Electric vehicles can be a pain to insure. You can still get insurance for any vehicle in any state but, at a time when motorists already are moaning about expensive coverage, EVs could add to the burden. In the U.S., the average severity of a claim for a repairable EV was $6,066 in the first quarter, nearly 30% higher than for internal-combustion-engine (ICE) vehicles, according to Mitchell, which provides software and data to auto insurers and the collision-repair industry.
Telis Demos is a reporter for The Wall Street Journal, specializing in Wall Street, banking, and money. He is a regular contributor to the Heard on the Street column and his work has also been featured in Financial News. Telis provides insightful analysis and reporting on the private credit industry, private equity, and the financial sector as a whole.