What is electric car insurance?
Electric car insurance works in the same way as petrol and diesel car insurance. You pay a premium in return for protection should anything happen to you or your vehicle. Electric cars operate in a different way and use different mechanical components to traditional cars, which can increase insurance premiums due to the cost of the parts and repairs.
Insurance is a mandatory requirement for driving a vehicle.
What are the types of electric car insurance?
Just like the insurance for any vehicle, you can choose between different types of cover. They are third-party insurance, third-party fire and theft, and comprehensive cover.
Third-party: third-party insurance covers you for damage you may cause to other road users and their property. This cover is the minimum legal insurance requirement, and is often the most affordable, but it’s important to note that your vehicle will not be covered in the case of an incident.
Third-party fire and theft: as well as third-party cover, this insurance covers you if your vehicle is stolen or damaged in a fire.
Comprehensive: comprehensive cover, often referred to as ‘fully comprehensive’, covers you for third-party damages, fire, theft, and any damage to your own vehicle if you get into an accident.
Is electric car insurance expensive?
Like insurance for any vehicle, the cost depends on a variety of factors, including the insurance provider, the level of cover, and demographic details like your age, address, and what you use your vehicle for.
Having said that, electric car insurance is typically more expensive. Electric vehicles have a higher initial cost, which plays a significant value in the cost of insurance premiums.
Although electric cars have fewer parts that need replacing or fixing, the cost of repairing them is generally higher due to parts being more expensive and less readily available.
What should I consider?
Shop around and use comparison websites to find out which insurance cover is better for you. Additionally, it’s a good idea to protect your charging cable through insurance. Some policies may offer coverage for accessories including the cable, but it’s not a guarantee. Make sure to research thoroughly before deciding on your insurance provider.
