Electric Vehicle Insurance Prices Skyrocket | MGUY Australia
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- Опубликовано: 9 сен 2024
- Another unforeseen consequence of the rush to electrification, as EV owners are either hit with massive cost increases for EV insurance or simply told they can't renew their policy.
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RUclips decided to remove the links for some reason, so the Guardian one is here: www.theguardian.com/money/2023/sep/30/the-quotes-were-5000-or-more-electric-vehicle-owners-face-soaring-insurance-costs
Waiting for the house insurance article.....
@@markc6714 As he explained, this is in addition to all the other increased basic survival expenses. As Klaus Schwab, leader of the World Economic Forum, infamously stated: "You will own NOTHING and you will be happy"
"You've got to be careful about buying an EV car?" Are you mad? Knowing what you know, you'd have to be insane to by one of these horrible death traps.
Hi from UK,everything you say is 100% correct.A couple of yrs ago my local Merc dealership was telling me how marvelous the new EQC was,but I thought it was way too expensive.Since then all these troubles have appeared,and I wouldn`t touch one if it was free. I`m 76 now so will stick with my ice cars till I die.Glad I didn`t listen to the sales pitch.
You don't have long left anyway so it doesn't matter It's the younger generation that adapt more easily to new technology and they will advance
@@sarahann530 Thank you for that,however my father lived to 97 and was still driving at 90,so I have a few thousand miles left with luck.
@@beastieboy3926 The odds are against it all the same
LOL its the younger generation who will be affected by all this garbage. They can adapt all they bloody like sunshine but can they adapt to massive costs and ev fires? By the way mate its the older generation that designed all that technology and its the older generation the designed the programming as well. Yes the younger generation grows up with it but your arrogance assumes the older generation is too dumb to understand it when fundamentally we no longer give a toss.
By the way Im a qualified electronics technician. I can work on everything right up to military aircraft instrumentation and I am from the older generation.
Have a nice day Captain Smug.@@sarahann530
Since nobody actually *VOTED* for this commufascist dictate , its no wonder theres a kickback. I find it strange that ' going backwards ' is the new dystopian future !
Seriously. Who in there right mind would buy a electric vehicle.
Those who are taken in by the hype.
Tax incentives.
Virtue signalling. 'Look at me, I'm wealthy and progressive. I care about the planet, I'm reducing carbon emissions, I'm doing my bit. Look at me, do you all see what kind of a modern responsible citizen I am?'
Fashion victims!
Sheeple
Plus your MG will likely appreciate in value compared to an EV.
It might also be a part of an orchestrated plan.
1) Get everyone to get rid of their cars and buy EVs.
2) Price EV insurance out of reach.
3) Tell everyone to either take public transportation, ride bicycles, or stay at home and work remotely.
Well politicians, especially in the UK seem to only care about saving their commute time. Their goal is to get every one else off the road so they can drive around easier. Notice that the first spot to get charging stations is almost always government buildings like City hall.
🤣🤣🤣🤣
@@trucksanddirt1506that only goes to show how exceptionally ignorant you are. I doubt that you can tell me where this plan even comes from - but you're welcome to try.
You ARE SO VERY VERY Close to the truth. Except it's more than what you say. All this is out there on the internet, and has been since 2015.
Bloody true !
Great discussion. I’m just glad that at my age, I’ll be happy to drive an ICE for the rest of my days. The associated infrastructure/charging station delivery is another logistical, political and financial nightmare for EVs. Thank heavens for that imo
Likewise I will see out my days with ICE!
Unless the mofos bring a premature demise to ICE. 😊
I don't see how they can. that would bring the country to a halt. the world needs to now rethink their ill thought / laid out plans. @@JohnHughes2002
Yes, another example of 'as long as I'm OK then stuff everyone else'. The problem with you people is that you draw the circle of your family too small...
e cars aren't anything like they are posed as Mr jack. they burn hotter than anything can put the fire out, even u Der water. they are just kinda toxic. they haven't yet set up adequate charging. they are not affordable to the average person and not yet capable of being a vehicle for them either. the rape and pillage of the countries that have the materials to make the batteries is disgusting. but hey.........you feel good, go for a ride in your battery powered car charged by ...... oh, petroleum power plants@@jackmorganfiftyfive
Not interested in EVs, it’s a slow moving train wreck at the moment.
