Electric vehicle (EV) owners in Canada may see their insurance rates increase in the coming years.

Possible reasons for the increase in insurance premiums:

High cost of repairs: electric cars have more expensive repairs than gasoline and diesel cars due to specialized parts and complex technology.
More risks: Electric cars have more risks than gasoline and diesel cars due to battery fires.
Lack of data: There is still insufficient data on the accidents and risks of electric cars, which makes it difficult to determine accurate insurance rates.
The impact of this issue:

The increase in insurance premiums can prevent some people from buying electric cars.
This could be detrimental to the electric car industry.
Possible actions:

Insurance companies can determine insurance rates more accurately by collecting more data about electric cars.
The government can make the purchase of electric cars more affordable by providing financial incentives.
 

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