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Australians insuring electric vehicles continue to be slugged with higher premiums according to new research by Compare the Market showing premiums for some popular models can be north of $3000.
Quoting comprehensive car insurance policies for 20 popular and notable hybrid and electric vehicles across 11 well-known insurance brands and six underwriters, a full EV was quoted to cost $2,134 on average to comprehensively insure, while hybrid and plug-in hybrid EVs were quoted to cost $1,649 on average.
A range of factors influence car insurance premiums, including the rising the cost of repairs due to pricier parts and labour – which account for around 60 per cent of claims expenses, according to the Insurance Council of Australia.
Average quoted BEV insurance premiums:
| Tesla Model Y RWD | $3,109.81 |
|---|---|
| Tesla Model 3 RWD | $3,334.04 |
| MG 4 Excite 51 | $1,645.74 |
| Kia EV5 Air Standard Range | $1,871.13 |
| BYD Sealion 7 Premium | $1,769.96 |
| BYD Dolphin Essential | $1,425.13 |
| Zeekr X RWD | $2,016.37 |
| Xpeng G6 Standard Range | $1,606.15 |
| Toyota bZ4X 2WD | $1,589.53 |
| BMW iX1 eDrive20 | $2,974.69 |
| All model average | $2,134.26 |
Average quoted HEV/PHEV insurance premiums:
| Toyota RAV4 GX 2WD Hybrid | $1,772.86 |
|---|---|
| Toyota Corolla Ascent Sport Hybrid | $1,587.40 |
| Toyota Corolla Cross GX Hybrid | $1,479.85 |
| Hyundai Kona Hybrid | $1,471.19 |
| Hyundai Tucson Hybrid | $1,560.53 |
| Toyota Camry Ascent Hybrid | $1,819.18 |
| BYD Shark 6 Premium | $2,071.36 |
| BYD Sealion 6 | $1,473.21 |
| GWM Haval H6 Lux Hybrid | $1,643.76 |
| MG ZS Excite Hybrid+ | $1,619.98 |
| All model average | $1,649.93 |
Compare the Market’s Economic Director David Koch said higher premiums could be prohibitive for aspiring EV owners but urged motorists not to be disheartened before running a comparison.
“What we found was a shocking difference between quote from different insurers that could mean some motorists end up paying hundreds – sometimes thousands – more,” Mr Koch said. “Hybrids were considerably cheaper to insure than a full EV on average, despite featuring both electric and combustion engine components.”
To find out more about the survey, head to the Compare the Market website .
