Everything You Want to Know About Electric Car Insurance
In this article, we discuss the very basics of car insurance for electric vehicles, as well as cost and availability.
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- 5 months ago
So, you want to “green up” and become a more environmentally-responsible car driver?
Switching from the traditional petrol-run car to an electric one may feel like a major step to take (it actually is!), so it is normal that many questions arise when playing with that idea in your head. One topic that has, so far, been rarely addressed is how exactly a car insurance policy for electric cars looks like, and how different they are from ordinary insurance policies.
In this article, we answer some of the questions you may have regarding the very basics of car insurance for electric vehicles, as well as cost and availability.
Does my electric car need insurance?
The answer is yes, and don’t be surprised to see insurance companies specifically targeting electric car owners in the near future.
Currently, the percentage of electric cars on the UK roads remains very small, but it is expected to increase at a faster pace in the run-up to the ban of the sale of petrol cars in 2030. Nowadays, there are nearly 2,800 fully electric cars in the UK, and more than 570,000 plug-in models and hybrids in circulation.
Will it be more expensive to insure an electric car?
Regardless of the type of car, how expensive an insurance policy is depends on several factors, which go from technical aspects of the vehicle to your financial capabilities, age and insurance history. In this case, electric cars can be a little more expensive to insure than their petrol-run counterparts. Fortunately, the good news is that fees are starting to decrease as a result of the steady increase in popularity among British drivers.
In fact, according to research, the average insurance cost for electric vehicles has declined by £75 in the first quarter of 2021. In addition, one of the many pros of owning an electric car is that oil changes become a thing of the past and they require less expensive and less frequent maintenance. So, in the long run, their financial benefits become visible.
Do I need a special policy for an electric car?
As of now, there are no special insurance policies for electric cars, and comprehensive or third-party policies are just as valid. Whatever your preferred car insurance company is, feel free to enquire about their insurance plans for electric cars, as they will surely have a plan for you.
In conclusion, electric cars could bring significant financial and environmental benefits, and it really isn’t complicated to find insurance for them. Now that we’ve given you these tips, why not put them into practice and go green? Get your first hybrid or fully-electric vehicle on finance - we’ll make sure to find the best possible deal for you!
This article was brought to you by Quick Car Finance, a leading UK car finance company with a Trustpilot review score of 4.9/5.
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