Despite a slump in car sales during the pandemic, ING Group expects care sales to rebound by 8% in 2021.
However, EV insurance premiums are typically higher than those of other cars, demonstrating that they are riskier for insurers than being bound by a policy for a comparable ICE vehicle. This is because EVs are more expensive to repair – few workshops are qualified to fix them, parts are costly and unibody construction techniques lead to more cars being written off following low-speed crashes.
Nonetheless, David Williams, managing director, underwriting and technical services at AXA, finds that there has been an increase in the take-up of EVs. It’s slow but it’s progressing. He adds: “If you want to buy an EV, it’s more expensive than the internal combustion engine version. This will change – when you build more of something, the price comes down.”
Due to editorial and corporate mergers, this article is no longer available online.
Client: InformaTech, published by TU Automotive on 12 May 2021. Author/Journalist: Graham Jarvis.


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