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IAG welcomes the NSW Government's updated Electric Vehicle Strategy, which will expand access to charging infrastructure and support the uptake of electric vehicles (EVs) across the state.
The strategy, backed by new funding commitments, will deliver more than 1,000 additional public charging plugs, close charging gaps in regional and suburban areas, and expand incentives to support the electrification of vehicle fleets. The measures are designed to make EVs more accessible and practical for households and businesses, particularly as fuel prices remain volatile.
Momentum toward EV adoption in NSW has accelerated significantly in recent years.
NRMA Insurance's 2024 Changing Gears report identified high upfront cost and range anxiety as key barriers to EV uptake. Since then, the market has shifted. More than 100 EV models are now available across all major price tiers, confidence in charging infrastructure is growing, and a maturing second-hand market is emerging.
This shift is reflected in new NRMA Insurance data, which shows EV insurance quote requests jumped 42% in March 2026 and were up 81% year on year, as drivers respond to rising fuel prices and greater certainty around EV ownership.
IAG's Head of Automotive Research Shawn Ticehurst said recent fuel price shocks are prompting many motorists to reassess their vehicle choices.
"It's clear consumer sentiment towards EVs is shifting. We are seeing a clear spike in the number of Australian drivers looking to EVs amid the most significant oil price shock in decades and ongoing concerns about petrol supply.
"At the same time, the expanding range of affordable EV models is giving motorists a clearer understanding of the day-to-day cost savings EVs can deliver."
IAG is the country's largest general insurer and home to NRMA Insurance, RACQ, RACV, WFI, CGU and ROLLiN'. While EVs currently represent around 2% of IAG's motor portfolio, this is projected to grow to 10% by 2030 as uptake continues to strengthen.
Mr Ticehurst says Teslas make up 60% of the EVs insured by IAG, with strong momentum from emerging EV brands including BYD, MG, Kia and BMW.
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