UK Tesla insurance

David was shocked when the insurance on his Tesla Model Y came up for renewal, and Aviva refused to cover him again, while several other brands turned him away. When David did secure a new deal, the annual cost rocketed from £1,200 to more than £5,000…

“I am a member of a Tesla U.K. owners forum, and lots of other people seem to be having the same issue.” In the Facebook group, members share stories of horror renewal quotes, with increases ranging from 60% (up to £1,100) to a staggering 940% (a jump from £447 to £4,661, according to a screen grab shared by one driver)…

It comes as all motorists face soaring insurance costs…However, this average masks bigger increases for electric car owners, according to Its figures, derived from quotes, show that insurance premiums for electric vehicles are 72% – or £402 – higher than this time last year, at a typical £959. Meanwhile, for petrol and diesel car drivers, the increase is 29%, or £192, taking the figure to £848…

Analysts say claims costs are 25% higher for electric cars, and that they also take about 14% longer to repair than a diesel or petrol equivalent.


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And its difficult to get parts. So more get totalled rather than repaired.

Lack of a traditional dealer network is part of the problem. Dealers often keep many parts in stock nearby or can order for next day delivery. In time systems like that may become available for Teslas too. But for now not available.

Insurance premiums are based on the law of large numbers. With lots of data, actuaries can trust them, with little data the uncertainty and therefore the risk and premiums are higher. Over time EV insurance rates should drop as the data accumulates. In the US Tesla is expediting fair insurance premiums because they have the best data about their own EVs.

The Captain