Premiums for EVs still relatively high as insurers struggle to price risk
But experts believe that as more turn to EVs, these and other challenges with owning EVs will eventually decrease
Paying higher insurance premiums, finding fewer online quotes and facing inconveniences when sending their electric cars for repairs — these are some hurdles electric car owners in Singapore have had to go through as early adopters of this more sustainable form of transport.
These problems point to a disconnect in the electric vehicle (EV) ecosystem here: while great efforts have been made to encourage EV adoption, with plans to improve the infrastructure and financial incentives doled out by the Singapore government, the insurance market has not yet caught up.
Based on checks done by The Business Times, the insurance premiums for electric cars are distinctly higher than comparable combustion engine models, and even higher for Teslas. Electric-car owners shopping on t…
A NEWSLETTER FOR YOU
ESG Insights
An exclusive weekly report on the latest environmental, social and governance issues.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
GM CEO Barra compensation fell 4% in 2023 to US$27.8 million
Boeing reports first revenue drop in 7 quarters as deliveries decline
Volkswagen to keep China market share stable as price war rages
COE quota for May-July up 2.7%; passenger car categories rise despite less cut-and-fill
Tesla profits tumble but shares rise on new vehicle plan
Volvo Cars see good demand this year after higher Q1 unit sales