Chinese electric vehicles have flooded the UK auto market, offering lower prices than competitors like Tesla. However, higher insurance rates caused by extensive repair times are undermining this affordability.
UK garages face long waits for Chinese EV parts, leading some insurers to write off vehicles entirely. The logistical gap stems from a scarcity of replacement parts, poor coordination with insurers, and Chinese manufacturers' limited technical knowledge of new EVs, according to City A.M.
Andy Moody, founder of broker Goshorty, said: 'Whilst the quality of the cars themselves is excellent, the failure of manufacturers to provide a steady stream of replacement parts is effectively pricing out a huge portion of British motorists from owning a Chinese EV.'
Some insurers have stopped covering Chinese EVs altogether, reports InsideEVs. Moody added that a ready parts supply and more repair training would lower premiums.
UK data shows the average EV insurance premium rose to £1,344, 50% higher than a year earlier, according to the Institute for Energy Research. Meanwhile, car rental giant Hertz sold 20,000 electric cars due to higher crash rates and repair costs.
