USD6000 to Insure an Electric Vehicle



ORIGINAL POST
Posted by Ed 10 mths ago
When David did secure a new deal, the annual cost rocketed from £1,200 to more than £5,000.
 
“My insurer was Aviva from July 2022 to July 2023, but when it was coming up for renewal, I received a letter stating that they would not be covering the Tesla Model Y any more,” David says. “I am a member of a Tesla UK owners forum, and lots of other people seem to be having the same issue.”
 
In the Facebook group, members share stories of horror renewal quotes, with increases ranging from 60% (up to £1,100) to a staggering 940% (a jump from £447 to £4,661, according to a screengrab shared by one driver).
 
“I spent weeks on every comparison site as well as trying individual insurers and specialist brokers, but either they wouldn’t cover the car or the quotes were £5,000 or more,” says David, whose only change in circumstance was three points on a licence.
 
Privilege, Vitality, Axa and the specialist broker Adrian Flux were among the brands he found were “unable to insure him at this time” before he nailed down a policy with Direct Line, albeit at a price.
 
https://www.theguardian.com/money/2023/sep/30/the-quotes-were-5000-or-more-electric-vehicle-owners-face-soaring-insurance-costs

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COMMENTS
Ed 10 mths ago
EV Battery Factory Will Require So Much Energy It Needs A Coal Plant To Power It

A new electric vehicle battery factory in Kansas is demanding so much energy that the state is delaying the retirement of a coal plant to make sure the facility has enough power.
 

And environmentalists are not happy about that.

 

The situation reflects an ignored fact about EVs — they require enormous amounts of energy to produce.

 

A 15-pound lithium-ion battery holds about the same amount of energy as a pound of oil. To make that battery requires 7,000 pounds of rock and dirt to get the minerals that go into that battery. The average EV battery weighs around 1,000 pounds.

 

All of that mining and factory processing produces a lot more carbon dioxide emissions than a gas-powered car, so EVs have to be driven around 50,000 to 60,000 miles before there’s a net reduction in carbon dioxide emissions.

 

So, as more factories are built in the U.S. to supply EV manufacturers, there will be higher demands on the grid for power.

 
https://cowboystatedaily.com/2023/09/22/ev-battery-factory-will-require-so-much-energy-it-needs-a-coal-plant-to-power-it/

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Ed 9 mths ago
Electric bus station fire could turn high-rise homes into ‘volcano’, residents warn
 
Calls to scrap £1.7bn development in Edgware driven by fears of ‘thermal runaway’ under flats
 
Local residents are fighting to block plans to build an electric bus garage under a development of thousands of new flats amid fears battery fires could cause a “volcano”.
 

Labour-run Barnet Council is in talks with Transport for London (TfL) and developer Ballymore about the joint £1.7bn project to build 25 tower blocks on top of a proposed underground electric bus depot in Edgware town centre.
 

However, Save Our Edgware, a community group, has warned that residents would be at “severe risk” from electric vehicle batteries igniting, leading to explosive combustion and multi-vehicle fires.
 

In May last year, six electric buses was destroyed in a bus garage in Potters Bar, Hertfordshire, and the entire fleet taken out of service after one caught fire.
 
 
https://web.archive.org/web/20231020161357/https://www.telegraph.co.uk/money/net-zero/electric-bus-fire-threat-risks-tower-blocks-volcano/ 



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Ed 9 mths ago
Auto execs are coming clean: EVs aren't working
 
  • At earnings this week, several auto execs pulled back on EV targets.
  • Dealers have been warning of slowing EV demand for months.
  • "This is a pretty brutal space," Mercedes-Benz's CFO said this week.
 
https://www.msn.com/en-us/autos/news/auto-execs-are-coming-clean-evs-aren-t-working/ar-AA1iU9Rl

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Ed 9 mths ago
Hertz is scaling back its EV ambitions because its Teslas keep getting damaged
 
Rental car company Hertz once envisioned itself as the ultimate EV broker, doling out battery-powered vehicles to business travelers, ridehail drivers, and tech newbies in an ambitious plan to grease the wheels for the EV revolution. The company inked agreements with Tesla and Polestar to buy nearly 200,000 EVs. Tesla’s valuation topped $1 trillion on the news.
 
But like many other aspects of the EV switch, that plan is running into some headwinds. This week, Hertz said it was tapping the brakes on its EV rollout, citing the plummeting resale value of its EVs and the high cost of repair.
 
Tesla has been slashing prices to spark sales as it finds itself wrestling with softening demand and more competition. And repair costs are about double what the company spends on gas car fixes, Hertz CEO Stephen Scherr told Bloomberg.
Part of the problem is linked to Hertz’s plans to rent EVs to ridehail drivers.
 
Of the 100,000 Tesla acquired by Hertz, half were to be allocated to Uber drivers as part of a deal with the ridehail company. And drivers said they loved the Teslas! But Uber drivers also tend to drive their vehicles into the ground. This higher rate of utilization can lead to a lot of damage — certainly more than Hertz was anticipating.
 
Hertz said it tried to mitigate “higher incidents of damage among EV rideshare drivers” by siphoning some of its fleet into its leisure segment. But that didn’t work out as well as the company hoped.
 
“Higher incidents of damage among EV rideshare drivers”
 
“With hindsight, this left leisure over fleeted with EVs,” Scherr said in an earnings call this week. “As a result, RPD [revenue per day] for our electric vehicles in leisure dropped, which contributed to the lower RPD performance for the company in the quarter.”
 
Take this into account: Bloomberg says that factoring out its EV costs, Hertz probably would have met Wall Street’s expectations for the quarter. The company’s stock dropped about 15 percent in the past five days.
 
Price cuts have taken another toll on Hertz. “The MSRP [manufacturer suggested retail price] declines in EVs over the course of 2023, driven primarily by Tesla, have driven the fair market value of our EVs lower as compared to last year, such that a salvage creates a larger loss and, therefore, greater burden,” Scherr said.
 
https://www.theverge.com/2023/10/27/23934691/hertz-tesla-uber-ev-plans-damage-repair-price-cuts

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Ed 8 mths ago
Don't Rent (or Buy) an Electric Vehicle
 
Guest post by an car enthusiast
 
 
On my recent trip to I made the fateful decision to rent a Kia Nero EV. I was in a rush to book the car for a work trip that would take me out of town for about a month. As I was browsing options on Cheaptickets and dreading the cost of a monthly car rental, I saw that Hertz was offering a 40% discount on electric vehicle (EV) rentals compared to internal combustion engine (ICE) vehicles, making them look like a compelling option. While I took the plunge to try my first EV, I had a nagging feeling that this would turn out to be a mess… 
 
 
https://sashalatypova.substack.com/p/dont-rent-or-buy-an-electric-vehicle/ 

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Ed 8 mths ago
Electric car shock: Ontario man told new battery would cost more than $50,000
 

After diagnostic checks, he said technicians determined the battery needed to be replaced.

The quoted cost, including the battery, installation and taxes came to more than $50,000.

https://globalnews.ca/news/10103753/electric-car-shock-50000-battery/

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