 between January and June.
This represents the sixth successive half-yearly increase and a nearly fourfold rise (284%) compared to the start of 2018.
In London, approximately nine out of every 1,000 enquiries were for EVs, the highest proportion in the country. This was up from five out of 1,000 in the first six months of the year, a 60% rise and the largest of any region.
Overall EVs have the lowest average premiums when compared to petrol and diesel cars. As of the second half of 2020, an EV cost £627.20 on average to insure – nearly £46 cheaper than petrol cars (£673.61) and nearly £60 cheaper than diesel (£682.82).
Kate Devine, car insurance expert at MoneySuperMarket, commented: ‘The 69% rise in the proportion of car insurance enquiries for electric vehicles really shows how popular they are becoming in the UK. The overall proportion may seem small at present, but we expect this trajectory to continue as the range of EVs on the market expands across different price points.
‘While the Tesla Model-3 increased the average car insurance cost for electric cars after claiming the top spot from the Nissan Leaf last year, it’s reassuring to see that you don’t have to break the bank to go electric and that there are options at lower prices as well.
‘Our advice, whether you’re looking to buy an electric car or not, is to compare the options for car insurance, as this is the best way to find a deal that covers your needs and keeps costs down.”
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