GoCompare comment on news that one in four plan to buy an EV in next five years

As new research from Ofgem reveals that over 6.5 million households plan to buy electric vehicles as the ban on the sale of new petrol and diesel cars approaches in 2030, Ryan Fulthorpe, motoring expert at GoCompare comments:

“Traditionally, insurance premiums for electric cars have been higher than conventional models due to the higher initial purchase price, the potentially higher repair costs in the event of an accident and insurers’ relatively limited experience of the risk.  However, we are now seeing a slightly different picture emerging with some insurers pricing more competitively.  What that means for drivers is that the range of prices on offer from insurers can vary far more, making it absolutely vital they shop around.

“In the same way that you might well need a different energy provider if you are suddenly charging an EV at home, you shouldn’t just assume that your current insurer will be competitive for an electric vehicle.  It is a different market, and you need to shoparound to see the range in prices and get the best deal for you.”

Earlier this year, GoCompare Car Insurance examined the difference in insurance premiums for an electric vehicle compared to its diesel engine equivalent.  There was almost £300 difference in the best and most expensive premiums offered for a Volkswagen e-Golf, compared to just £73 difference on a Volkswagen 1.6 TDI.

Ryan Fulthorpe continued, “There are definitely some insurers keener to cover EVs than others and as a result, premiums vary considerably.  The trick, therefore, is to find the right insurer for you and your new EV.”

For more information on insuring an electric car please visit:https://www.gocompare.com/car-insurance/electric-car-insurance/.

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For further information please contact:

Gordon, Jason or Liz at MAW Communications on 01603 505 845

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Notes to editors

GoCompare compared comprehensive insurance premiums for the Volkswagen e-Golf and the Volkswagen 1.6 TDI version of the same specification. The driver for both vehicles was the same single 30 year old clerical manager residing in the PE32 postcode with 10 years NCB and no current driving convictions or accidents within the last 3 years. Policy conditions were 12000 annual mileage, £250 voluntary excess and the vehicle was for social, domestic and commuting use only.

About GoCompare

GoCompare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.

It does not charge people to use its services and does not accept advertising or sponsored listings, so all product comparisons are unbiased. GoCompare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.

When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. It is this approach to comparing products that secured the company an invitation to join the British Insurance Brokers’ Association (BIBA) in 2008, and it is still the only comparison site to be a member of this organisation.

GoCompare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest and works with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.

GoCompare is part of Future Plc and is authorised and regulated by the Financial Conduct Authority (FCA).

More information can be found here www.gocompare.com or here https://www.futureplc.com/brands/.