Motorists reluctant to go electric: As insurance proves 54% more expensive

57% of those questioned said they were not planning to go electric with 8% claiming they will only make the switch before the 2035 deadline set by the government.

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78% said they are not looking forward to the switch to an electric vehicle with only 9% saying they intend to make the switch within the next two years. A fifth (19%) say the switch will have to wait 2-10 years.

By 2035 all newly registered cars in the UK will need to be electric or zero emission vehicles. Petrol and diesel vehicles will no longer be for sale.

By 2030 80% of new cars sold in Great Britain will be zero emission with that figure reaching 100% by 2035.

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These changes fall under the Zero Emission Vehicle Mandate (ZEV) which sets out the percentage of new zero emission cars manufacturers will be required to produce each year up to 2030.

Questioned on why they’re not prepared to make the switch to electric earlier, over a third (36%) of respondents said the cars were too expensive with one in five (21%) saying the charging infrastructure wasn’t good enough - with over 62,000 charging points across just under 33,000 charging locations in the UK.

Other reasons included concerns over mileage (11%), the cost of installing a home charging device (4%) and high insurance costs (2%).

Of all engine types, insurance costs are normally highest for an electric vehicle, currently averaging around £996 annually – that’s 54% more expensive than the average petrol vehicle and 13% more expensive than this time last year. While diesel and petrol insurance premiums look to be starting to decrease slightly throughout 2024 – electric premiums continue to remain high.

Jan 2023 – June 2024

Electric vehicle owners will also be required to pay vehicle tax from April 2025 – currently they are exempt.

Greg Wilson, CEO and electric car insurance expert at Quotezone.co.uk said: “These findings highlight a significant reluctance amongst UK motorists to transition to electric vehicles, despite the fast-approaching deadlines.

“The hesitation is understandable, based on the cost of electric vehicles and the current charging infrastructure. The average new electric car in the UK is estimated to be around £50,000, that’s over £10,000 more than the average medium-sized petrol car such as a Ford Focus.

“There are also additional costs to take into account including higher insurance premiums and now vehicle tax.

“The challenge over the coming decade will be to address these concerns and support motorists in the transition to electric vehicles. The future of motoring is electric, but we have some way to go before we achieve the ambitious targets that have been set.”

References:

https://www.gov.uk/government/news/pathway-for-zero-emission-vehicle-transition-by-2035-becomes-law

https://www.quotezone.co.uk/car-insurance/guides/electric-car-statistics

https://www.zap-map.com/ev-stats/how-many-charging-points

​SURVEY - Quotezone.co.uk's findings are based on a randomised survey of 1,000 respondents across the UK during June 2024, which represents a margin of error of approximately 5% at a 95% confidence level.

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This article is intended as generic information only and is not intended to apply to anybody’s specific circumstances, demands or needs. The views expressed are not intended to provide any financial service or to give any recommendation or advice. Products and services are only mentioned for illustrative rather than promotional purposes.

Radiotimes.com is published by Immediate Media Company London Limited, a wholly owned subsidiary of Immediate Media Company Limited. Immediate Media Company London Limited is an Introducer Appointed Representative of Seopa Ltd (trading as Quotezone)