Toronto, Ontario — A recent Forbes Advisor report found that EV insurance rates are approximately $100(USD) more expensive annually than similar builds and models of gas-powered vehicles.
This information comes amidst significant increases in EV ownership. With gas prices at all-time highs and an increased focus on environmental impact, electric vehicles are being touted by many as the way of the future. With this, however, comes expense increases not seen in related gas-powered vehicles.
This analysis of data comes from Quadrant Information Services. It indicates that the insurance premium for EVs is $1,889 on average annually versus $1,786 for the ICE equivalent.
This is reportedly related to the higher cost of EV repairs, as passed on by insurance providers to customers. “If your electric car model has a history of expensive and/or frequent claims, insurance rates for all…