By Paul Homewood
h/t Patsy Lacey
Owners of some of the latest Chinese electric cars to enter Britain are facing expensive premiums and in some cases are ‘almost uninsurable’ for drivers.
It comes after various reports of Range Rover owners struggling to find affordable cover for their vehicles, which is linked to the fact the luxury SUVs are being targeted by organised criminal gangs who are stealing them to order for illegal overseas exports.
However, the insurance woes faced by owners of Chinese EVs hasn’t been triggered by their vulnerability to theft; instead, it’s a lack of available parts and expertise to repair them that has seen premiums soar in recent months.
A report by automotive title Auto Express found that drivers of BYD and GWM Ora vehicles are facing extremely steep quotes for cover because only a few insurance providers will underwrite them due to the difficultly to fix them.
The motoring magazine highlights the BYD Seal – a sporty electric saloon model that costs from £45,695 in Britain – as one example where owners are facing major difficulties finding cover at an affordable price – or at all.
Auto Express said it had searched leading comparison sites and were only offered three ‘very high quotes’, with the majority of mainstream insurers refusing to provide a price.
We ran our own quotation search using Compare the Market to find out how much it would cost to cover a Seal for a 40-year-old male living in Lincolnshire who keeps the car on a driveway at their property and covers 10,000 miles a year for social, domestic and commuting needs.
The quote was for a sales exec with over 20 years of no claims bonus wanting fully-comprehensive cover.
The cheapest quote was £758 while the most expensive was £4,782. A selection of major providers also refused to quote at all.
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