Insurance Companies Realize What Is Happening with EVs – Things Could Soon Get Expensive. Oh my, yet another problem with electric vehicles. We can’t blame them for the extraordinary costs to repair them, or how easily they’re totaled out. Toss in a shortage of charging stations, a battery range that doesn’t live up to what is advertised, and we have to ask why is anyone going for this nonsense.
Market Watch added that coverage for EVs are “anywhere from 10 percent to 135 percent” higher than the national average depending on which EV you want to insure.
While there are fewer components at risk of breaking down in an EV, the parts that do require repair or replacement are much more expensive. This is especially true if an EV’s battery pack is damaged. ConsumerAffairs found that the average cost to replace an EV battery ranges from about $4,500 to nearly $18,000.
“EV owners also face a shortage of qualified repair shops and technicians,” Market Watch reported. “The specialized training required to repair electric vehicles means fewer available options and higher charges for customers when repair needs arise. All of these factors drive up insurance costs for EV drivers.”
