Car insurance is something every driver needs, so it’s important to consider what insurance providers are offering and understanding what is included within your package.
There are many perks of insuring an electric vehicle, such as benefits and rewards for being more eco-friendly and saving money in the long run.
Read on to find out more.
What does electric insurance offer?
You might often find that insuring your electric vehicle will provide you with savings for low mileage, discounts for bundling with another product, and further discounts for electric vehicle owners.
You may also find extra insurance coverages, ranging from a home charging station to a portable charger for your vehicle. All information can be found when you insure your electric car.
Some insurance providers offer further discounts if you install and use their app.
The elements that influence your electric insurance
There are some key things that your insurer will consider when preparing your quote. They’ll check your driving record, average annual mileage, your garage location, safety issues, repair costs and the make, model and condition of your car. All of these elements influence how much your insurance will cost overall.
This will help insurers to understand more about you as a driver, where you drive to and how far you travel. This will help provide you with the best deals and perks within your premium.
Why does electric vehicle insurance cost more?
The insurance for a hybrid or electric vehicle can be 7% to 11% higher than standard car insurance. This is due to electric cars costing more than conventional cars.
For example, repairs on electric vehicles might cost less due to fewer moving parts, and you save on maintenance with no oil changes, but if the battery pack needs replacing, the average cost is $5,500. Labor costs for electric vehicle repairs also can be higher than with a conventional car.
So, why go electric?
- Many insurers offer discounts for electric cars, which gives you more chances to save, if your mileage is low.
- Tows to charging stations may be covered in your roadside assistance policy.
- Policyholders have some control over the rates on their electric car insurance. When you get car insurance quotes, make sure you select your deductibles and limits, as this can also lower your insurance premiums.
- As a driver of an electric vehicle, you may receive special car insurance discounts on top of discounts for combining their policy with other products, like home, renters, pet, or term life insurance, if your insurer provides these services.
- As driving an electric vehicle means you’re emitting less carbon, you may find discounts that reward you for this eco-friendlier choice.
What could you get covered?
- If you are in a crash – Your insurer could cover, or recover, the costs to repair the damages.
- If you are stalled on the highway – Roadside assistance can assist you.
- If the unexpected happens – Damages for fires, weather, vandalism and more can be covered.
- If your glass is damaged – Your insurer will cover repairs for windshields, moonroofs and more.
Each insurance company offer different packages, so when you are setting up your premium, make sure you check every variable and ensure you’ve opted for coverage on everything you need.
Not only will driving an electric car help the environment, you can see the potential rewards for choosing an eco-friendly vehicle option. These rewards can include discounts and extra coverages for your car. Don’t forget, by choosing an electric vehicle you will be saving your money on gas whilst also doing your bit towards saving the planet.
