Australia's EV boom reaches insurers

Australians' appetite for electric vehicles continues to grow, with NRMA Insurance recording a 72 per cent increase in EV insurance quote requests in September compared with a year ago. The figures follow a record month for EV sales, with electric cars accounting for 24.2 per cent of Australia's new-vehicle market and outselling petrol-powered vehicles for the second month in a row.

The insurance data adds another indicator that Australia's EV market is expanding beyond early adopters.

NRMA Insurance says EV insurance quote requests rose 72 per cent during September and are up 80 per cent year to date.

The increase comes just days after September sales figures showed electric vehicles captured almost one quarter of the Australian new-car market, with more than 26,200 EVs delivered during the month.

EVs also outsold petrol-powered vehicles for the second consecutive month.

NRMA's latest Changing Gears research suggests consumer resistance to EVs is continuing to fall, with only 17 per cent of Australians surveyed saying they would not consider purchasing one.

EVs currently account for around three per cent of NRMA's motor insurance policies.

The insurer expects that figure to rise to about 10 per cent by 2030.

Tesla is its largest EV brand by policy volume, followed by BYD, MG, Hyundai and BMW.

An estimated 500,000 battery-electric vehicles are now on Australian roads, representing around three per cent of the national vehicle fleet.

September's sales result suggested EV adoption is still accelerating rather than plateauing, and the rise in insurance activity points to continued consumer interest.

With new EV brands entering the market and established manufacturers expanding their electric line-ups, insurers are preparing for a larger share of Australian motorists to make the switch.

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