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NRMA price for Comprehensive Insurance for an EV
We were surprised to learn that when we traded up from last years MG petrol car to same model MG EV the insurance went from around $900 to over $1500. How can this be? All other costs have been reduced when we switched to EV however for some reason insurance is greater for a new presumably safer car albeit a little more expensive. This price disparity has forced us into significant price shopping whicg is tiresome and time consuming. Is there a specialist EV focussed insurer within IAG’s business
debro
New user
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1 Message
2 years ago
We had the same problem with NRMA insurance being incredibly expensive for EVs.
The motoring organisations in other states seem to have more competitive insurance rates, but we resolved it by going with a different insurer.
With 10% of sales being EVs and quickly increasing, NRMA will find their uncompetitive EV insurance rates won't do them much justice.
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Oldad
New user
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7 Messages
2 years ago
I think the reason for the relatively high premiums for EV insurance is due to the current low numbers. The actuaries who work for the insurance companies don't yet have enough data to understand the risk (to them). Therefore, they assume a high risk. It is also coupled, in my view, with the high cost of components and body repairs.
Oddly, when I recently got my renewal notice for my insurance on my Tesla M3, the premium had gone up considerably. I saved a few hundred $s by switching to NRMA!
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bje
Bronze user
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74 Messages
2 years ago
I'm a bit surprised by this. I recently took out NRMA comprehensive insurance for a Hyundai IONIQ 5 and was surprised at how reasonable the premium was. This suggests to me that this isn't an EV thing, but just perhaps some makes/models?
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GregT
New user
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1 Message
2 years ago
I read this article this week regarding issues that are impacting insurance costs for some EV models https://www.reuters.com/business/autos-transportation/scratched-ev-battery-your-insurer-may-have-junk-whole-car-2023-03-20/
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namiley
New user
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10 Messages
2 years ago
My comprehensive insurance for a BYD $740 is cheaper than for my Peugeot 2008 (both insured with NRMA). I think kms per year has a lot to do with the pricing.
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