Electric car insurance explained

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There are many different types of insurance to consider when owning a vehicle. This can make it tricky to find the best policy for you and your car, as you’ll need one that provides the right coverage, with the most cost-efficient premiums.

That being said, there’s one particular policy that many drivers have opted to take out, due to its many benefits – electric vehicle insurance.

In this article, you’ll learn what electric vehicle (EV) insurance is, how much it costs, and what the main benefits of the policy are.

Read on to find out more.

What is electric car insurance?

Electric car insurance is a specific insurance policy that can be taken out by drivers of EVs. This insurance is designed to provide coverage for the unique aspects and components of EVs, that differ from those of standard gas cars.

Who can take out an Electric car policy?

EV insurance is exclusively for drivers of EVs, and cannot be used for other vehicle types.

An EV is defined as a car that uses an electric battery and electric motors as a form of propulsion.

The specific mechanics of your EV can differ depending on which type you have – hybrid, plug-in hybrid, or fully electric – but as long as you have one of these electrically charged vehicles, you’ll qualify for an EV insurance policy.

How much does electric car insurance cost?

EV insurance is, on the whole, more expensive than standard insurance for your gas car. This is due to the more intricate parts and design of EVs, which means they can cost more to repair or replace. As well as this, EVs can only be repaired by specialist mechanics, which again up the cost.

This leads to insurers raising EV insurance premiums to accommodate for the extra expenses.

What are the benefits of taking out an electric car insurance policy?

Despite this, there are many benefits that come with taking out an EV insurance policy. This includes, but is not limited to:

  • Discounted premiums

Despite being more expensive initially, EV insurance can be highly beneficial in the way it offers discounted premiums to drivers.

It’s a well-known fact that EVs are much safer to drive than standard gas cars. This includes both a safer driving experience, as well as heightened security and anti-theft systems.

As a result, EV drivers are much less likely to be involved in an accident, or make an insurance claim, and therefore, their premiums can be lowered.

Also, many insurance providers will offer premium discounts for EV drivers, simply to encourage the more environmentally friendly form of driving. This way, you automatically receive lowered premiums, all for just driving a cleaner, greener car.

  • Coverage for a range of EV components

Another main benefit of EV insurance, is not only the customizable coverage you gain for your car, but the coverage you’re offered for all your additional EV components.

You can choose the coverage you want for your EV insurance, and tailor it to your cars needs. On top of this, you can also gain coverage for all the essential components your EV needs to run, as these are just as important to protect and insure as the car itself.

For instance, this can include the built-in charging station you have at home, allowing you to charge your EV from your house. This can also include a portable charger you might have, that allows you to charge your car on the go.

And, if there’s an instance when your EV runs out of charge, your insurer can also cover you for tows to a charging station.

EV insurance offers the ultimate coverage at the best price for your EV. Contact your provider now to get started on your own policy.