The average cost of insurance for electric vehicles remains less expensive than for thermal models. But the cost of the battery which represents 50% of the value of the vehicle, the cost of repairs and the end of a tax advantage should change the situation.
There is still a long way to go for electric cars before they become the majority. The 100 euros per month electric car, promised by Emmanuel Macron, is barely being implemented and the need for public charging stations remains glaring, despite the government’s objectives of reaching 400,000 points by 2030.
In the meantime, for a year, 158,000 electric vehicles were sold in France, bringing their market share to just over 15%. If the purchase price, higher than thermal, remains a significant obstacle, the cost of car insurance could convince the most recalcitrant at a time when premium increases of more than 6% are expected in 2024.
Indeed, in 2023, the average cost of insurance for electric vehicles remains less expensive than for thermal models. Drivers, who purchase recent and expensive models, nevertheless almost all turn to all-risk formulas (93%), analyzes the comparator Assurland.com this Monday.
Thus, the average cost of insurance for electric vehicles in France remains stable and rises 563 euros annually in 2023according to the same source, against 645 euros on average for thermal vehicles.
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Repair, battery, return of a tax… These elements which will increase the premium
Will this situation last? Not sure. Like others, the amount of the premium for an electric vehicle can be weighed down by the high cost of repairs and materials used. For example, batteries (made of nickel, lithium, cobalt, etc.) can represent up to 50% of the price of the vehicle. In the event of a problem, replacing it is therefore generally not profitable enough compared to the residual value of the car, underlines Assurland. If you wish to guarantee their repair, the amount of your insurance will soar.
Another argument that worries experts: the youth of the electric park. Insurers currently have little perspective on the benefit/risk ratio of these cars but if their number increases, claims will follow and costs will explode. According to MoneyVox estimates, you have to pay on average more than 1,100 euros per year to insure a Tesla with an all-risk formula.
Finally, until today, electricity insurers benefited from a reduction in the level of their contribution via the elimination of the Special Tax on Insurance Agreements (TSCA). An advantage that will end with the 2024 budget. It represents a reduction of 33% on the civil liability guarantee and 18% on the damage guarantees, i.e. a total saving of 15% on an all-risk formula.