Car buyers may still expect to pay a premium when buying an electric vehicle, but they may be hit in the pocket with a more unsuspecting charge according to new UK research. This has found a big disparity between EVs and traditional petrol and diesel models when it comes to insurance costs. 

Vantage Leasing has found that EVs cost an average of 14% more to insure than equivalent petrol or diesel vehicles and EV cover can be as much as 37% higher in some cases. The data suggests that higher insurance premiums could work against one of the main selling points of EVs, which is overall cheaper running costs.

It is thought that higher premiums are mainly as a result of insurance companies being over cautious in estimating the cost of EV repairs. However, as companies obtain more EV repair data this cost should come down.

In the long term it is also argued that EVs will actually be easier to repair because they will have less complex moving parts than cars powered by traditional engines, while the expensive battery is generally very well protected. This should see EV insurance premiums coming down as sales of the vehicles increase.