Very well put..
Until they build an EV that doesn't use a massive battery as a "source" of power, no one should buy an EV. I swear Nicola Tesla is turning over in his grave that Musk is using his name. He should be ashamed.
0:41 unforeseen? Hell no! I have screamed this kind of thing since they started talk about banning ICE vehicles…. Batteries were blowing up on phones and laptops for decades but they’re small and do relatively little damage. I’m a mechanic, told my friends that when these huge batteries start popping off, the insurance will skyrocket, not only for the cars but especially home coverage if you parked it and charged it inside.
I'm just waiting for when Musk's first generation of EVs all start having battery issues en masse.
In UK, 2 yo EVs lose up to 50% of their value, ie £80,ooo down to £40,000. Sometimes more!
That’s objectively a lie. But run with it!!
@@Audioremedy0785 Google it. I did and I didn't see (the up to) 50% drop in 2 years but I did in 3 to 5 years so. He's close enough to paint you as the liar, the uninformed, the EV schill .. whatever
@@Audioremedy0785Really,any independent non government data to support your assertion?
The insurance problems are probably going to be the final nail in the EV car coffin.
This report is not identifying the entire issue: An EV fire is capable of destroying not only the car but EVERYTHING around it.
The luton airport car park fire is a perfect example: the entire building and all 1500 cars inside were utterly destroyed.
The car that started the blaze is now believed to have been a hybrid, on which the battery went into the infamous thermal runaway.
The total cost, including rebuilding the entire multi storey car park as well as the damage to the other 1500 cars, is expected to run into the millions!!! All of which may end up landing at the feet of the company which insured that hybrid!
Is it any wonder that the insurance companies are now getting a little bit squirrely about being in the electric car insurance market???
And my own final thought on the matter...
Think of all the highrise buildings (office blocks and apartment blocks) with underground car parks... full of EVs just waiting to self-combust!
I certainly wouldn't sleep comfortably knowing that I was sitting on top of an 'electric bomb' that was capable of collapsing the entire building (and no way to escape because the entire base of the building has become a giant funeral pyre!).
Not necessarily. The government could pass a law that requires insurance companies to cover EVs...at whatever cost the government thinks is politically acceptable.
@ghost307 insane idea. Think it through... It would be financial suicide for the insurance companies to offer cover... If they're forced to do so, they will: but they will cover thenselves by making the premiums hundreds of thousands of pounds 🤣🤣🤣
A similar thing happened with the privatisation of the energy companies many many years ago... Some of the private companies that bought out the nationalised industries were forced to maintain the servicing cover (which they didn't want to do), so they just jacked up the prices to the point where only somebody truly insane would want to pay for it - they would go elsewhere. Legally, they got away with this because they 'were' still providing the cover 😂
@@ghost307 If that happens and I do not believe it's imminent, they will raise the rates for ICE vehicles in order to compensate for the inevitable losses due to EVs.
There have been cases of people whose houses were fried overnight because of their Tesla in the garage.
@@trucksanddirt1506 Have there been cases of ICE vehicles catching fire and burning down houses ?
In the U.K. now some companies will not give house insurance if you have an ev charger on your property
In Australia as well, my brother just reinsured his house and found a clause that bans EVs from the property!
@@hayloft3834
Maybe now but not for long! Insures make money by keeping it, not taking on inevitable risk!
@@hayloft3834 Perhaps in that case you would need to keep your EV on the street or somewhere else and don't charge it at your home.
@@hayloft3834 Oh, I'm sure you can still get insurance for EVs. However, the people who insure your house may add stipulations about where you can park/store your EV and whether or not you can charge it on the property.
