EV insurance quote requests surge as fuel prices rise. NRMA Insurance reports that EV insurance quote requests jumped 42% in March 2026 compared with February, and 81% compared with March 2025. The biggest increases came from NSW, QLD and SA, with rising oil prices and Middle East supply concerns driving Australians to consider EVs as a way to reduce fuel costs. [Source: NRMA Insurance / IAG | Insurance Business]
EV premiums still rising — but the gap varies widely by model. Compare the Market’s latest EV insurance index (March 2026) shows average comprehensive quotes for battery EVs rose 10.2% in the 12 months to March 2026, reaching about $2,300 on average. Note that quotes are not the same as actual premiums paid because people typically choose the cheapest quote. The index continues to highlight large price differences between insurers for the same car — potentially thousands of dollars — making it well worth shopping around. [Source: Insurance Business]
CHOICE premium data: Geely cheapest, Tesla most expensive to insure. According to CHOICE data collected in January 2026, the average EV premium across all brands is $2,545 per year, compared with $1,702 for petrol vehicles — around 40% more. Among EV brands, Geely attracts the lowest average premiums at $1,622 for a new car, while Tesla is the highest at $2,985. [Source: CHOICE]
All of the above analysis is based on quotes, not actual premiums. Only the Australian EV Association has done an actual survey of premiums paid on actual policies by EV owners. Average quoted amounts are typically higher than actual premiums because of the wide disperson of quoted premiums for EVs means – people don’t choose the highest quotes.