Electric vehicles (EVs) typically remain more expensive to insure than combustion-powered and hybrid vehicles, according to claims data from insurance company Youi. The insurer has provided data showing the median premium for EVs, hybrids and combustion-powered (ICE) vehicles across model years 2022, 2023 and 2024. Interestingly, in most cases Youi’s data shows hybrids are cheaper than not only EVs to insure, but also solely combustion-powered vehicles.
That’s despite hybrids having a battery like an EV (if much smaller), as well as a combustion engine. 100s of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal.
Browse now . “When looking at the different in overall average pricing, we see this difference is more about the mix of customers that choose a hybrid vehicle compared to a petrol vehicle, their age, driving experience, location etc,” explained Marni Jackson, Youi’s head of product for vehicles including cars and motorcycles. “We find younger drivers (under 25) are more likely to have a petrol vehicle compared to a hybrid vehicle.
” A driver’s age is just one of several factors that can affect your insurance premiums , with Youi noting others include your driving history and where you live. The data below shows the median premiums based off vehicle quotes from August 1, 2023 to July 31, 2024. Youi has included only model years 2022, 2023 and 2024 as these account for the majority of EV quotes.
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