As on commenter said above, some UK companies won't insure houses if you have an EV charger on the property. Another commenter said that his Australian brother found a clause after her reinsured his house that banned EVs from the property. That's why I said you may have to keep your EV on the street or somewhere else.
@@hayloft3834 Did you check the other people's comments?
Unfortunately, it looks like all ICE car owners face huge insurance cost increases to compensate for the all the losses due to EV claims. We will all be clobbered.
The companies who now refuse to insure EVs will obviously not face these costs, and will gain a huge competitive advantage.
You'd expect in the foreseeable future, most if not all insurers will stop offering cover for EVs, and those who continue will charge astronomical premiums for them.
@@alanjm1234Let Elon insure them. See how he like the ridiculous cost to repair a Tesla after a crash.
Government will require insurers to insure EV's....pass the cost to everyone.
@@msgmak1379 Not possible
@@msgmak1379 We are the Government, we are the owners of our nation. We cannot allow ourselves to be subjugated by a few evil ones
There is the case in Canada where a fellow had a bad battery in a Hyundai SUV. ~160000+km and just out of warranty km limit. Battery replacement [installed] was listed at just over CDN$50,000. He scrapped the car and got ~CDN$1000 for it. Great deal. EVs are very expensive disposable units. This is not an isolated incident.
My cost of purchasing a coal fired car? $0
My cost of insuring and charging said car? $0
My knowledge of avoiding such conundrums in advance due to the kindness and diligence of content creators like mguy,
$priceless$
would anyone be surprised if they just pass the cost on to the rest of us?
They pretty much already do. Most countries/cities have tax breaks and other incentives for EV ownership and infrastructure. All paid by the tax payer.
@@JustaGuy_Gaming Once the EV are mainstream, those costs will be passed to EV owners and it won't be cheap anymore. Someone must fix the roads. Right now, ICE are paying for that, even though EVs are more damaging to the roads. Once ICE are gone, EV cost of ownership will be twice that of ICE.
That's exactly what Insurance companies are going to do , we're all going to have to pay for this leftist Dictatorship experiment ⁉️👎
They did, by subsidizing the purchase cost!
@@trucksanddirt1506 OH there are a ton of taxes on ICE cars, and it pays for more than just roads. It's like a lot of things, if they ever outlawed Alcohol, Cigarettes etc the tax income would plummet.
The Gov always loves to tax the heck out of things you either can't live without like a Car, or are addicted to like drugs. Heck even bottled water is taxed these days. If Ev's become main stream expect battery inspections to replace emissions test or something along those lines.
Many insurance companies now view EVs as a financial liability. An additional problem for owners is that EVs currently have a higher depreciation rate than comparable ICE vehicles over the first 4 years. At 6-8 years of age, they will potentially lose significant value given the likely failure of the battery and the considerable replacement cost. The risk of a battery fire is another concern.
MacMaster on RUclips covered this topic. Lee said his porsche taycan ev cost him £600 last year, this year it's £3100 odd. He was gobsmacked at the increase.
More fool him it's his cash cow. Total knobhead !!.
Just did a quote on a Taycan performance + it was £660.69
Let me get this straight, They want you to drive an EV then can’t get it insured and the infrastructure sucks and repair cost are outrageous!!! MAKES NO SENSE AT ALL
Yup, that’s politicians for ya…
When is it going to dawn on the idiots who legislate around the world, that it's pure stupidity to think that rechargeable electricity is a good system to shift 2tne plus lumps of metal around?
The whole original point of EVs was simplicity & lack of things to go wrong.
Battery + motor. Easy.
Not quite worked out like that!
You've totally missed the point. Do yourself a favour and find out where this legislation comes from - in 2015. I'm not being difficult but if you find out for yourself then you'll understand at a much deeper level what's going on here. 🙏
I know the origins behind the stupidity. Give it another good few decades or so, and some degree of sense will return. Politicians will find plenty of 'long grass' in which to rapidly propel certain policies. No, no, not another U-turn, definitely not.@@CosmicSeeker69
EV insurance was twice as much from day one - there are a million Tesla owners who can attest to that. With the battery fire issue it will get a lot higher and that includes home insurance if you park it in the driveway or garage.
insurance companies don't warn you that they're going to revoke your insurance. they just send you a letter telling you it's been revoked.
and know for sure all their little insurance company friends know why you're looking for insurance all of a sudden.
