EV insurance market remains challenging, says provider

Repair costs and shipping issues affecting market

The insurance market continues to face headwinds in relation to policies for electric vehicles.

The Island's largest insurer, Tower, says it still offers terms for EVs and hybrids but each quote will be different.

Quotes will depend on factors such as type and age of vehicle, age of drivers, use of vehicle, claims history, and a number of other ratings factors.

A Tower spokesman told Manx Radio repair costs and shipping challenges are industry wide and are affecting the market both here and in the UK.

He said different insurers may offer different terms and Tower will not always be the best choice for every customer, all of the time, despite trying to accommodate customers wherever they can.

Meanwhile Tower continues to work with all stakeholders, including government, to address the issues.

The issue of premiums for EVs was raised recently when a local driver was quoted £12,000 for a luxury EV through a local broker. 

He later obtained another quote for £2,600 using a UK insurer.