The Insurance Bureau of Canada says insurance costs for EV vehicles are higher than typical vehicles, largely because repair costs are higher.

The Vice President of the Insurance Bureau of Canada for Ontario and Atlantic, Amanda Dean, says EV repairs tend to be more costly, and that’s usually reflected in coverage costs.

Those costs are higher because parts and components are pricier. Not only that, but the availability of certified technicians is limited, also driving up repair costs. “Those things would feed into the cost to insure an EV compared to another vehicle.”

However, the insurance industry is watching trends as the technology evolves and parts and technicians become more readily available.

“We recognize this is new technology, it’s going to improve, it’s going to get better, it’s going to change. So insurers will continue to monitor the claims experience and adjust premiums as dictated by that experience.”