Electric car insurance premiums set to soar

Insurance premiums for EVs and Chinese-made cars in particular could skyrocket after a new Vehicle Risk Rating (VRR) system was rolled out last month, an expert said.

VRR will eventually replace the group-based system of insurance, which bands vehicles into 50 separate premium categories.

Five key categories go into the VRR rating, including performance, damageability, safety, security – and “repairability”.

It is this last category that will send EV premiums soaring, Chris Rosamond of Auto Express magazine said, because the insurance industry lacks the information it needs to offer lower premiums on EVs.

Mr. Rosamond said: “If the data does show… as many or most of us expect, that there is this increased risk around batteries, then it’s likely that will emerge in, or be reflected in, premiums down the track.

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