EV owners likely to pay higher insurance fees, here’s why

A new report from a credit rating service suggests electric vehicle owners will likely have to pay higher insurance premiums in coming years.

The primary concern? That EV batteries live on the undercarriage of vehicles. “If one gets damaged, even for a minor collision, it may have to be replaced and the cost is significant,” Victor Adesanya, from credit-rating service Morningstar DBRS said.

The revelation comes as the Canadian government has set targets to get auto dealers to sell more zero-emission vehicles over the next decade.

Global’s Kyle Benning reports.

For more info, please go to https://globalnews.ca/news/10296504/ev-insurance-rates-canada/

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