EVs cost 20 per cent to 22 per cent more to fix than comparable internal combustion engine (ICE) vehicles, according to U.S. data from Opus IVS, which provides services for the insurance and repair sectors.
Front-end collisions cost between US$3,000 and $4,000 (C$4,000 to $5,300) more than for comparable ICE vehicles, said Kevin FitzPatrick, Opus IVS’ operations vice-president for North America.
“We see data on the North American side, so you can extrapolate from that the Canadian stuff,” FitzPatrick said.
In the United States, insurance premiums average about $100 more a year for EVs than for ICE vehicles, FitzPatrick said.
“We are starting to see rates increase significantly on EVs,” said Bill Harbottle, president of Jim Pattison Auto Group, which has more than two dozen importbrand stores in western Canada. “There is a higher tendency to write off if there is any damage to batteries, which are extremely costly to replace.”
Canadian insurers contacted by Automotive News Canada declined to comment on premium differentials.
BIG HIT TO REPAIR BILL