Less damage and higher costs

In contrast to motor vehicle liability, fully comprehensive tariffs also cover damage to your own car, which is why electrical-specific repair costs are much more significant with these tariffs than with combustion engines. According to figures from the General Association of the German Insurance Industry (GDV) from July 2024, repairing damage to an electric car costs on average a quarter more than a comparable combustion engine. At the same time, however, electric cars are less prone to repairs and their drivers are more careful: electric car owners report an average of 20 percent fewer damages than owners of gasoline and diesel cars. The legally required motor vehicle liability only covers damage to other people’s cars and other property; according to GDV, there are only minor price differences in this category.

Calculating the risks of electric cars

“The higher costs and the more precise risk assessment are now reflected in the insurance tariffs,” said Wolfgang Schütz, Managing Director of Verivox Versicherungsvergleich GmbH. According to Verivox, the higher average costs do not mean that every single combustion engine would be cheaper to insure. According to Verivox, the framework conditions in the model calculations were identical apart from the vehicle: the driver was a 40-year-old resident of the Westphalian city of Münster with an annual mileage of 13,000 kilometers and no-claims class 10. As an online broker, Verivox sells insurance contracts via its portal; the evaluation included around 400 tariff offers from over 70 insurers. (With material from dpa.)