Electric Vehicle Damage Claims Surge in the Nordics: If P&C Insurance Reports Increase

The number of insured electric vehicles is rapidly increasing across the Nordic region, leading to a corresponding rise in insurance claims related to damage, according to If P&C Insurance. In Latvia alone, the number of insured electric cars doubled in the past year, with the company paying out over 344,000 euros in compensation for electric vehicle damage in 2024.

Rising Claims and Average Costs

The average compensation paid out for damage to an electric car in 2024 was just over 1,000 euros. However, claims can vary significantly, with the largest single payout reaching 19,500 euros. This substantial claim stemmed from a direct collision with a moose, resulting in extensive damage to the car’s body, including doors, side panels, and glass If Insurance.

Popular Electric Vehicle Brands

Data from If P&C Insurance reveals that the most frequently insured electric car brands in Latvia are BMW, Volkswagen, and Tesla If Insurance. This reflects the growing popularity of these brands among electric vehicle owners in the region.

Age of Insured Electric Vehicles

The majority of insured electric cars are relatively new. More than 50% are less than two years old, while 38% fall within the three to five-year-old range. A smaller percentage, 9%, are between six and eight years old, and only 3% are between nine and eleven years old. This indicates a trend towards newer electric vehicle models being insured If Insurance.

Common Types of Damage

Electric cars experience similar types of damage as traditional internal combustion engine vehicles, but with some specific considerations. Road traffic accidents, including collisions with other cars, are a primary cause of claims. Scratches in parking lots and damage from natural disasters, such as falling trees or hail, also contribute to the overall number of claims If Insurance.

Damage to tires and wheels from potholes is a common issue, particularly during the winter and spring months when road conditions are less visible. Windshield damage from flying rocks and debris is also frequently reported, often increasing in the spring and summer due to road operate and seasonal repairs. The cost of windshield replacement can often exceed 1000 euros If Insurance.

Geographic Scope of Claims

If P&C Insurance processed electric car accident claims not only in Latvia but also in Lithuania, Estonia, Poland, Germany, and Scandinavian countries in 2024 If Insurance, demonstrating the widespread nature of electric vehicle adoption and associated insurance needs across Northern and Central Europe.

About If P&C Insurance

If P&C Insurance Ltd (publ) is the largest insurance company in the Nordics, serving approximately 4.6 million customers with insurance and risk management solutions for both private individuals and businesses If About. The company is wholly owned by Sampo, a Finnish company listed on the Nasdaq stock exchange in Helsinki, Stockholm, and Copenhagen If About. In 2025, Topdanmark became part of If If About.