Author Topic: Rising Insurance Costs  (Read 1922 times)

Kremmen

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Rising Insurance Costs
« on: June 23, 2023, 02:47:07 PM »
Let's be careful out there !

DAN@ADRIAN FLUX

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Re: Rising Insurance Costs
« Reply #1 on: June 25, 2023, 08:23:36 PM »
Hi.
If anyone ever needs any help with insurance at all then please feel free to drop me a line.
Regards,
Dan.

Kremmen

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Re: Rising Insurance Costs
« Reply #2 on: July 06, 2023, 01:20:17 PM »
More insurance woes :

Electric cars that sustain minor bumps are being kept 15 meters apart in repair yards over fears they might explode, adding to insurance bills.

Government guidelines recommend electric vehicles with damaged batteries should be “quarantined” from other vehicles due to the risk of battery fires. Damaged batteries pose a risk of “thermal runaway” where the energy stored in the battery releases rapidly, creating temperatures of up to 400C.

But the practice threatens to increase costs for the insurance industry by more than £600m, costs which ultimately could be passed onto drivers in increased premiums, according to a report by automotive risk firm Thatcham Research.

It said insurers would need to spend an additional £900m a year on quarantine facilities for damaged cars as a result of the safety measures by 2035, as more battery-powered vehicles take to the roads. The extra costs risk adding £20 a year onto all car insurance premiums, rising to £28 by 2050 when there are expected to be some 360,000 electric cars on the road network.

Just two damaged electric cars can fit into the same space that would otherwise fit 100 petrol or diesel cars, under current the DVLA and Transport Department guidelines.

Adrian Watson, of Thatcham Research, said: “I’ve seen salvage plants with quarantining compounds. Any EV goes straight in there and sits there for a week before they do anything with it.”
Let's be careful out there !

Westy36

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Re: Rising Insurance Costs
« Reply #3 on: July 06, 2023, 01:43:51 PM »
Very interesting post. 

It will be a growing problem in the future for sure. Tesla have just posted record sales  https://www.bbc.co.uk/news/business-66083329 - that's a whole lot of batteries to be made.

Adrian Watson, of Thatcham Research, said: “I’ve seen salvage plants with quarantining compounds. Any EV goes straight in there and sits there for a week before they do anything with it.”

Co-part yards are massive. Given the storage issues, they'll need to increase size soon.

e-bikes and e-scooters are a concern too. Bad news: https://www.bbc.co.uk/news/uk-england-cambridgeshire-66088503. - scary stuff when you consider how many of these are being sold these days.

SouthernExile

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Re: Rising Insurance Costs
« Reply #4 on: July 06, 2023, 05:22:35 PM »
The figure of 360,000 by 2050 in the Thatcham report is for the number of damaged batteries per year, not the number of electric vehicles

Jocko

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Re: Rising Insurance Costs
« Reply #5 on: July 06, 2023, 09:17:30 PM »
The problem with e-bikes and e-scooters is so many of them are bought online from China and other Far East countries and they do not meet UK or EU electrical safety standards.

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