You’ve taken the plunge and decided to join the growing army of electric vehicle owners, and it’s time to decide which model you might buy, and how much insurance you might pay.
New research from Admiral Insurance has revealed which electric vehicles are the most affordable to insure in the UK, and while EVs have a reputation for being expensive up-front, it is comforting to know that they aren’t that expensive to insure.
The cheapest insurance quote according to Admiral can be found on the MG ZS small SUV, which will cost £376 a year on average, only £1 less expensive than the Hyundai Tucson, which although a hybrid still offers green credentials.
MGs appear to have preferential treatment from insurers, coming in third in the list with the MG5 EV insured at £381 a year. The Ford Kuga hybrid was fourth in the list, and the Volkswagen electric ID completing the top five.
“With the ban on sales of new petrol and diesel cars coming into play in less than 10 years, more people are looking to make the switch to an electric vehicle,” said Clare Egan, head of motor product at Admiral.
“While fuel costs are lower for electric vehicles and they're exempt from vehicle tax, it's no secret that hybrid and electric cars are generally more expensive to buy compared with petrol or diesel alternatives.
“It's therefore important that motorists can work out some of the additional running costs to help find a make and model that's affordable for them.
“Whether you're looking to buy an SUV or smaller run-around town type of car, it's useful to understand how much you might be spending on average on your annual insurance premium before buying a new car.”