The battery fire issue that impacts about 1 in a million people 😂😂😂
@@Audioremedy0785 headlight goes out $2000. scratches going over a speed bump: car's totalled.
no one is certified to repair evs. no one has a machine to diagnose a battery pack, small external scratches mean total the whole car.
it's all so funny. laugh with all the people who can't charge their car in the dead of winter. that's real funny too.
@@longnamenocansayy the problem that you have is that most of your knowledge is based on complete fiction. Replacing a headlight bulb costs about $185. The entire module costs about $3k to repair. But it’s like saying a light bulb costs $10k to repair because that’s how much it costs to completely rewire your house. It’s just lies that you are either deliberately misrepresenting or just don’t understand. Much like the ‘car totalled by getting scratches from a speedbump’. I get that people don’t like EVs but if your justification is based on untrue things, you probably don’t have a compelling argument.
@@Audioremedy0785 i was looking at the video when i wrote it.
that means someone in an english speaking country had it happen to them.
but it's not just one person. there are more videos saying the same thing.
for example, serpentza has a video about ev in china. he reads chinese. he read a sign that appeared on video written in chinese. it said no e v allowed in this parking lot.
so while it is true that i don't have personal experience with battery powered vehicles, i can watch videos about them. and considering that there are very few evs there are a lot of bad videos about them.
here's the title on one video. HUGE NEWS! WORST EV Market CRASH Of Our Lifetime Has Begun! i don't post the url because youtube doesn't accept it a lot of times.
It's nice to get the truth about EVs instead of the sales hype you get from EV spruikers. Keep up the good work Simon 👍
Hi Simon. I've watch this video late up here in Blighty (Monday 16th October). Yet again I've found it great to hear your views from down under all based on good old plain common sense. Once the truth comes out about the Luton car park fire fiasco (UK), all car insurance companies are not going to want to provide cover for any electric vehicle. You comments here were made before the Luton fire. Once the penny drops in the insurance business trade, not one of them are going to be able to take the huge financial risks of covering EV's. The insurers of the Range Rover that cause the Luton fire will be responsible for all of the damage caused by the subsequent fireball. At the beginning of the steam age it was mainly insurance companies that got to grips with the lethal problems of boiler explosions. Today they are still the people who make use of boiler experts. It seams as though the same insurance people need to delve deep into the subject of electric vehicles and their batteries before any more cover can be offered.
You know that was an ICE car that caused the fire. Right?
I'm 64, and I'm keeping my V8 powered '72 Chevy Nova for the rest of my life, and then leaving it to my oldest daughter, son in law, and grandson. I'm hoping it stays on the road for the next hundred years.
Would you take $75,000 for it?
I have a 1923 Ford Model T Truck. At least that is what the title says, but it is a home-made T Bucket with a Chevy 396 and a 375 auto trans. Jeep front axle, and Chevy 3/4 ton diff. I am going to give it to me Middle Son when I die. I am 76, but I still ride a dirt bike, so I have a few years left in me.
Insurance companies are working on banning the coverage of classic/vintage cars. Anything 25 years old and older will be illegal to drive.
Figure that one out.
it might could do just that. jay leno has a lot of old cars. he can't find parts for them, so you know what he does. he makes 'em. 3d printing to the rescue.
now what's going to happen to these rolling computer things we call cars today? i don't know.
Hi Simon
Good points raised, not convinced with electric cars either at this time.
No surprises really, Im waiting for the shipping companies to refuse insurance on vehicle transport ships. The last 3 ships that went up in smoke wont be good for premiums!
Every time I go onto RUclips I hear things that make me want to run outside and hug my '07 Silverado. No fancy electronics, NO cylinder deactivation, four speed auto, and everything works on it.
