Warranty company says that repair costs are also rising
A warranty company has seen a 370 percent increase in electric vehicle repair claims over the past three years.
MotorEasy says this is down to a rise in the number of electric vehicles on its books, along with an ageing EV fleet.
The company also said that the average cost of an EV repair is up, pointing to MG and Tesla as examples. In 2023, the average claim across the MG EV range is £2,200, up from £430 in 2021. That’s a 390 percent uplift in two years.
Similarly, there’s been a 231 percent surge in the cost of Tesla repair claims.
Duncan McClure Fisher, CEO of MotorEasy’s parent company Intelligent Motoring said: “While there remains a perception that EVs have fewer moving parts and less can go wrong with them, in reality we’re seeing an equivalent mix of failures to petrol and diesel vehicles.
“Despite the drivetrain components being obviously very different, the suspension and braking components are often very similar, and are put under greater strain due to the increased weight of EVs. This creates a similar breadth of failures for EVs versus ICE vehicles, though a slight swing from drivetrain issues to suspension and braking issues can be observed.”
Cost of EV insurance
Insurance premiums are up 40 percent on last year, putting further strain on household finances during the cost of living crisis.
According to Confused.com, the average cost of a comprehensive policy is now £776 – an increase of £222. The price comparison site says this is due to changing driving habits post-pandemic and an increase in the cost of repairs, which have increased by 33 percent, according to the Association of British Insurers.
If the situation is bad for petrol and diesel car owners, it’s worse for EV drivers. According to Confused.com, insurance premiums for electric vehicles have increased by £402 to £959 on average – an increase of 72 percent.
Philip Small told This is Money he was quoted £8,932 to insure his Tesla Model X, saying: “I can’t see how these increases are justified.”
Andy Moody, founder of GoShorty, said premiums are higher because EVs are more expensive to repair than petrol and diesel cars. He said: “Crucially, not all repair centres are able to deal with these vehicles. They often have to be repaired using specialist kit and away from traditional vehicles, due to the fire risk presented by vehicle batteries.
“Spare parts supply can be limited and costly compared with traditional cars due to the smaller market size – which can prolong repair times and associated costs.”
Source: This is Money
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