Insuring EVs cheaper than petrol or diesel cars: The standard yearly cost of insurance for electric cars is now cheaper compared to petrol or diesel cars, dropping by £75 in the 1st quarter of 2021.
This is reported by new research from Compare The Market, that showed that electric vehicles (EVs) are basically £45 cheaper to insure than petrol or diesel choices.
For the 1st quarter of 2021 the standard insurance premium for petrol & diesel cars sits at £611, having a much smaller cost of £478 for the cheapest electric car premium.
The paper also revealed that in addition to car insurance premiums basically being lower for EVs, road tax is also cheaper, with vehicles that do not emit carbon & costing less than £40,000 not requiring to pay.
According to the results, a driver can save as much as £133 based on individual historical driving & experience if they shifted to the lowest premium for an EV instead of the average premium on an internal combustion vehicle.
Head of Motor Insurance at Compare The Market, Dan Hutson, stated: “EVs are rapidly growing in popularity ahead of the government’s target to phase out new petrol and diesel cars by 2030.
“The transition to EVs will be vital in tackling climate change but the higher upfront cost of these cars compared with traditional models has often been a deterrent for many motorists. Drivers making the switch to greener vehicles will be glad that our research shows electric cars could bring significant financial as well as environmental benefits over time.
“If drivers are considering buying a new car, then an electric vehicle could be an appealing option considering the savings on insurance, fuel and tax.”
Insuring EVs cheaper than petrol or diesel cars