In the end insurers, repairers and depreciation will kill EVs
My KIA Sportage Diesel still has another three years to run on the seven year warranty, so no incentive to change from my part. I nearly considered a hybrid version when I bought the current car new. Thank goodness I was not tempted, and with all the new negative information that has come to light in the last four years it was the correct decision.
If you look at any five year old car 90% of them will be dented underneath but they are saying if you dent an EV underneath it creates critical damage to the battery and could result in a $60,000 battery replacement bill.
I knew I liked this guy! Talking sense.
This insurance rise for ev owners is a very pleasant bit of news.
Local Audi dealer has has an astonishing 60% + cancellation on EV orders in the last 6 months. Unsold EV's piling up everywhere....
There will also be an issue with house insurance if you charge your EV/Hybrid indoors.
I'm shitting myself because our neighbour has a hybrid which is more prone to battery fires, a matter of 2 metres away from our home.
I'm tempted to fuss up on our situation & see what comes of it.
Sell up and move you have been warned !!
I've wondered about insurance, all the different taxes on auto, gas/petrol, etc. Do they have any predictions how much money we'll get back? Do I pay for new batteries and disposal? Can I bury it in my back yard? We have a big problem with spent nuclear fuel in the US, soon batteries too? I can go on but they have no answers. Here we go again.
MGUY, I knew that EV’s were going to be a disaster, but you revealed to me, and others, other aspects about this EV debacle I never though of, I knew about the expense of the batteries, but not other things that you reveal, I’m on board 100% with you, thank you for your informative videos! Cheers from Pennsylvania! Keep on keeping on!
Between turning a 2 hour trip into 4 hours because of finding chargers and waiting, the cost of replacing battery, fires, problems with change in heat and cold and moisture,, and this issue, the ev market will go belly up. Just hope it happens before All petrol refineries shut down. Thanks for video.
EVs could have been a nice alternative for the future. But this completely destroys any kind of positive outlook going forward. I will gladly keep my regular car for as long as possible.
insurance companies are just trying to protect themselves from potential losses. If you want to insure a house located in an earthquake or hurricane zone, expect a high premium
What would happen if these EV owners start bringng their cars back to the dealers because they can't drive this vehicle...? Imagine getting in an accident with someones EV and they don't have the coverage to fix your car? There is something obscene about tax dollars subsidizing something that has crap depreciation. I wonder if tax dollars are going to subsidize insurance now like they have been for people who buy property in places like FL.
In Australia some insurance companies now require declaration of EV chargers in apartment buildings... Extra cost for extra risk..
There a total lie.
Wait for your home insurance costs going up if you park your vehicle in the garage if it's attached or under the house or unit.
I will not be interested in buying an electric car. Here in Los Angeleles, California. An electric car hit the center divider and damaged the bottom. The car bursted into flames and the occupants could not get out because the ldoors could not open. Sadly they died.
No mentioned of the make of the car on the news. People were commenting that it looked like a Tesla.
Interesting that really smart people like Congressman Thomas Massie who graduated from MIT and drives a Tesla, is "bullish" on this technology, didn't see this coming. I wonder how much our tax dollars are subsidizing his EV.
ICE cars have hazards too but EV's are especially terrifying when they burn: the fire is very hard to extinguish, it can spread to other vehicles or buildings, toxic gases are emitted.
Massie will love his Tesla until it bursts into flame.
"A liberal is a conservative who hasn't been mugged yet..."
Another indictment of EV's is to watch/ask how many politicians drive EV's.
And what are they going to do with all the charging points and the waste of money installing them
chris bowen and thinking don't mix
I am surprised an engineer got a MG. A friend of mine had one in 1981, he was always working on it.
What about home insurance if you keep your EV in the garage? They are a possible fire hazard, as we are all aware.
Yeah. It doesn’t impact home insurance at all. Because fortunately the increased level of risk lives only in the head of people who don’t like EVs.
@@Audioremedy0785 or won't be admitted to by people who might own one
I really appreciate your channel. And knowing you own an MG as a former MGA owner I really really appreciate your channel!
