As electric vehicles (EVs) gain popularity for their instant torque and rapid acceleration, they’re also becoming notorious for driving up insurance premiums, a recent LexisNexis analysis reveals.
The study pointed out that EVs, particularly those with over 300 lb-ft of torque, are associated with higher insurance loss costs. This correlation strengthens with the torque-to-weight ratio, suggesting that the power these vehicles wield could lead to riskier driving behavior.
Moreover, the broader implications of insuring EVs complicate the insurance landscape. Factors such as higher vehicle prices, costly repairs, and increased daily mileage all contribute to elevated insurance costs. As the EV market expands—evidenced by a 54% increase in U.S. sales from 2022 to 2023—insurers are grappling with how to adjust policies to reflect these new risks without penalizing all EV owners unfairly.
For auto owners facing steep electric vehicles insurance rates, finding cost-effective solutions for vehicle repairs and maintenance is crucial. Collision Connect provides a platform where EV owners can access reputable services that understand the nuances of such vehicles. Explore Collision Connect to manage your EV’s maintenance costs effectively and keep your insurance premiums in check.
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