Electric cars continue to grow in popularity here in the UK with such vehicles gradually increasing their market share albeit they are a long way off the number of petrol and diesel fuelled cars seen on our roads. It will be interesting to see if the Government’s target of phasing out the sale of new petrol and diesel cars by 2030 is achieved.
According to research carried out by the well-known price comparison website comparethemarket.com, the average cost of insuring an electric car here in the UK is less than that of insuring either a petrol or diesel fuelled car. In the first quarter of 2021 the average cost of insuring an electric car amounted to £566 per annum whereas the average cost of insuring a petrol or diesel car amounted to £611 per annum. That is a difference of £45 per annum with that equating to a variance of 7.95%.
In the last quarter of 2020, the average cost of insuring an electric car amounted to £641 per annum whereas the average cost of insuring a petrol or diesel fuelled car in the UK amounted to £712 per annum. That was a difference of £71 per annum that equates to a variance of 11.07%.
As you can see, when comparing the above two quarters, there has been a fall in the average cost of insuring an electric car of £75 per annum. We are sure that you will agree that is a sizeable reduction in a short period of time.
Apparently, the cheapest electric car insurance premium in the first quarter of 2021 was £478 per annum and the cheapest electric car insurance premium in the last quarter of 2020 was £551 per annum. That was a difference of £73 per annum with that equating to a variance of 13.24%.
One of the reasons why the average cost of insuring an electric car has fallen as indicated by the above figures is due to the pandemic. As a result of the coronavirus, there have been more people working from home thus fewer people commuting to work, people were unable to take a holiday away from home thus fewer people were using their cars to travel and many retail outlets were closed meaning that a lower number of people were using their cars for non-essential shopping trips. Fewer cars on the roads meant that there were less accidents thus leading to less claims meaning that insurance companies were paying out less money and have been able to pass some of these savings onto policyholders.
So, if you are considering buying an electric car, why not get in touch with us to obtain a competitive electric car insurance quotation without any obligation. We look forward to hearing from you and hopefully being of assistance.
