From NOT A LOT OF PEOPLE KNOW THAT
By Paul Homewood
h/t Paul Kolk
And in but extra unhealthy information for the EV rollout:
John Lewis has stopped providing insurance coverage to electrical automobile drivers amid fears over the price of repairs.
The division retailer’s lending enterprise John Lewis Monetary Companies has put a short lived pause on prospects taking out cowl or renewing present insurance policies on battery-power automobiles whereas its underwriter, Covéa, analyses dangers and prices.
Insurers are going through rising prices for automobile repairs, that are consuming into income. In keeping with the Affiliation of British Insurers (ABI), automobile restore prices rose 33pc over the primary quarter of 2023 in comparison with 2022, serving to to push annual premiums to document highs.
Electrical automobiles might be notably costly to restore, costing round 1 / 4 extra to repair on common, in comparison with a petroleum or diesel automobile, based on Thatcham Analysis, the motor trade’s analysis centre.
Specific worries encompass the batteries, that are generally mounted on the ground of the automobile. This placement could make it extra possible that will probably be broken even in a minor accident equivalent to mounting a kerb.
In keeping with Copart, an public sale platform, round half the low-mileage electrical automobiles it has salvaged have suffered minor battery injury.
The battery can be typically the most costly a part of an electrical automobile and might account for as a lot as 50pc of the automobile’s worth, costing between £14,200 and £29,500.
