Record number of electric cars: How to insure your new car!

Record number of electric cars: How to insure your new car!

The market for electric cars in Germany is experiencing a remarkable upswing. According to the Federal Motor Transport Authority, 387,674 cars with electric drives were registered in the first six months of 2023. This means an impressive 27.6 percent of all new registrations. This data confirms the increase in the use of electric vehicles, especially by private drivers, who, after a phase of reluctance, are now increasingly turning to alternative drives. This development is also reflected in the “E-Barometer” of the insurer HUK Coburg, which regularly measures the frequency of switching from combustion engines to electric cars.

The HUK-E Barometer provides valuable insights into the market and records the number of purely electric cars in the German private population. It enables market share development to be monitored quarterly and examines the population's future purchasing behavior through online surveys.

The methodology of the e-barometer

The basis of the HUK-E-Barometer data are internal calculations by HUK-COBURG, which has a market share of almost a quarter of privately registered motor vehicles in Germany. For the survey, around 4,000 participants are surveyed every three months by the YouGov Germany panel. This ensures that the results are weighted and representative of the entire population aged 16 and over in German federal states.

An important feature of data collection is the consideration of quota characteristics such as age and gender. This ensures that switching frequency analysis results in an accurate picture of the market. Continuous observation suggests that electric vehicles are not just a short-term trend, but will become increasingly important in the long term.

Conclusion on the future of electric cars

The current increasing number of registrations of electric cars and the growing interest of consumers confirm the trend towards more sustainability in road transport. In view of these developments, both the automotive industry and insurance providers will be required to adapt to the new framework conditions. Insuring electric cars will play a central role in the future, which should also be reflected in the insurers' offers.

Overall, the data from rp-online.de and that HUK-E barometer that we are at a turning point in automotive history, characterized by technological innovations and growing environmental awareness.