Insurance companies are crooked. If they raise the insurance on EVs, they will raise it on gas powered vehicle also at the same time to help cover the cost. Everyone gets screwed in the deal.
The insurance premium hits are a result of the bizarre problem that there are both too many and too few EVs in the insurance pool. If there were fewer EVs, the risks could be spread over the entire insured vehicle pool, while the insurance companies were learning to predict the risks. With a small pool there would be large variations in payouts, but the average could still be used to define premiums. If there were many more EVs, incidents would happen often enough that the annual payouts would be known and not greatly varying from year to year that payouts would be predictable and the premiums would reflect the actual payments and not what the payouts could be, in a bad year.
There is also the question of who pays for damage to structures and other vehicles resulting from an insured EV suffering a battery fire.
Glad I’m in the U.S. my Bolt EV is cheaper than my gas car was! I never drive off road as it is a car so the battery is very safe! Tesla has always been a joke as the body is glued and welded together my Bolt is standard build and panels can be replaced easily! One of the many reasons I did not buy Tesla!
I imagine EV insurance premiums will, at least partially, have an effect on the rest of us. Everyone's insurance will get gouged.
Just renewed the comprehensive insurance with NRMA on my 2019 Hyundai Ioniq hatchback EV. The premium has increased from $555 to $767 over the past 4 years. So yes, an increase above CPI, but nowhere near the levels being discussed here.
Woooohoooo I owned a 78 Spitfire in Inca Yellow. That and my 68 Corvette 327 4 speed convertible are the only two decisions I’ve regretted since selling them.
I am also guessing with the repair center sooner or latter the same recommendations for ferry/boats transporting EV would apply to these as well because not many have the space to store the EV while being repaired without costing much more. Or like the insurance not deal with EV so restricted who can fix it. Most know these smash repair places in fixing as many as possible so seeing cars parked packed in tight.
I had a MG Midget when I was a kid. Fun little bug.
Your 100% right. Not only car insurance but home insurance will suffer too. Insurance company's really hate fire.
I'll stick with paying $700 a year for a 96 Chevy pick up and $1000 a year for an 05 Impala SS. Full coverage to boot. Cast iron, pushrod engines that are fairly straightforward to diagnose and repair. Even ICE cars produced in the past decade or so are getting ridiculous with excess technology but a hell of a lot less insane than EVs.
Not my experience
We have a Megan E
Yes the insurance renewal went from £235 to £530, but a quick search resulted in a quote from Allianz at £320
Ive seen information saying even in a minor ding the battery can be damaged or possibly suffer damage and they arent able to judge wether or not its a problem so just have to write off the vehicle.
Exactly the same issues motorcyclists saw in premiums for hyper-bikes/superbikes...hyabusa, zx1400, zzr’s and so on...just cannot afford the insurance, that’s why you see them more on a racetrack or collectors than the road.
Good old speed bumps. Even in ICE vehicles the price for replacing parts are just ridiculous. These car companies in the end are going to lose to simple designs. I need good mpg and a smooth ride, the rest of the bells and whistles just cost to damn much. Driving to work and the store is the most of my mileage, I can rent a fancy car for a couple of days, for a fun time. Much cheaper that way.
Aside from the fire battery packs. The ODD construction of the new cars precludes even the simplest of damage repairs.
How do they deal with this issue in Scandinavia where up to 60% of cars are EVs?
Norway probably has massive incentives to buy an EV, and they have essentially free electricity in the form of hydro - 96% of it is hydro!!! Regarding the percentage, you may be thinking of new EV *sales* where Norway does lead the world on that. But it still only has 15% EVs on the road, with 85% ICE, and the rest of the world is way behind that.
