More than 15 countries and economic blocs, including large markets such as the European Union, the United Kingdom and Japan, have already started a race for electric vehicles. The ultimate goal is that by 2035 all new cars sold will be 100% electric. However, the cost of taking out insurance has been one of the major obstacles to the massive increase in sales, warn DBRS Morningstar analysts in a note to which Negócios had access.
“Buyers are already faced with higher purchase costs for electric vehicles compared to combustion cars, and they also have to contend with the high cost of insurance,” they say. As the amount of data available – about car durability, maintenance and repair costs – increases – the world’s insurers “will have to adapt to the rapid speed of adoption [destes veículos] through a proactive review of pricing models”, argue DBRS experts.
The increase in insurance prices has been justified by the cost of electric vehicles, as they are more expensive to repair and, equally, because there are fewer workshops for this purpose. This issue is also relevant for car manufacturers, at a time when the main focus has been gaining market share, warn analysts from the rating agency.
In response to this scenario, some car manufacturers have created their own insurance solutions, through “subsidiary insurers or partnerships with niche insurers”.
“This is a trend that could gain momentum, changing the landscape of private car insurance in the future, with some premiums being transferred to the insurance subsidiaries of major electric vehicle manufacturers or to niche car insurance companies that offer exclusive coverage to tram manufacturers”, they conclude.
Tags: Insurance cost limits increase electric car sales Automobile
