John Lewis stops insuring electric cars over repair cost fears
OCTOBER 1, 2023
tags: Electric Cars
By Paul Homewood
And in yet more bad news for the EV rollout:
John Lewis has stopped offering insurance to electric car drivers amid fears over the cost of repairs.
The department store’s lending business John Lewis Financial Services has put a temporary pause on customers taking out cover or renewing existing policies on battery-power vehicles while its underwriter, Covéa, analyses risks and costs.
Insurers are facing rising costs for vehicle repairs, which are eating into profits. According to the Association of British Insurers (ABI), vehicle repair costs rose 33pc over the first quarter of 2023 compared to 2022, helping to push annual premiums to record highs.
Electric cars can be particularly expensive to repair, costing around a quarter more to fix on average, compared to a petrol or diesel vehicle, according to Thatcham Research, the motor industry’s research centre.
https://notalotofpeopleknowthat.wordpress.com/2023/10/01/john-lewis-stops-insuring-electric-cars-over-repair-cost-fears/
