Financial services website MoneySuperMarket saw enquiries for EV insurance increase by more than two-thirds (69%) in the final six months of 2020.
According to a study by the insurance website, between July and December 2020 around five out of every 1,000 enquiries were for EVs. This was an increase from four out of 1,000 between January and June.
The report also looked at geographic split, with London accounting for the highest proportion of EV enquiries in the country. Approximately nine out of every 1,000 enquiries for EVs came from the capital.
MoneySuperMarket reported that EVs have the lowest average premiums when compared to petrol and diesel cars, with an EV costing £627.20 on average to insure, some £46 cheaper than petrol cars at £673.61 and £60 cheaper than diesel vehicles at £682.82.
Kate Devine, group head of motor and home insurance at MoneySuperMarket, said: “The 69% rise in the proportion of car insurance enquiries for electric vehicles really shows how popular they are becoming in the UK.
“The overall proportion may seem small at present, but we expect this trajectory to continue as the range of EVs on the market expands across different price points.
“It’s reassuring to see that you don’t have to break the bank to go electric and that there are options at lower prices as well.
“Our advice, whether you’re looking to buy an electric car or not, is to compare the options for car insurance, as this is the best way to find a deal that covers your needs and keeps costs down.”