Norway has the highest market penetration of BEVs per capita in the world. I'm not sure where you got 60% from, their 2023 fleet consists of 65% ICE, and the other 35% is a mix of BEV, PHEV and hybrids. 80% of the actual total kms driven on Norway's roads are done in an ICE vehicle. Sure their current BEV sales percentage is high at 88% of the new total vehicle sales. But the reality is people over there are hanging on to their ICE cars. 70% of BEV owners in Norway also own an ICE car. Norway has been pushing and heavily subsidising EVs for the best part of 20 years, yet, in spite of what MSM would try and trick you into believing, even after 20 years, 2/3s of Norway's cars still run on dino juice.
my concern is that due to pressure from government , the insurance industry will be told to spread the charge over all insured vehicles to lessen the impact
It's just a matter of time before this hits the USA and when it does it's going to be a big deal
Why isn't there a cover plate put under the battery to protect it from damage from stones from underneath?
My insurance agent told me that fatalities in crashes with evs runs almost twice as high because they are so heavy. The Hummer ev weighs 9000lbs. Of course, huge ice vehicles also cost more to insure for this same reason.
That’s a lie.
One of the 9 modules of my Skoda Enyaq broke, the car was on stop for 2 months and they never knew why. So yes, batteries break for no reason.
I agree with you completely. I wouldn’t own one, even if it was given to me or somebody paid me to take one. because I still couldn’t afford it, and I simply like the idea of you to be warm when I’m going somewhere in the winter and have air conditioning in the summer I don’t wanna have to choose between getting to where I’m going and having comfort when I already had that in my 2008 Chevy, internal combustion engine car.
One (tiny) 18650 battery failure can cause catastrophic loss of the vehicle and unquantifiable collateral damage. Other vehicles, the building, trees and bush fires highly likely to be involved.
In Australia, that can mean grass fires, fence destruction, cattle lost, wood power poles down and large areas of power failure.
Lloyds will not like all that risk.
My small stock of 5x18650 torch batteries are going to the battery collection box tomorrow.
In Australia, insurance costs are the same for ICE and EV cars.
The hilarious thing is that a couple of years ago on on-line forums EVangelists were saying "Oh don't buy an ICE car because in a few years they will be obsolete and the depreciation on them will be HUGE". Yeah, and at the same time they were saying the price of new EV's was going to get much cheaper, and the technology much better. Do you see the problem here? I decided at that point to just hold on to what I had got & see, now I have much more confidence to upgrade my ICE vehicle. The insurance issue will be a killer, not only restricting new sales but also exacerbating the depreciation issue. At least until they come up with better technology solutions. And then the current lithium cars will be worth nothing.
5000 British Pounds is about 6000 US Dollars for insurance. I buy used ICE cars for around that price.
ICE engines and car 12 volt batteries are relatively easy and inexpensive to replace anywhere in the world with readily accessible workshops and mechanics.
No insurance equals no financing equals no purchase
With EV's being relatively new, the insurance companies are finding their feet, pricing policies from the ICE days. But as reality has now been moving on, the cost of the car, fires, spares and labour costs, and more importantly writing the car off after a minor prang, the true cost of insurance is now coming through.
I wonder how much ICE insurance will tweak up by to subsidise EV insurance!!
I predict that insurance companies will probably stop offering insurance for electric cars after some kind of disaster or catastrophe occurs that causes an enormous insurance claim.
Do the initials EV denote an electric vehicle or an EXPLODING VEHICLE?
Energetically Volatile. Lol.
Tesla sales Q3 2023 were DOWN 6.6% , and annual sales are about 2.5% of global car sales.
2023 was literally a record breaking year for Tesla. They had the highest selling car in Europe. And sales of the model 3 dropped as it was being refreshed in 2024.
I have been watching your videos it's a good laugh on the E.V. and I agree with you so much sumthin I have noticed is here in the U.S are Government has not been buying E.V .
I have a 1973 VW Beetle and I will use that for a daily driver before I buy any ev.
Easy to fix, good mileage...the only problem is no heat, same with ev's 😂😂😂
You can understand insurers being worried about having to rebuild houses burnt down by spontaneously combusting EVs. Not to mention the costs associated with the lives potentially lost.
