Electric vehicle insurance gaps spark cost shock for Aussie drivers
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📰 Article Summary
Electric vehicle (EV) owners in Australia are facing significantly higher car insurance premiums compared to those with hybrid models, according to recent analysis by Compare the Market. The average annual insurance for battery-electric vehicles (BEVs) is $2,134, while hybrid and plug-in hybrid electric vehicles (HEVs/PHEVs) average $1,650 as of March 2025. Premiums for popular models such as the Tesla Model 3 and Model Y are particularly high, reaching averages of $3,334 and $3,110, respectively. Factors contributing to these costs include the complexity of repairs and the expense of specialized parts required for EVs. Conversely, hybrid models like the Hyundai Kona Hybrid and Toyota Corolla Cross GX Hybrid offer more affordable insurance rates, although variability exists within this segment as well.
Concerns inhibiting broader EV adoption include the need for enhanced training in diagnostics and battery management, highlighted by industry expert John Bright, with 66% public support for a national EV technician training program. Additionally, safety worries regarding battery fires persist, with a majority of Australians expressing concerns over charging risks and advocating for regular battery condition checks. Sustainability issues are also prominent, as many are apprehensive about battery disposal and current reuse solutions, with only 30% expressing confidence in existing options for battery recycling.
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Industry news and developments can significantly impact car insurance premiums and coverage options. National Cover keeps you informed about important changes that could affect your policy, helping you make educated decisions about your motor vehicle protection.
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