I too would come off the scheme,we are going to order a Mustang in the next couple of days and with the five grand advance payment I was seriously tempted to just buy a secondhand one but the insurance is around £2200 it’s just not financially valuable, I will certainly look again at the end of this lease
I know that insurance varies wildly depending on where you live, but I ran an insurance quote yesterday on a price comparison site on a 3 year old BMW x5 45e. That’s a 389 bhp car and pretty high up on a car thieves wish list. I also had an insurance claim just over 2 years ago (first in decades) so can only claim 2 years No Claims Discount. I held my breath when I pressed the ‘Obtain Quotes’ button and was staggered that the best quote was only £850. I thought that was pretty good, especially as it will reduce each year as my No Claims discounts build back up.
The major reasons for insurers charging more for EV cover is the level of risk providers associate with them, insurers assume repair parts or fully replacing the car will cost them more and lack of skilled technicians available in the UK.
A report by Thatcham Research said, claims for EVs are a quarter more on average than for petrol or diesel vehicles. The report also found damage takes 14% longer to fix, with the high cost of repairing and replacing batteries meaning EVs are more commonly written off.