How to Insure Your Electric Vehicle

Convenience, saving on fuel costs and helping the environment are just a few of the many valid reasons why thousands of drivers are choosing to switch to electric vehicles. But while making the change can bring many benefits, you might want to look at the whole picture of electric vehicle ownership if you’re thinking seriously about taking that leap.

Have you considered the differences in insurance?

How does it work and what’s included in the policies?

Is it more costly or will it end up saving you even more money?

We have all the answers and plenty more besides.

How Much Do Electric Cars Cost to Insure?

While electric cars are currently more expensive than traditional petrol and diesel cars, it’s estimated that 1 in 10 new cars sold in the UK today is powered by electricity. Of course, the ban on sales of new fossil fuel vehicles set to drop in 2030 has a part to play here but there is a definite appetite for electric cars despite the fact they are significantly more expensive than traditional models.

This could be partly due to the lower running costs, but electric car insurance can be more expensive due to specific quirks. For example, the parts of electric cars are typically more expensive to replace, and their high price pushes them into higher insurance brackets too.

There’s also the argument that electric vehicles are more likely to hit pedestrians as they make less noise. Then there’s the potential for batteries running flat in the middle of the road to consider.

Honestly, it depends on the car. A Nissan Leaf, for example, is going to cost less to insure than a top-tier Tesla. Whatever car you opt for, however, you’re always going to get a better deal if you opt for multi-car insurance and bring all of your cars under one insurance umbrella, so to speak.

How Does Electric Car Insurance Work?

There are a few important differences to consider when insuring an electric vehicle. Of course, as insurance companies begin to understand electric cars better things are liable to change but right now it largely works the same as conventional car insurance, with a few notable tweaks.

You still either pay annually or monthly, you still must choose from third-party, fire theft or fully comprehensive. The difference, however, is that for electric cars, fully comprehensive is typically the most affordable option. Therefore, you’ll always want to go fully comprehensive if you buy an electric car, particularly a brand new one.

The electric car insurance company will need all relevant information – age, sex, relationship status, your job, previous driving convictions and any dependents you might have. They will also need a driving history before they decide on a plan for you.

The most obvious difference is whether your battery and charging equipment is covered by the policy. This will depend on the insurer and whether you own or rent your charging equipment. Some policies even provide liability coverage in case someone was to trip over your charging cable outside your property.

The best advice is, as ever, to shop around and do your research before committing to a policy.