In this paper published by the British Actuarial Journal, Amit Parmar, Managing Director, and Conor Woods, Actuarial Analyst, compare the frequency and severity of accidents involving electric vehicles (EVs) to those involving internal combustion engine vehicles (ICEVs).
EVs demonstrate a lower accident frequency compared to ICEVs, a trend that may be attributed more to advancements in technology rather than the inherent characteristics of the fuel type. Furthermore, our analysis indicates that EVs experience fewer accidents involving single units relative to non-EVs, suggesting a decrease in driver error and superior performance on regular road types.
However, it is important to note that when accidents do occur, the number of units involved as a proxy for severity involving EVs is marginally higher than those involving ICEVs. The average claim cost profile for EVs changes significantly, with property damage claims being more expensive and bodily injury claims being less expensive for EVs.