Rising repair costs are pushing up insurance claims faster than premiums in the electric vehicle (EV) market, raising concerns about long-term affordability. Industry analysts note that while EVs are generally cheaper to insure due to lower accident risks, the expense of replacing high-tech components and batteries is straining insurers. The shift toward EVs may force insurers to adjust pricing models as repair bills outstrip traditional cost expectations. Experts warn that without changes, EV owners could face higher out-of-pocket expenses despite lower premiums.
EV insurance claims outpace premiums as repair costs climb Korea JoongAng Daily
