Electric Car Insurance
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Find suitable electric car insurance with cover for your EV’s battery, charging cables and everyday driving, helping you protect your vehicle and manage costs with confidence.
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Electric Car Insurance
What is Electric Car Insurance?
Electric car insurance is an agreement between the insurance company and the car owner to protect the car in the form of financial assistance against any loss or damage. This type of insurance is slightly different from traditional car insurance policies because of its specific characteristics. Car insurance will protect you from any financial loss in case of accident, theft or any vehicle damage.
It includes some factors that contribute to its cost directly such as your vehicle’s value, driver’s profile and coverage levels. If your Electric vehicles have some advanced safety features then they may qualify for the discount in insurance.
Major damage in Electric cars is the replacement of batteries. So many policies are related to battery coverage, which is costly to replace. Similarly charging station coverage and cybersecurity coverage are also included in policies.
Is it worth investing in Electric Car Insurance?
It is a legal requirement in the UK for car owners to get insurance coverage for their vehicles. It means you are legally bound to invest money in car insurance policies. To be more precise, the law requires you to have at least third-party insurance in place, to be eligible for driving your vehicles in the UK.
Even if your car is parked at home and you don’t drive it, you are liable to buy an insurance policy for it. This insurance policy is available for all drivers, like:
If you are a teenager, you can get car insurance but for this, you must meet a certain age limit bracket.
For drivers above the age of 40, car insurance policies are available.
If you belong to the 50+ age group, you can get your car insured in the UK.
Insurance providers offer specialist insurance covers for disabled drivers.
Young driver insurance is available for people aged between 17 to 24.
If you are learning to drive, you can get insurance to protect yourself from potential loss.
What Types of Electric Car Insurance Coverage Are Available?
Opting for electric car insurance can protect you from potential car damage costs. Different insurance providers allow coverage for your electric vehicles. However, the coverage may differ in terms of services they provide in insurance. Here is a breakdown of what you can expect to recover from an insurance provider if you opt for this insurance policy in the UK.
Accidental Damage Cost:
If your car is damaged due to unexpected scrapes or bumps, it might end up causing dents to your bank balance, too. Having the right car insurance can help you finance these costs and save you from major financial loss.
Out of Charge:
If your electric vehicle is out of charge, the expenses to bring your car to the nearest charging point are recoverable from insurance entities depending on the coverage policies of the insurance companies you are entitled.
Liability Insurance Cover:
If you injure someone or damage their vehicle, or your own car as a result of an accident, you may be able to claim such expenses from the insurance company up to a pre-decided limit in the insurance agreement.
Cover for Uninsured Driver:
If your vehicle has met any accident caused by an uninsured driver, you can claim the refund amount that you had to pay from your insurance company, provided that they have acknowledged to recover such expenses in their contract. However, in such circumstances, you will need to provide the details of the corresponding vehicle and driver.
Vehicle Repair Expenses:
You can claim costs related to repairing your electric car after the accident from the insurance company.
Please note here that the availability of all these perks may depend on the type of car insurance policy you have chosen. The services usually offered in a car insurance policy, may also sometimes vary based on the insurance company you have opted for. The coverage discussed above is a comprehensive view of what is usually covered by car insurance providers in the UK.
How much does it cost to buy Electric Car Insurance?
The cost of an electric car insurance policy in the UK is difficult to determine as multiple factors influence the price. Here we will discuss some of the most common factors which have a significant impact on car insurance prices:
Value of Vehicle
It is one of the main factors which impact the price of insurance for your electric vehicle. Usually, electric cars are more expensive to buy than other conventional vehicles. The insurance companies consider the buying cost of such vehicles to determine a suitable price for insurance. This is necessary because the more the buying, the higher will be the cost of repairing damaged parts.
Expected Repair Cost
The repair costs of electric vehicles are generally more than other cars. This is why if your car is hit in an accident, then you are likely to spend more on repairing electric cars than other conventional cars. You might need a specialist garage service to repair your damaged vehicle.
Battery Expenses
The battery expenses of Electric cars make the car insurance policy more costly than other vehicles which don’t need batteries. The battery component of electric car insurance is what makes the policy way more expensive than the policies which don’t offer such coverage. Sometimes the battery of electric vehicles is leased separately from the car, which may also affect the price of car insurance.
Software Costs
Electric vehicles work on the technology with which they are equipped. If some problem occurs, it might be expensive for the car owners to handle those software fixing costs out of their own pocket. Having a suitable car insurance policy might aid you in managing such costs with ease. Some insurance companies might also cover the car owners for the OTA software updates, hence making insurance a comprehensive offer for the ones who have electric cars.
Age of Driver
The age of drivers is another important factor which impacts the insurance policy price. Young drivers who have just started driving are at high risk of accidents due to rash driving, therefore the insurance policy might cost more for them. However, for experienced drivers, the car insurance premium might be comparatively lower.
Mileage
It means how many miles you drive your car per year. The more mileage you cover, the more the risk for damage and accidents of your cars. Therefore, insurance companies consider the impact of mileage while deciding a suitable insurance premium price for customers.
Claims History
The history of your claims with the insurance company is considered to determine the renewal price of your car insurance policy. So, if you have previously claimed hefty car repair charges from the insurance company, you will be charged a comparatively high insurance cost to settle down the impact of such costly bills. Likewise, insurance companies estimate the upcoming claims from the customer based on their past claim history to anticipate the most likely outcome of insurance expenses during the year. There are some other factors like locality where live, parking area, your personal details like your employment status, and use of car i.e., for personal or business usage. Each factor may impact the price of insurance differently.
