Ongoing fuel price volatility and supply uncertainty have accelerated interest in electric vehicles (EVs) with new data from NRMA Insurance showing the number of Australians exploring a switch has more than doubled compared with this time last year.
New data reveals EV insurance quote requests were up 121 per cent in April 2026 compared with April 2025, as fuel price volatility and concerns about supply, continue to drive consumer interest.
NRMA Insurance head of automotive research Shawn Ticehurst said the April figures indicate Australians are increasingly viewing EVs as a practical and cost-effective choice.
“With more than 100 EV models now available across every major price tier, EVs are increasingly being seen as a viable option to help reduce running costs and provide greater certainty over day-to-day transport expenses,” he said.
Demand for second-hand EVs on the rise
According to the Australian Automotive Dealer Association (AADA), second-hand EV sales jumped by around 126 per cent in March, more than doubling the previous monthly average, suggesting more Australians are becoming confident buying used EVs.
“The growth we’re seeing in second-hand EVs is particularly pleasing. As more vehicles enter the used car market, it makes EV ownership accessible to a broader range of Australians,” Ticehurst said.
“This marks a notable shift from 2024, when NRMA Insurance’s Changing Gears report recommended the introduction of standardised battery testing to help address consumer concerns and boost the nascent second-hand EV market.”
NRMA Insurance expects interest in EVs to remain strong throughout 2026 as consumers continue to balance upfront costs with long-term savings.
Shift in consumer sentiment
The trend marks a notable shift from two years ago when NRMA Insurance’s Changing Gears report found only 20 per cent of Australians planning to buy a car in the next five years were considering an EV, with upfront costs, range anxiety and charging times key barriers.
Momentum in the broader market is also building.
According to the Federal Chamber of Automotive Industries (FCAI) and the Electric Vehicle Council (EVC), March 2026 recorded a record 14.6 per cent share of EV sales, nearly double the 7.5 per cent recorded a year earlier.
Ticehurst said the data reflects growing consumer confidence and changing perceptions around repair and insurance costs.
“Concerns about expensive EV repairs and insurance are beginning to shift. While we still see longer repair times and occasional parts delays in some cases, these issues are easing as the industry scales and repair capability improves,” he said.
“At NRMA Insurance, we’re working with car manufacturers to better understand EV repair requirements and upskill our repair network to support this growing customer base.”
EVs currently make up around two per cent of IAG’s (NRMA’s parent company) motor policies, with this expected to grow to 10 per cent by 2030 as adoption increases.
Teslas account for around 60 per cent of the battery EVs insured by IAG, with rapid growth across brands including BYD, MG, Hyundai and BMW.
CSIRO modelling suggests that by 2050, most vehicles in Australia will be electric.