China’s new electric cars cost more to insure than fuel-powered cars

In China, new energy vehicles typically receive green license plates – which is often easier for residents to apply for versus the blue license plate of a traditional fuel-powered car. Vcg | Visual China Group | Getty Images BEIJING — While Chinese companies churn out new electric cars, local insurance firms think they’re more expensive to cover. In general, the insurance premium for new energy cars — which includes electric — is about 20% higher than it would be for comparable traditional fuel-powered cars, said Wenwen Chen, director at S&P Global Ratings, who leads the firm’s research for China insurance….