Random EV thoughts.....

Price walking is still very much a thing, especially with many insurers locking you in by offering discounts for multiple policies in the same household

Agree with shopping around, but you also need to consider the "loyalty" discounts you can lose

Incidentally I find the term loyalty discount amusing since they're acknowledging that their customers loyalty is for sale 😂

Realistically the cost of insurance is down to the cost of repair/replacement and the probability of something going wrong, nothing else

EVs may have justified a premium in the past since they're more expensive, however they're quite close to ICE nowadays so that doesn't make much sense

There's probably some argument that they're harder to repair due to difficulties sourcing parts. In the case of Tesla, they've been difficult to repair in the past with the percentage of aluminium in the frames (bodywork shops need different equipment for aluminium than steel) so that could feed into repair cost

However insurers seem to be quick to write off vehicles rather than repair them so I'm not sure the repair costs would be a significant factor either

It's likely a combination of general price increase, internet BS and good old fashioned price gouging

At the risk of going OT I'd say it's a problem across all consumer goods nowadays

Pretty sure car manufacturers only do repairs because they know they couldn't get away not doing them

After all, if you sell a car and then the buyer crashes it and has to get a new one, then that's two sales for the effort of one

Algorithms. I do similar for loss prevention and budgeting/pricing (not in insurance space though).

Their pricing mechanism will look at the car type and subtype (in conjunction with other factors like age, location, stated KM, penalty points etc) and give a price for that combination, based on past losses and predicted future losses. Large part of the number will be past claims (so a claim factor - simple binary will there be a claim YN) and then a loss given claim factor (ie IF there's a claim, how much will it cost). It's actually the case that some fast/interesting cars can be cheap to insure if replacement parts are easy and cheap to come by (relative to value of car) and there are not many historical accidents for the driver cohort and that car cohort. Aston Martins are often quite cheap relative to their competitors, for instance, as their drivers are usually affluent older men who take care of their cars and don't crash them.

One would wonder if the change in EVs is in part due to the price reduction, so it's gone from an expensive toy (like the original S and X) for well off older men, to a more widespread affordable product for families. And as such, the rate of accidents and claims increased, and the cost of repair still remains super high compared to an equivalent ICE

I think they have more favorable BIK rates, especially for EVs. I think it's 2% for EVs in the UK.

The only problem I can see is the company wouldnt qualify for the ACCA scheme in that instance, as the company would have to buy the car new.

ACA, accelerated capital allowance? No, we didnt claim that, just depreciating the car over 4 years in line with all our vehicles.