Insurance premiums for electric vehicles (EVs) in the UK are on the rise, potentially slowing down the widespread adoption of these environmentally friendly cars. This increase in premiums could deter potential buyers, especially those sensitive to overall ownership costs.
The Financial Times, a leading financial publication, reported on the issue, highlighting how higher insurance costs could discourage people from switching to electric cars. Industry analysts have pointed to several reasons for the increase, including the higher repair costs associated with EVs and the relative newness of the technology, leading to claims uncertainties.
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