Canadian drivers seek more clarity as electric vehicles charge forward
Canadian drivers seek more clarity as electric vehicles charge forward | Insurance Business Canada
Insurance News
Canadian drivers seek more clarity as electric vehicles charge forward
Survey highlights need for more education and support
Insurance News
By
Mika Pangilinan
The electric vehicle (EV) revolution is charging ahead. Still, Canadians need a boost in their knowledge about EV ownership, insurance implications, and infrastructure needs, according to a recent survey from BrokerLink.
The survey, which involved 2,000 Canadians aged 18 and over, found that 71% of respondents who currently own gas-powered vehicles are reluctant to part with them.
Respondents also cited doubts about long-term cost benefits and concerns about higher insurance premiums for EVs.
Key considerations for EV adoption
Even so, 59% of Canadians without an EV expressed enthusiasm about driving one in the future. The same proportion of respondents said they would consider purchasing an EV for their next vehicle.
When deciding to make the switch to an EV, those surveyed reported the following as their top considerations:
Availability of charging infrastructure
Cost savings on fuel and maintenance
Concerns about the driving range of EVs
Auto insurance implications
Government incentives or rebates
Amid these considerations, 64% also expressed a desire to drive an EV primarily for environmental reasons, citing a reduction in carbon emissions as a key motivation.
Auto insurance implications
BrokerLink’s survey also showed that only 24% are familiar with EV auto insurance policies.
A fifth of respondents (20%) said they do not expect any benefits from EV auto insurance policies. Those who did expect them cited the following benefits:
Coverage for battery-related repairs
Charging equipment or infrastructure
Additional coverage for specialized EV components
Lower insurance premiums than gasoline-powered cars also garnered significant interest among those surveyed.
“The survey findings suggest there are significant gaps in people’s understanding regarding the adoption of EVs in Canada,” said Grant Clarke, vice president of national personal insurance at BrokerLink.
“As we move towards the EV era, we wanted to capture insights to better understand Canadians’ sentiment towards EVs and gauge their knowledge around auto insurance policies for this vehicle type, which is why we commissioned the survey.”
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