Electric car owners face ‘roughly half’ the running costs of petrol and diesel models07/27/2021
Jacob Rees-Mogg meets with electric car campaigner
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New data from the group found ruining an electric model was 47 percent cheaper than traditional models as drivers made massive savings on insurance, fuel, MOT and tax charges. Figures from Compare the Market show electric vehicles cost an average of £1,091 to run over 12 months.
This is compared with more than £2,000 for a traditional petrol model in a difference of £971.
Dan Hutson, head of motor insurance at Compare the Market, said electric car owners would “benefit from substantial savings” on the road.
He said: “The popularity of electric cars continues to accelerate as these vehicles now make up around one in ten new car sales.
“Motorists who’ve made the switch will be glad to see our figures show electric vehicles cost roughly half as much to run as their petrol alternatives.
“These drivers benefit from substantial savings in fuel bills, insurance and tax – as well as doing their part for the environment.
“Electric car owners could save even more on running costs if they shop around for the cheapest deal when their insurance premium comes up for renewal.
“These drivers may also want to think about switching to a new Electric Vehicle Tariff for their home energy.
“EV Tariffs are designed to help motorists cut their energy bills by making it cheaper to charge electric cars overnight.”
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According to Compare the Market, the cost of driving an electric car has fallen by £77 in the past six months.
Analysis shows electric car insurance is priced at an average of £583 compared with £640 for petrol drivers.
Electric car owners can save a massive £759 on fuel with charging set to cost around £454 per year compared to £1,200 to top up a vehicle with petrol.
Motorists can also save an average £155 road tax bill when switching to an all-electric vehicle.
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