EV drivers will pay over £1.1k for car insurance in 2024

The average annual car insurance cost for EV drivers is expected to be approximately £1,150.46 next year, according to research from Vanarama.

The study by car and van leasing company Vanarama has analysed how much job title affects your EV insurance for the past two years.

Vanarama has used an average driver profile to look at 2024 car insurance premiums for 100 job titles across EV drivers, to see how much your job title affects the price you pay.

The average annual car insurance cost for electric vehicle (EV) drivers is expected to be approximately £1,150.46. Not only that but for those that have recently switched to an EV, each and every worker will face higher insurance expenses for insuring an EV compared to a petrol or diesel car, with the average cost increase for switching to an electric car amounting to £536.55 per year.

There will be a significant increase in EV insurance premiums, with an average rise of 129% compared to the previous year. This means that EV drivers are now paying more than double the insurance costs they incurred in 2023.

Chefs pay £1,565.83 for EV insurance, more than any other workers

Chefs will pay the most for insurance than any other workers, paying £1,565.83 in 2024, up a massive 138%. Social workers come in next, with insurance expenses of £1,505.87 for the upcoming year, another huge rise to a 130% surge from the previous year’s £655.68. The third spot is occupied by physiotherapists, who will experience a 136% increase in their 2024 premiums, rising from £625.96 to £1,479.03.

If we look solely at the percentage increases, we can see that people working in sales are about to be stung the worst. Their EV insurance is set to increase by an astronomical 185% from the previous year. Sales workers are currently spending around £471.29 on EV insurance, which is set to explode up to £1,365.98.

At the other end of the leaderboard, secretaries will be pleased to discover that they will be paying the least for EV insurance in 2024. It is estimated that secretaries will pay around £954.09, but as with all the sectors, that has risen from £445.56 in 2023, which is a 114% increase.

The Accommodation & Food Service sector will pay the most for EV Insurance at £1,492.54 per year

Unfortunately, those people working in the accommodation & food service sector will have to pay the most for EV insurance at £1,492.54. This is up from £644.22 the year prior. A 132% jump. Behind them come those working in the financial & insurance activities sector. EV insurance will cost around £1,358.87, up a whopping 153% to £536.38. Third are the Human Health & Social Work Activities workers who’ll need to pay £1,282.78 for EV insurance in 2024. This is up at an even higher rate of 165% from £483.55.

Public admin, defence & social security is the least costly sector for EV insurance in 2024 according to our data. Workers in this sector will need to pay £1,017.12, which is still up 115% from £472.39 the year prior.

Other key findings:

• Traders will pay £744.02 per year, the most for petrol car insurance in 2024

• Graphic Designers have had the biggest increase in their petrol car insurance, a massive 66% increase

• Those working in HR will see the smallest increase to their premium, only seeing a 22% increase lifting the cost from £435.27 last year to £529.16.

• Wholesale, Retail & Repair Of Motor Vehicle sectors top the premium leaderboard with £657.58 insurance per year, while People in the Accommodation & Food Service sector will pay the most for EV Insurance at £1,492.54 per year