There are a plethora of benefits to be had from driving an electric car, from being more environmentally friendly to avoiding congestion charges and reducing overall running costs. But unfortunately, being less likely to be in an accident isn’t one of them.
For this reason, it is still so important that you get your electric vehicle (EV) insured.
However, EV insurance differs slightly from the traditional car or vehicle insurance, and you need to be aware of this to make sure you get the right cover.
Thankfully, insurance providers have been adapting and making policies that reflect this shift towards electric vehicles. You just need to find the provider that’s right for you.
If you’ve got an EV or you’re thinking of buying one, and you’re not sure where to start, this guide is for you. Below, we’ve put together some helpful tips and advice for getting the right insurance policy for your electric vehicle.
Read on to find out more.
The different types of electric vehicle
Let’s first take a quick look at the different types of EVs out there, as these may require tailored policies. There are currently three types of EVs on the road:
- Battery electric cars rely on (you guessed it) batteries
- Hybrid electric cars are powered by both electricity and an internal combustion engine
- Plug-in hybrid electric cars which need to be charged in the same way as a battery EV would be
No matter which type of EV you own, you will not struggle to find an insurance policy. However, there may be a few extra things you need to look out for and be aware of.
Why is EV insurance different from traditional petrol and diesel cars?
A car is a car, right? So you might be wondering why electric vehicles aren’t always covered on traditional insurance policies.
For the most part, this type of policy works in a very similar way by protecting the car and/or driver from accidents, fires, and thefts.
However, there are some other, more unique components to think about with electric cars:
The battery
The battery is the most expensive part of your EV, which is why so many people rent these and don’t buy them. But either way, it stands to reason that you want your battery covered in case of an emergency.
The power cable
Then, of course, you need to be able to charge your vehicle which requires a power cable. It is very easy to overlook this as part of your car, but if you’re using public charge points, there is always a risk of theft, damage, or even danger if it’s not compatible.
Maintenance of your vehicle
Some insurance policies may have restrictions or exceptions in place regarding the maintenance and servicing of your EV. Often these will require that any work done is completed by a qualified mechanic; otherwise, you might be breaching your policy.
So do EVs have a special kind of insurance?
We’ve already mentioned that due to additional parts and maintenance requirements, EV insurance has to be tailored to these vehicles. But this doesn’t necessarily mean you have to find a special provider you’ve never heard of or a special kind of insurance.
Of course, there are some companies that offer EV-specific cover, while others will include this in their standard car insurance policy. You just need to make sure that if you opt for a more generic policy that it specifically states electric vehicles are included and that it covers everything from the batteries to the cable.
Make sure your batteries are covered
As we know, the battery is the most expensive part of an electric vehicle, making it the most valuable and most in need of protection.
Whether you’ve opted for an EV-specific policy or a traditional one that covers electric vehicles too, you need to ask specifically about the battery before signing the contract.
You want to make sure that this expensive bit of equipment is protected against all (or as many) eventualities as possible. Including:
- Accidental damage
- Fire and theft
- Breakdown
- Charge point faults
- Battery fault or failure
It’s worth noting that the manufacturer might also cover you for some of these issues, such as a battery fault. If this is the case, they will often replace it for free, so be sure to ask them what is covered before you begin choosing your EV insurance policy.
Do all insurance providers cover electric vehicles?
Although most insurance providers have now branched out to include EVs in their policies, there are still some that haven’t.
That said, most big-name insurers will have this covered, so do a bit of shopping around first. You certainly won’t struggle to find insurance for an electric vehicle nowadays.
Is EV insurance cheaper than traditional car insurance?
On average, electric vehicle insurance is a little more expensive than traditional policies as these are still quite new to the automotive world. However, the gap is beginning to close as more and more people invest in electric vehicles. In fact, the cost of EV insurance has already dropped by an average of £100 since the end of 2021.
Not only this but how much you pay will depend on a variety of factors as it would with traditional insurance. It will depend on:
- Your age
- Your sex
- How long you’ve held your license
- If you have a no-claims bonus
- Where you live
- Where you park your car
- The type of EV
- The manufacturer
- The provider
All of these factors can influence the price, but our advice would be to always shop around and get a few quotes before settling on any one policy. This will ensure you get the best price for the fullest cover.
Are there any optional extras that most EV policies don’t cover as standard?
Finally, most insurers won’t provide public liability as a standard part of your insurance policy. However, some will offer this as an added extra just in case a member of the public injures themselves by tripping over your charging cable.
Some insurers will also offer additional breakdown cover and towing services in case your batter runs flat.
If you’re unsure about these optional extras, ask your provider what they think, but it’s always good to be covered for every scenario, especially if you use your EV for your business.
