Youi says its research shows cost concerns are slowing the uptake of electric vehicles.

The insurer found about 56% of Australians believe EVs are more expensive to cover than petrol or diesel cars – but its quoting data suggests otherwise.

“There’s a lot of misinformation out there,” head of product for vehicle and leisure Marni Jackson said. “When comparing Youi’s insurance premium data, EVs and regular vehicles often fall within the same initial price range, before comparing individual circumstances.

“The good news is, the more people get to experience EVs, the more confident they become in these vehicles.”

Other factors discouraging EV take-up include purchase costs, with 53% listing it as a barrier; home charging station installation costs (48%); and availability of public charging stations (47%).

“The research shows that while many Australians are still uncertain about EVs, they’re actively considering them,” Ms Jackson said. “In fact, 69% say they need more information before they feel confident purchasing, yet 55% also say sustainability is a key factor in decision-making.” 

Youi says EVs have made up just 2.78% of its vehicle quotes this year.