In the UK, we are all used to the fact that car insurance is just one of those things that we have to have. It’s just a part of being a driver. However, we might not be used to the subtle differences between regular insurance and electric vehicle insurance.
In this handy guide, we’ll run you through all the things you need to know about insuring your electric vehicle. As the EV industry is still in its early stages, you’re bound to have some questions to do with the general day-to-day running of it. Check out our entire guides section to find all the advice you’ll ever need. But for now, let’s tackle one of the most important things before you start driving. Insurance!
Insurance for your electric car: what you need to know
There are several points to consider when deciding who to insure your EV with. We all know the benefits of driving an electric car by now – involve lower costs and includes slightly cheaper insurance, too. Whilst this isn’t always the case, it’s likely that your insurance will be a little less than standard car insurance due to EVs being smaller and less powerful, so safer. Not only that but electric vehicle drivers are often seen as more responsible drivers, therefore less of a risk! On the other hand, the new technology involved may result in more complex policies and therefore a higher cost. Either way, insurance is a legal requirement and it’s crucial that you understand several things before taking on a policy.
Research your insurance provider
Firstly, not every provider will offer insurance for electric cars. There is still some catching up to do in this area! However, that doesn’t mean you’re going to struggle to find a good deal. This area of insurance is new and therefore pretty competitive. We’ve done some research and found some of the most trusted names in the industry who you can call for a quote. A few examples of companies that do offer e-car insurance are Direct Line, Swift Cover, AXA and Morre Than. But of course, you can use price comparison websites like Money Supermarket to shop around for the best prices. It’s always best to do your research and find what’s best for you!
Is electric vehicle insurance different from regular car insurance?
Electric vehicle insurance is different from standard car cover. This is due to a number of reasons which are unique to the way an electric car runs. Below are some of the factors that a cover provider has to consider when drawing up policies:
- Specialised parts which may cost more to replace
- Specialist mechanics needed for repairs
- Cost of expensive batteries
- Higher risk of pedestrian accidents due to quite motor sound
Don’t let this put you off, though! This list is purely for informational purposes and doesn’t exactly alter anything you need to do on your end. As long as you’ve got electric car specific insurance, you’ll be all good!
Questions to ask your provider
Along with the basics, there are some questions you should at least consider asking your chosen provider. There are two points that people often forget about in the excitement of getting their very first EV! We don’t blame them, but you should definitely bear in mind these potential issues when researching your insurance:
Does my insurance cover my battery lease?
It’s not uncommon for EV drivers to lease their battery from a manufacturer, separately from the lease or purchase of their car. You should ask both the battery manufacturer and insurance provider what your responsibilities will be if anything happens to the battery in an accident. Remember, not all policies will cover the leased battery so make sure you take this into consideration.
Does my insurance cover any accidents with power cables?
Having a power cable in tow is just part and parcel of the EV life. However, this doesn’t mean it should be taken for granted! A power cable trailing across a pavement whilst you are charging your car could potentially pose a risk to passers-by. In the unfortunate event that someone tripped over your power cable, wouldn’t you want to know what the implications would be? It’s worth speaking to your insurance provider about this kind of cover.