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Insurance premiums for electric cars can go up to S$5,000 a year

Janice Lim

Janice Lim

Published Mon, May 30, 2022 · 05:50 AM
    • The lack of claims data for electric vehicles (EV) due to its small population, costlier components such as the battery and fewer workshops with mechanics trained in EV maintenance and repair are some challenges insurers face while formulating the appropriate level of coverage, said several insurers.
    • The lack of claims data for electric vehicles (EV) due to its small population, costlier components such as the battery and fewer workshops with mechanics trained in EV maintenance and repair are some challenges insurers face while formulating the appropriate level of coverage, said several insurers. PHOTO: REUTERS

    When Caleb Liew started looking for an insurance plan for his Tesla after purchasing it in February last year, he realised that the process was not that simple.

    The usual motor insurers, which readily have online quotes for internal combustion engine cars, were either hesitant to provide quotes or gave really high ones, citing concerns of his electric car catching fire.

    “It was more expensive than my McLaren, it’s more expensive than my Ferrari... So a lot of back and forth... I had to shop around,” said the 29-year-old business development director.

    ESGElectric vehiclesInsurance

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