The Ins and Outs of Electric Car Insurance

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electric car

Car insurance can be complex for many drivers, particularly when it comes to securing the best deal for your unique vehicle. This is especially true for drivers of electric vehicles (EVs).

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That being said, the simplest and most effective answer to this challenge is EV insurance.

In fact, insurance for electric vehicle drivers can bring a wide variety of benefits, ranging from discounted premiums to additional features of your coverage.

We’ve put together this guide to show you the ins and outs of EV insurance, including what it is, how it works, and why it can be so beneficial for drivers.

Read on to discover more. 

What is electric car insurance?

Electric car insurance is a specific type of policy that provides insurance coverage for EVs. This works in a similar way to how standard insurance policies cover gasoline cars, but said policies can’t apply to EVs, so a unique type of policy – EV insurance – is required.

When it comes to EV insurance, there are a variety of different coverage options available, and it’s up to the driver to establish the type of coverage best suited to their needs.

To give you some examples, this can include third-party cover, breakdown cover, cover for charging ports at your home, and many more options.

As a general rule of thumb, EV insurance tends to be more expensive than insurance for gasoline cars. This is simply a result of EVs being more expensive to repair and replace parts for. As well as this, EVs require specialist mechanics in order to complete any maintenance work, further increasing costs.

However, despite a higher cost of premiums initially, there are a range of additional perks that come with EV insurance, that make it a more preferable choice for many EV drivers.

Why is electric car insurance beneficial for drivers?

EV insurance can be highly beneficial for drivers in many different ways, including, but not limited to:

  • Discounted premiums for EV safety

EV insurance, whilst being more expensive on average, can in fact offer drivers discounted premiums, due to the higher level of safety that comes with EVs.

It’s a statistical fact that EVs are safer to drive than standard gas cars, and as a result, EV drivers are significantly less likely to be involved in a car accident. On top of this, EV security is much more advanced, and car theft is also less likely.

Due to this, insurers are less likely to receive claims from EV drivers, and can therefore offer discounted premiums for EV policy holders.

Thus, not only can you have confidence in the security and safety of your car, but you can also rest assured that your insurance will reflect this in your premiums.

  • Lowered costs for environmental impact

Another major benefit of EV insurance, is that your premiums can be further lowered due to the environmentally friendly nature of EVs.

Standard gas cars are known to be heavily damaging to the environment, due to the amounts of carbon dioxide (CO2) emitted from the engines, that harms the planet’s ozone layer.

Since EVs can – depending on the type – run on a mixture of gas engines and electric motors, or purely on electric charge only, there’s a huge decrease in the amount of harmful CO2 emissions.

As a result, insurers often provide discounts for drivers of EVs, as a way of rewarding the more environmentally friendly way of driving, and helping contribute towards a more sustainable automotive industry.

Hence, EV insurance can lower both negative impacts on the environment, and costs for your insurance premiums.

Now you know the ins and outs of EV insurance, will you be taking out this policy with your chosen provider?


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