2024-03-12 11:00:55
Electric car: British companies are reluctant to insure Chinese models
In the UK, owning a Chinese electric car could well become a real financial headache. With the rise of Chinese vehicles among our neighbors across the Channel, British insurance companies are becoming increasingly cautious about insuring these models. In the sights of insurers? Spare parts from these manufacturers. Indeed, as with Tesla, only a few garages are approved to carry out repairs on vehicles from manufacturers such as BYD (become the world’s leading exporter ahead of Tesla) and GWM Ora 03.
On the other hand, and even if the United Kingdom represents the leading European market for Chinese manufacturers, the latter are not yet well established in the country. In other words, delivery times for specialist spare parts are much longer than those of other brands and there is a real lack of specialist labor. Consequence: repair costs are higher, which de facto affects the price of insurance premiums, and companies are reluctant to insure these models.
A trend that could be exported across the Channel?
Generally speaking, insurance premiums for electric cars, whether Chinese-made or not, are higher than those with a combustion engine. This is mainly due to the batteries of electric models which are extremely expensive to repair: count on more than 8,000 euros for a battery of the Renault Zoé model, and up to 23.000 euros for that of Tesla’s Model 3!
With the rise of the electric car market in Europe, due to the ban on the sale of thermal vehicles in 2035, it is very likely that French insurance companies will increase the price of insurance premiums. On the other hand, it does not seem that they are reluctant to insure Chinese electric models. Their insurance criteria focus not on the logistics of spare parts, but on the driver profile, type of cover, make, model, age of the vehicle and where the vehicle is parked.
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