As ev's become more plentiful, there are other dangers; imagine an ev fire on a car-carrying ferry.what was once imaginable can very easily become a possibility. I'm not trying to be a fear monger but I DO take the Chi Cheemaun to Manitoulin Island several times every summer; I don't thrill to the concept of a Tesla on the car deck lighting up on a rough Georgian Bay.
Nice review.. although I can no longer paste a URL in the comments section, 🇺🇸 based Car and Driver magazine ran an article on ins co’s scrapping ev’s after damage. As an aside, I see you reviewed Geoff and Lee’s John O Groats to Lands End sortie.. subbed. Cheers from 🇺🇸
I'm still waiting for when the savings kick in
Except that in Australia, this isnt happening. EV insurance remains about the same as for petrol or diesel. Sometimes less, in fact.
Lovely MG, but my friend, I really hope you don't have a crash in that car!
Can't blame insurance the parts cost arm and leg
I care for the children in Africa, so no chance I'd buy an EV. Not to mention I own a 2008 SLK-55 AMG best 2 seater convertible V8 ever made... virtue signallers deserve to go broke!
Not really my TreVoR is the best convertible and has the best V8, no driver aids and full on concentration when driving it cause it will kill you !. Nothing like living on the edge !!.
Slk55 my favourite.That lusty sound and gobs of power.Love it.
So you chose to buy and drive a vehicle which is a potentially explosive toxic chemical firebomb and your insurance rates are going up? What a mystery! Who could have seen that coming?
Hope insurance companies do that As I don't want those costs on my bill. They were not unforeseen, they were glossed over. Now greenies can pay the extra
I asked my insurance agent the other day if battery operated cars/trucks cost a lot more to insure. He said, some but not that much. So far anyway. My guess is that it's still too early in the game for insurers to have enough accident claims history to establish a rating for this category. Once they start totaling these things instead of paying for the astronomical repair costs, I bet insurance rates for battery operated vehicles will go through the roof.
I can see this putting g a halt to “Rapid adoption,” unless the government will subsidize insurance as well.
WHO in their right mind would buy a “Family car” with an insurance premium in the ICE “Supercar,” range?
This was to be expected after the EV fire issue and battery damage nightmare were revealed; it's not over yet. The next expected insurance issue may come from homeowner insurance companies, who MAY reject coverage for a home where an EV is parked in the garage or anywhere close to the house. They may just exclude coverage for EV fires, probably the best outcome for EV owners. What about apartment complexes, where EVs may be parked close to other cars and close to multiple dwellings? What will the insurance companies do there? Because these fires are 3600 degrees F. they can burn anything closer than 50 ft., which is the safe distance from anything else in the UK, if there is any question about battery safety, such as after the car has been damaged in almost any way! EVs are a distraction, that were never meant to be viable, just a false promise of travel without fossil fuels. The auto industry is being destroyed, with no cars in the future, no travel, but isn't this "stay in your home" and "don't go anywhere" mentality the idea in the first place? Think 15 minute cities!
How would a young drive who wanted/needed a car afford insurance. Young drivers learning to handle a car often hit "objects". What happens after repairing/totaling an EV to their insurance. If dropped then what? If I have problems with rates what could they afford?
This insane push for EV's its not just the insurance cots or the high cost of an EV what about when an Airport car park is Burnt down and destroyed by and EV what are the chances
The cost of repairing any modern car after even a minor accident is very high. If you have a car that has one component, such as the battery, that costs somewhere around 1/2 or more of the cost of the entire vehicle, then the insurance premiums are going to reflect that. Insurance companies are not in the business to lose money.
I see the government passing a law forcing insurance companies to cover them.
And spread the cost to everyone. All our insurance cost will go up.
So-… let’s predict that, just like *LAW* (in the USA) requires auto-insurance companies to insure a certain quota of brand-new drivers (a practice known as *assigned risk* ), insuring EV owners will be added to the category known as *assigned risk.*
Would be smarter to invest public funds in mass transport such as light rail and electric bases thus reducing need for individual electric transport. Long distant trains as well.