20% rising cost of EV insurance 2025

EV Hesitation: Costs and Insurance Concerns call goodrates.ca 647.889.4663 for more info The provided text highlights the growing apprehension among Canadians regarding electric vehicle (EV) ownership, primarily due to escalating costs. A survey indicates that despite governmental pushes for zero-emission vehicles, a significant portion of Canadians are hesitant or have no plans to purchase an EV, citing concerns over affordability and long-term ownership expenses. A major factor contributing to this hesitation is the rising cost of EV insurance, which has surged much higher than traditional vehicle premiums. This increase is attributed to expensive EV repair costs, particularly for battery damage, which can lead to vehicles being declared total losses more frequently than gasoline-powered cars.