Insuring EVs becoming a problem?
The Telegraph: It seems like Rishi Sunak isn’t the only one getting cold feet over net zero . Car insurers are the latest sector to back away from electric vehicles (EVs), after the industry decided that underwriters don’t have the knowledge to insure the new models, often fitted with expensive upgrades. Meanwhile, the cost and availability of parts is also affecting insurance premiums, causing some annual costs to rocket to £5,000 and some insurers to withdraw from the EV market entirely. Insurers are reviewing underwriting criteria but the colossal expense of getting your already-costly EV on the road isn’t necessarily helping the electric car revolution take hold. Nor, to that point, has the Prime Minister’s new net zero plans, announced last month to a mixed reaction from the car industry. Amid some pseudo U-turns on measures that were never government policies – such as plans for households to juggle seven recycling bins, a meat tax and compulsory carpooling – Mr Sunak announ...