The value of electric vehicles in Latvia has risen, with substantial insurance payouts reflecting a growing market for these vehicles.
In Latvia, electric vehicles (EVs) have increasingly become a common mode of transportation in recent years, reflecting a broader trend in the automotive market. Over the past five years, the number of insured electric vehicles has notably increased, as highlighted by a report from 'If ApdroΕ‘inΔΕ‘anas'. In 2025, compensation payouts for electric car owners reached over 344 thousand euros, with the average payout being slightly above 1,000 euros. This data indicates that EVs are not only growing in popularity but also are becoming a significant consideration in the insurance landscape.
According to the same insurance data, the most commonly insured electric car brands in Latvia are BMW, Volkswagen, and Tesla. The statistics reveal insights into the age of insured EVs, with more than 50% of them being relatively new, aged 0-2 years. The breakdown further shows that 38% are 3-5 years old, while 9% fall between 6-8 years and only 3% are 9-11 years old. This trend suggests that Latvian drivers are progressively investing in newer, modern vehicles, contributing to the expanding presence of electric cars on the roads.
Additionally, the report emphasizes a significant compensation case, where the highest payout recorded was 19 thousand euros for an incident involving wildlife. Such instances highlight the increasing risk and the importance of insurance for electric vehicle owners as the prevalence of these vehicles increases. Overall, the insurance market is adapting to the growth of electric cars, indicating a shift in consumer preferences and the need for tailored insurance solutions for emerging vehicle trends in Latvia.
