Do you remember when I posted the future projections of elector vehicle costs? It showed dramatic drops in prices. The predictions are that EVs will constitute a majority of passenger cars sales by 2030 in the US. The expectation is also that ownership will start rejecting a majority.
So the article on expected EV insurance rates was a surprise. Higher-than-average rates are the norm now. It turns out that their parts are more expensive to repair and replace. The average cost to replace an EV battery ranges from $4,500 to nearly $18,000.
The chart is one article shows that a Testa costs over $1,000 to repair compared to a Toyota Prius at just over $400. And Teslas seem to get in a lot of accidents. At least they aren't on the most stolen list.
"Electric cars tend to be more expensive when it comes to average insurance costs as well, though it varies by a vehicle’s make, model, and year. The national average cost of full-coverage car insurance in 2023 is $2,024 per year. Coverage costs for the electric vehicles on this list are higher than the national average by anywhere from 10% to 135%." (A US source which tells us that people in the US pay less for insurance and a lot of things).
The Globe and Mail article gave an indication of much higher rates for EVs - now known as BEVs. The article had this story:
"When Samuel Lessard decided to replace his Ram pickup with an electric equivalent, he determined the new Ford F-150 Lightning was just about the perfect vehicle."
Then he found out about his insurance:
“[Insurance rates] went up. The first year they were twice as high as the Ram,” he says. “For the second year of Lightning ownership, I had another increase of $700.”
"Mr. Lessard admits the Ford is newer and more expensive than the Ram, which also affects premiums, but he says to have his initial rates more than double and then go up again the following year seems excessive."
And Mr. Lessard's conclusions:
“Considering that [the F-150 Lightning] is less expensive to run, has better handling, less noise, more comfort and more power, insurance premiums are secondary to me,” he says.
Some colours are great this year - especially Maple trees. Other colours didn't happen. Our trim-colour beech did not have golden bronze leaves like last year in this picture. Brown and withered this year.
