Scarce parts availability and a lack of repair procedures are driving up the rates to insure Chinese EVs.
Chinese vehicles may be a hot-button issue in the United States, but they're already taking root in Europe. Automakers BYD, Great Wall Motors, MG, and more have attracted buyers due to pricing, value, and surprisingly good quality, but not all that glitters is gold. But reports from several sources allege that the high insurance costs of new Chinese EVs are scaring off some price-conscious buyers, and the reasons why aren't surprising.
In other cases, repairs that would be somewhat routine on any typical European or Japanese brand, have straight-up totaled out a Chinese car. That’s not great news for the insurance rates of Chinese EV models. Thus, some insurance companies are simply opting not to insure these vehicles at all. When drivers can find insurance, the quotes are far more expensive than a typical gas-powered vehicle of the same size and prestige.
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