Rocketing Insurance for Electric Cars

[Crazymind]

my policy doubled when In July I had insured the Taycan. Full comprehensive, and 500 excess, 900 for 12 months and 12k miles seems reasonable. My van, worth half the Taycan is 750 for 12 months , 1000 excess and 15k miles.

EDIT:
I am losing it. Just for curiosity I had checked my insurance. Insurance didn't double on my Taycan. It doubled in 2022 when I had renewed my Jaguar I pace insurance. The Ipace was 428 quid in 2021, full comprehensive, 150 quid excess and legal cover.
2022 it was 802 quid. Out of the blue. Agreed car value was down to 50K from 65k in 2021. meantime I had a non fault accident and when in 2023 I had renewed my policy to the taycan I received 80 quid back. full Comprehensive, no excess, agreed value 120k. Total 722, this was July 2023.
The 21 plate Caravelle is 679 per Year. Agreed Value 60k. European breakdown recovery, motor legal cover, business use, 15k miles per Year. excess 750. this was July 2023. Ther Year before I paid 690.
1987 Saab 900 Turbo and Volvo 245 1976 on a classic car insurance, I pay 130 per Year for both. The saab is 300 quid a Year road tax! the volvo is exempt.

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[BigBob]

I think insurance premiums are going up a lot on everything, so not just EVs.

One thing to consider is going for a much higher excess, then taking out separate 'private excess motor insurance'. For example i've got £1000 excess insured for £35. May work out much better for you.

 

[rb33gl]

All the quotes I had included a high excess. Mine is now £900, so I've taken out excess insurance for £45

 

[Murph7355]

I don't get why an excess insurer can be cheaper than the car's insurer not just offering the same.

I suppose it's down to the overall risk, but it seems daft.

Also, could issues arise with 2x insurance policies in one car...? I think insurers can get sniffy about that in other spheres...

 

[Hanny]

It’s a simple risk of amount calculation - insurance for £1000 with have different adjustment for £100k.

Dont see a clash of insurance as a car can only have one insurance cover, the excess insurance is treated like a liability rather than for said vehicle.

 

[MrB]

It’s a simple risk of amount calculation - insurance for £1000 with have different adjustment for £100k.

Dont see a clash of insurance as a car can only have one insurance cover, the excess insurance is treated like a liability rather than for said vehicle.

It does seem as though insurance is just more expensive across the board. We’ve just re-insured my wife’s Fiat and her insurance has gone up from £250 to just under £400. Lord help us when Hiscox come knocking again in April for the house insurance (listed building, flood zone…….aargh!)

 

[BigBob]

I don't get why an excess insurer can be cheaper than the car's insurer not just offering the same.

I suppose it's down to the overall risk, but it seems daft.

Also, could issues arise with 2x insurance policies in one car...? I think insurers can get sniffy about that in other spheres...

Part of the reason is the excess insurance is for just 1 claim (at least mine is i think). I guess with the main car insurance and you were a bit clumsy, then could be multiple claims in a year.

 

[Murph7355]

It does seem as though insurance is just more expensive across the board. We’ve just re-insured my wife’s Fiat and her insurance has gone up from £250 to just under £400. Lord help us when Hiscox come knocking again in April for the house insurance (listed building, flood zone…….aargh!)

My home and contents insurance has gone up about 20% this year. I've usually been able to minimise the hit by twisting arms...but not this time. (We're listed, but not in a flood zone).

Hiscox have historically always been lumpy IME!

 

[MrB]

My home and contents insurance has gone up about 20% this year. I've usually been able to minimise the hit by twisting arms...but not this time. (We're listed, but not in a flood zone).

Hiscox have historically always been lumpy IME!

That they have! Unfortunately for us, as with some companies with electric vehicles, a lot of insurers just won’t quote for our property. Our broker is, mercifully, an excellent practitioner so keeps us on about the right side of crazy each year.

 

[RGBArgee]

I looked out of interest and was shocked at the costs, fortunately I am insured as part of a Salary Sacrifice scheme and pay £48 per month, with business cover and my wife.

What sort of cover do you get for the wife? ?

 

[DougFrisk]

Still don't have the car, but I've checked quotes every now and then. The quoted rate has gone up about 30% over the past year. $150/month to $190/month. Which seems a lot, but it is a very expensive car.

 

[Hootch280]

I recently reinsured with Admiral who Ive been with since I purchased the car 3 years ago and the premium had gone up considerably - I called then and had a long discussion changed a few things - named driver off ( saved £165 ) Got around to discussing the insured value of the car and it still sat at the £140K I paid for it which I questioned because if it were written off they would only pay market value so I was what i thought the market value was - i said you tell me surely you depreciate it annually before a renewal route - seen nt so i settle on a figure of £90K which I would be more than happy to get for it as they have depreciated dramatically, So that saved me a further £360. End result £900

 

[Stewartt997]

Fully comp, 53 years 10 yrs NCD. Jumped from £580 with Admiral last year to £1080 with Aviva this year. Business use and 12 000 miles annually. Quite a hike but sounds like it's reasonable

 

[Fish Fingers]

I recently reinsured with Admiral who Ive been with since I purchased the car 3 years ago and the premium had gone up considerably - I called then and had a long discussion changed a few things - named driver off ( saved £165 ) Got around to discussing the insured value of the car and it still sat at the £140K I paid for it which I questioned because if it were written off they would only pay market value so I was what i thought the market value was - i said you tell me surely you depreciate it annually before a renewal route - seen nt so i settle on a figure of £90K which I would be more than happy to get for it as they have depreciated dramatically, So that saved me a further £360. End result £900

That's a very important point you've made there.....

If you under insure something, any claim is reduced proportionally.

But if you over insure - it sounds like it's 'tough luck mug, you should have insured it for the correct value'.

I bet the majority of Taycans in the UK are over insured?

 

[tylerdurden]

reasonable quotes from admiral recently

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