Electric car insurance is often more expensive than insurance for traditional internal combustion cars, ie petrol and diesel cars.
According to the insurance companies and the Finnish Transport Insurance Center, the more expensive repair costs for damage to all-electric cars and rechargeable hybrid cars are reflected in the insurance prices.
Electric cars are also more prone to accidents.
According to a study commissioned by the Finnish Transport Insurance Center last year, crash repair for electric cars is about 1.5 times more expensive than for internal combustion engines.
The potential redemption costs of an electric car are also higher.
Mikko Pöyhönen, Product Director of Pohjola Insurance's motor insurance, says that insurance premiums vary individually, and there is no unambiguous percentage of the price differences between electric car and internal combustion car insurance.
The most important factor in the higher estimated risk of electric cars is technology.
- Electric cars are very technical.
The more diverse the technology, the more technology that needs to be changed and repaired in the event of a crash, Pöyhönen opens.
Electric cars crash more often
The insurance company If has also found that electric cars are more susceptible to damage, says Eero Färkkilä, director responsible for motor insurance.
- Electric cars show that they suffer damage and the amount of damage is bigger than traditional internal combustion cars, Färkkilä says.
According to insurance companies, the riskiness of electric cars is particularly affected by the efficiency and rapid acceleration of cars.
Insurance prices for efficient, new and large electric cars also show a higher risk, says Färkkilä.
- According to the observations of Finland and Norway, these cars suffer relatively more damage than efficient cars in general.
In addition, car batteries are heavy, which means that it is slower to stop a fast-accelerating heavy vehicle, adds Pohjola Insurance's Pöyhönen.
For example, in poor driving conditions, a heavier car may slip more easily.
However, according to If, there is no high risk of fire or charging damage.
Differences in insurance prices between car models
However, according to Färkkilä, insurance premiums are most affected by the car model to be insured, and not necessarily directly by the fact that it is an electric car.
The price of the insurance is affected by the characteristics of the car, Färkkilä says.
- Large, expensive and efficient electric cars are also more expensive to insure than smaller and less efficient electric cars.
In the same way as for internal combustion engines.
As electric cars become more common in Finland, insurance companies will also receive more information about the damage that has occurred.
This enables companies to develop risk-based pricing.