ELECTRIC VEHICLE CONUNDRUM: High EV insurance costs deter British motorists away reveals study

A new survey by Quotezone.co.uk reveals that over half of Britons are hesitant to switch to electric vehicles (EVs), with 86% expressing a preference for petrol or diesel cars.

The reluctance stems from several factors, with high insurance costs topping the list. Insurance for electric vehicles averages £996 annually, a 54% increase compared to petrol vehicles. This cost is also 13% higher than it was a year ago, further discouraging drivers.

Government mandates require all new cars in the UK to be zero-emission by 2035, with 80% of new cars needing to meet this criterion by 2030. Despite these deadlines, 57% of surveyed motorists have no plans to go electric, and only 9% intend to do so within the next two years. Another 19% predict a delay of 2-10 years before making the switch.

Cost is a significant barrier, with 36% citing the high price of electric cars and 21% pointing to inadequate charging infrastructure. The UK currently boasts over 62,000 charging points spread across nearly 33,000 locations, but many still find this insufficient.

Mileage anxiety, the expense of installing home charging units, and the looming vehicle tax for EVs from April 2025 are other concerns. The survey indicates that while petrol and diesel insurance premiums may decrease slightly in 2024, electric vehicle premiums remain stubbornly high.

The data highlights the challenges the UK faces in encouraging a shift to electric vehicles. Without addressing these financial and infrastructural hurdles, the road to an electric future may be longer than anticipated.

Greg Wilson, CEO and electric car insurance expert at Quotezone.co.uk, said: “These findings highlight a significant reluctance amongst UK motorists to transition to electric vehicles, despite the fast-approaching deadlines.

“The hesitation is understandable, based on the cost of electric vehicles and the current charging infrastructure. 

“The average new electric car in the UK is estimated to cost around £50,000, that’s over £10,000 more than the average medium-sized petrol car such as a Ford Focus.

“There are also additional costs to take into account including higher insurance premiums and now vehicle tax.

“The challenge over the coming decade will be to address these concerns and support motorists in the transition to electric vehicles.

“The future of motoring is electric, but we have some way to go before we achieve the ambitious targets that have been set.”