Why Is Electric Vehicle Insurance So Expensive? The Surprising Reasons
Insurance Development Institute Reports: "Longer Driving Range of Electric Vehicles Increases Accident Risks" Recent data shows that over the past five years, the rate of fire and explosion incidents in electric vehicles (EVs) has been higher compared to non-electric vehicles (NEVs). When fires or explosions occur in EVs, the compensation paid by insurers is nearly twice as high as that for internal combustion engine vehicles. This has led to higher insurance premiums for electric vehicles. According to the Insurance Development Institute on the 18th, from 2019 to last year, there were 53 incidents of fire and explosion involving electric vehicles, resulting in self-vehicle damage claims (comprehensive coverage). This amounts to 0.93 incidents per 10,000 EVs. In comparison, during the same period, there were 6,256 fire and explosion incidents involving non-electric vehicles, which translates to 0.9 incidents per 10,000 vehicles. The rate of fire and explosion incidents in EVs...