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What's the cost of insuring an EV?

www.odt.co.nz·Saturday, May 30, 2026·4 months ago
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Higher repair and specialist costs can push up insurance on EVs. Photo: Getty Images Susan Edmunds of RNZ Buyers have been snapping up electric vehicles as the cost of fuel increases, but there's a warning that insurance could be pricey. Justin Lim, chief executive of insurance comparison site Quashed, said electric vehicles would generally cost more to insure than petrol or diesel cars, but there could be a lot of variation between models. He said across the case studies he used, EV insurance premiums were anything from 6% to 38% higher than their petrol or hybrid equivalents. For a 30-year-old in Auckland, a Tesla Model Y would have an average annual insurance cost of $3261, about 38% higher than a Subaru Forester at $2370, and 29% higher than a Toyota Rav4 Hybrid, at $2521. A BYD Atto 3 electric vehicle would cost $2486 on average to insure a year, 18% more than a petrol Mazda CX-5. Lim said the difference was driven by factors such as higher repair and specialist costs.…

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