Electric cars could significantly impact the automobile insurance landscape. A recent study establishes a direct link between the price of premiums and a crucial parameter: the complexity and cost of repairs, particularly those related to the battery.
The Heart of the Problem: The Battery and Its Repairability
The main identified challenge lies in the repairability of electric vehicles, and more specifically their battery in case of failure or accident. Unlike traditional mechanical parts, a damaged battery is often extremely costly to replace and difficult, if not impossible, to repair on an individual basis.
A Significant Economic Imbalance
The study highlights a major imbalance: the percentage of the battery’s value relative to the total value of the vehicle is very high. This proportion can represent up to 40% or 50% of the price of a new car. In the event of a claim, the cost of replacing the battery therefore becomes a predominant factor in the calculation of compensation, which mechanically impacts the amount of insurance premiums for all owners of these vehicles.
The Consequences for Insurers and the Insured
Faced with this new risk, insurance companies must revise their actuarial models. The frequency of claims might be lower due to simplified mechanics, but their financial severity, on the other hand, is potentially much greater. This new situation will likely lead to an adaptation of pricing grids, with an increase in premiums to cover these emerging technological risks.