Insurers See California EV Sales Trends Driving Rate Filing Approval Urgency

Insurers See California EV Sales Trends Driving Rate Filing Approval Urgency

Vehicle pricing was a major concern during the inflationary environment that dominated headlines in 2022, however a new report shows sales of electric vehicles in California rose by more than 50% last year from 2021 with an estimated increase in market share of 17.1%.

That’s good for EV makers and dealers, and it looks good for the environment, but insurers doing business in California may be eyeing the bottom-line implications.

One major insurer in California reports EVs are more costly to repair, while the carrier’s share of customers with EVs has increased over time.

To read more, see the Insurance Journal.

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