How can you get cheap electric car insurance in the UK?
There are various ways by which you can manage the cost of electric vehicles. To get a cheap car insurance policy, you should try to:
Opt for Excess Options
Voluntary excess options help reduce the cost of car insurance. Excess means you agree to pay the cost of the repair cost up to a certain percentage of a fixed amount. In this way, you don’t need to pay extra costs every month for your vehicle even in the case when your vehicle didn’t incur any loss.
Restrict Your Annual Mileage
If the annual mileage is more for a customer, then he might need to pay a high insurance premium cost for their vehicle. However, you should check out the mileage requirement of the insurance companies above which they charge you an expensive premium. Try to use the car and not hit the upper limit for mileage mentioned by the insurers. It will aid you to save some extra cost which you might need to pay.
Annual Payment Option
The insurance expense for monthly payment may seem more appealing to customers as it’s a smaller amount than paying a lump sum amount in advance at a year’s start. However, choosing for annual payment option might aid you in saving some extra money as there are usually discounts available for yearly advance payments.
Compare Insurance Prices
It is suggested to get multiple quotes before finalising a car insurance deal with a specific company. Getting an idea of the market can help you select a better policy at a more reasonable price. We can assist you with getting multiple car insurance quotes to help you find the best deal.
Look for Discounted Offers
Insurance businesses usually offer discounts at some point of time in a year. While buying an insurance policy, you should try to negotiate the price and try to avail first-time discount with a new insurance provider. Insurance premium is not a one-time expense, you need to pay it continuously either yearly or monthly based on the type of payment plan you have chosen.
What is excluded from the Policy?
A car insurance policy will not cover you for all expenses related to your cars. You are restricted by insurance companies up to a certain pre-defined budget, and amounts over and above that limit are not claimable. Here is a brief description of various cost items which are not recoverable from insurance providers.
Routine Wear & Tear
Car owners of electric vehicles are not eligible to claim costs related to routine wear and tear of their cars. Expenses which usually fall under general wear and tear are normally excluded from insurance. Some common examples of these expenses include fraying seatbelts, pads wavering, etc. You can inquire about such routine coverage or exclusion from the insurance company at the time of buying a policy.
Purchase Price of Car
If something happens to your car, you cannot claim the purchase cost of your vehicle. Insurance companies will pay you the net book value of your car which is calculated by deducting the total amortization to date from its total cost.
Negligence or Irresponsible Driving
The costs that car owners may need to bear such as challans for breaking laws, not following driving rules, and driving after using drugs or alcohol, might lead you to no claim recovery. It might invalidate your car insurance policy.
Coverage for Car Breakdown
If your car has stopped working during a mid-journey, the insurance cover might not cover you for that based on the specific policies of insurance businesses. You will be eligible to claim these costs only when you have opted for add-ons for car breakdown cover.
Can you buy optional extras with Electric Car Insurance?
Insurance companies allow customers to opt for add-ons they want to make the car insurance comprehensive cover that meets all the important needs. The customized car insurance policy is usually more costly than other standard vehicle insurance. For electric cars, the customization of insurance policy enables the car owners to manage the vehicle repair costs more efficiently via claiming expenses from insurance companies. Expenses high Repairing your electric cars as soon as possible for even minor defects might save you from potential expensive damages later on.
While buying electric car insurance, you can add the following extras to your policy by paying some additional expenses.
- Access to a charging point if you run out of charging while on the road.
- Legal expenses coverage if you have taken legal action against some driver or facing a lawsuit.
- Breakdown cover for electric cars to protect yourself from a major financial loss.
- Liability coverage for the electric charger in case an accident is caused due to electric charging cables
- Insurance coverage for the charging accessories related to your electric cars.
These are only a few examples, you may get as many extras as you want to make your policy the best match for your car’s needs.
Frequently Asked Questions
How do Electric and Standard Car insurance policies differ?
The only major difference between electric and standard car insurance is that EV insurance policies incorporate a few specialist add-ons to cater to the requirements of these vehicles.
What is the difference between Hybrid and Electric Cars?
Hybrid cars rely on diesel or petrol engines, whereas electric vehicles work on batteries which provide power to the motor. Though the charging point of electric vehicles could be a limitation, it is the most convenient yet advanced solution for travel needs.
What is the road tax on Electric Cars?
The road tax on a fully electric vehicle is zero which means you can save extra car taxes by investing in electric cars.
Do all insurance providers cover Electric Cars?
Not all insurance companies currently cover electric cars. However, there are multiple options that may provide the necessary coverage for your electric vehicles.
Why is excess higher for Electric Vehicles?
Excess for electric vehicles may or may not be higher as it depends on the services you choose in the insurance and the policies of the insurance company. The excess percentage is usually agreed between the car owner and the insurance entity and a rate is decided based on mutual agreement. The car’s model, condition, and purchase price are considered while finalizing the excess amount.
Are batteries and cables covered in Electric Car insurance?
It depends on the insurance provider you have chosen. Some companies cover the batteries and cables regardless of the fact you have leased them out or own them. You must always check whether the insurance company allows coverage for third-party liabilities if someone is injured due to cables.
What happens in the case of leased batteries for Electric Cars?
If the batteries of your car are on lease, you should inform about the fact to the insurance company. They will communicate whether the coverage for leased batteries is in their policy or not.
What is the cost of charging an Electric vehicle?
The cost of charging an electric car depends on the vehicle you own and the point where you are charging. Normally, charging your electric vehicle in public places costs you more than charging it at home.
