Electric car insurance
If you've chosen to drive an electric or a hybrid car, you can pat yourself on the back - not only are you helping out the environment, but you're looking at savings on petrol, road tax and quite possibly car insurance premiums.
In this guide, we'll focus on what's involved in getting the best deal on insurance for your electric vehicle.
In This Guide:
- Why buy an electric car?
- Can I get electric vehicle insurance from any insurance provider?
- Will my electric car be cheap to insure?
- Hybrid car insurance
- Hybrid and electric car replacement parts
Why buy an electric car?
Electric or eco cars are becoming increasingly popular for a number of reasons.
Firstly, as oil steadily runs out, the ability to drive a car and to avoid all of the stress of constantly rising petrol prices becomes increasingly desirable.
Over and above this though, the general trend toward being more environmentally-friendly that is gripping much of the world at the moment is certainly affecting people's choices in the motoring industry.
This is good news for everyone involved - cheap, environmentally friendly travel is always desirable. As an owner of an electric car, you can save on road tax as well as petrol, with hybrid drivers enjoying cut rates, and purely-electric vehicle owners not paying anything at all.
For more information on the tax benefits, read our guide on road tax for electric cars.
Can I get electric vehicle insurance from any insurance provider?
Most car insurance companies will be able to offer cover for your electric car without any trouble. There are electric cars in most markets now - from expensive high performance vehicles to everyday workhorses - and it's unlikely that the fact that your car is electric is going to put off an insurer.
There are insurance companies that specialise in cover for electric cars though. They will provide conventional cover to all of the levels you may expect, with added focus on issues specific to electric vehicles, like battery leasing and recharging. These added benefits make specialist EV insurance well worth considering.
There are also plenty of policies available from conventional insurance providers; you will just have to specify your requirements when you apply.
Will my electric car be cheap to insure?
As a general rule, electric cars tend to be less powerful than their petrol or diesel equivalents. Right of the bat, this can reduce the amount you're likely to pay for your insurance (other things being equal).
You will find as well that certain providers will offer special discounts to drivers of electric vehicles, partly based on the engine power of the vehicles, but also as part of a general drive to build up a green company image, something particularly valuable in this day and age.
Some providers will offer up to 5% off your premiums if you are insuring an electric car, and some will make donations to environmental charities on your behalf. It all depends, and so it is always worth shopping around to make sure that you can take advantage of the discounts and schemes available aimed at promoting the use of environmentally friendly vehicles.
Hybrid car insurance
Hybrid cars have petrol engines but also the capacity to run using a battery-powered motor. This means you have the benefit of the extra power that a petrol or diesel car engine provides, ready to use as and when you need it, but in an altogether more environmentally-friendly vehicle. It also means you're less likely to be caught short between electric car charging points which, although increasingly common, aren't available everywhere quite yet.
Insuring a hybrid car is much like insuring any other, with prices varying accordingly. Some of the most popular models, like the Toyota Prius or BMW i3, rate highly for safety as well as efficiency though, and so are generally cheaper to insure than many petrol cars.
Hybrid vehicle drivers enjoy a limited version of many of the other benefits that EV drivers do, including reduced road tax and, for those who live in London, reduced congestion charge fees.
Hybrid and electric car replacement parts
Newer and more complicated engines and motors mean that electric and hybrid cars can include parts that are more difficult or costly to replace than standard petrol or diesel vehicles do.
This is especially the case for hybrid vehicles, which have extra components allowing the engines to switch between modes.
This can increase insurance premiums on any policy you're offered, but other aspects of the vehicles as listed above can cancel this out.