2023-11-03 14:33:07
In the future, it may not be possible to insure electric cars because of the high cost of repairing batteries, industry experts have warned. According to Jonathan Hewett, chief executive of Thatcham Research, analysts often cannot or find it difficult to estimate the cost of repairing electric vehicle batteries in advance. And their servicing is much more expensive (by 25% on average) than traditional gasoline or diesel vehicles. Due to ignorance and high costs, some providers refuse insurance coverage altogether. The problem, Hewett says, is that they can’t always tell if a battery has been damaged in a crash. If it is damaged in any way, the car may even catch fire. “It’s like a doctor trying to understand what’s wrong with a patient without any findings,” he said. Due to the risks and uncertainties, several companies have already withdrawn from offering insurance. John Lewis Financial Services stopped offering its clients last month to give it time to analyze potential risks. According to Confused.com, electric car insurance costs have jumped 72% through September 2022, compared to a 29% increase for conventional vehicles. However, Hewett is confident that prices will soon stabilize and align with conventional cars. But he warned that securing electric cars would remain a challenge. Until the industry finds a more efficient and affordable way to deal with damaged batteries. Our related articles:
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