It may be that you’re looking to upgrade to an EV (electric vehicle) for your next car, in which case, you’re going to need to wise up on the still relatively new electric car insurance. This article is here to address any questions that you may have.
Do insurers cover electric cars?
Most significant insurance companies – think Aviva, Direct Line, and Admiral – do cover electric cars. However, if you find that your go-to insurer doesn’t offer premiums on EVs, then you may be able to research specialist electric car insurance companies instead.
Be aware that insurance for electric cars may be more expensive than that for non-EVs. This is because electric cars have greater specialist components and servicing costs.
However, with the coming 2030 petrol ban, as well as the rising number of EV buyers, insurance for electric cars is falling – and is only likely to fall further.
Why can an electric car be more expensive to insure?
There are a number of reasons why EVs may be more expensive to insure than conventional vehicles. EVs have specialist parts and expensive batteries. As such, they need to be serviced by specialist mechanics, all of which drives the cost up.
However, it’s important to remember that you will benefit from gas and tax incentives with an EV, and could even take advantage of government grants that reduce the total cost of eligible vehicles by £1,500.
What extras can you secure on an electric car insurance policy?
Car insurance for EVs will offer standard coverage for incidents like accidents or breakdowns, but you may also want to see if your policy can cover items like batteries and charging cables.
EV insurance that covers batteries and portable charging cables and/or adaptors will typically safeguard them against accidental damage, fire and theft while in the car, in use at a garage or at home. If you lease your battery on a separate contract from that of the vehicle, you need to advise your insurance provider too, as this may impact any claim you might open.
You may also want to investigate what kind of legal coverage your policy offers, for example, in case someone trips over your charging cable whilst it’s in use and injures themselves. These issues are complicated, but it’s best to establish your liability cover in advance, so that you know what you’re covered for.
Affordable car finance with My Car Credit
If you’re looking to secure an electric car but don’t want to break the bank, contact My Car Credit today. We’ll check your car finance eligibility and help you plot your path toward affordable EV ownership.
Want to learn more about our services? Get in touch with our friendly team today on 01246 458 810 or email@example.com.
Representative APR 10.9%
Evolution Funding Ltd T/A My Car Credit
Require more help?
Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!