Marina Webster t/a Its Insured is an Appointed Representative of Momentum Broker Solutions Limited. Momentum Broker Solutions Limited is Authorised and regulated by the Financial Conduct Authority under reference number: 526435

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insight & latest news!.

23.05.2025

What HAS the insurance industry learned in recent years regarding Electric Vehicles and how will this impact your insurance premiums?

This subject may be seen as contentious particularly from governmental bodies and manufacturing corporations both globally and here in the UK given the drive for the 'environmentally friendly' and 'agendas'. However, what we would like to do is give an unbiased overview of what has been realised so far within the insurance industry and the genuine financial impact Electric Vehicles are having not only within the insurance industry but upon owners of such vehicles, we are also aware of environmental impacts, we do agree there are Pro's and Con's and we will continue to update this page based upon industry statistics, global factors, technology updates and environmental information obtained etc:

INCREASE IN INSURANCE PREMIUMS: - Electric Vehicles typically have higher insurance premiums than petrol/diesel vehicles due to higher purchase values, battery costs, and specialised repair requirements.

INCREASED CLAIMS COSTS: It is a fact that insurance claims have increased significantly with EV's, this has been clearly identified within the insurance industry! The reasons so far identified (based upon claims made) in respect of electric vehicles (EVs) claims in the UK is due primarily because of higher repair costs, particularly for EV-specific components like batteries and electric motors. These components are often more expensive to repair or replace compared to traditional ICE vehicles, and the limited availability of qualified technicians and repair facilities further exacerbates the issue.

Its Insured are closely monitoring the impact that EV's are having both environmentally and financially to ensure you remain up to date with current insurer feedback and to provide the best advice and comprehensive insurance products which suit your needs, we all know that just about everything is increasing and it would be very easy to 'make excuses', that is not our policy, that is why we remain completely transparent regarding all of the products that we advise upon and we make every effort to understand 'market trends' and 'price increases', EV's are one such product! We take the time to evolve and understand wherever possible the concerns and issues you are faced with as we are equally facing the same concerns and increases in premium.

Coming soon - Another 'area whether personally or professionally' which is being critically attacked at the moment and one which we would like to provide more detailed information about is: Cyber Liability: We would like to give a more detailed explanation of what cover is provided and how Cyber Attacks and Cyber Crime has the potential of significantly impacting your business. We will also be exploring what GDPR and other regulatory requirements are in respect of Data Protection, Data Storage, employee records etc. Cyber Insurance has evolved significantly in recent years and continues to do so given the high level of threat! if you don't currently have Cyber Liability and you store third party information, I would recommend you explore and obtain advice.

Should you require a quotation, advice or further information for any of the products mentioned, please do feel free to contact us with any questions.