As more motorists make the switch to electric vehicles (EVs), many are facing the prospect of insuring an EV for the first time. But how much does EV insurance cost, and how can drivers reduce the cost? Let’s explore these questions.
**Is EV insurance more expensive than for other car types?**
According to comparison sites Confused.com and GoCompare, EV insurance premiums tend to be higher than premiums for hybrid, petrol, or diesel cars. In May 2024, the average electric car insurance premium was £910, compared to £790 for hybrids and £670 for petrol or diesel cars, according to Confused.com. GoCompare reported average EV insurance premiums of £641, compared to £467 for all other vehicle types.
**Why is EV insurance more expensive?**
There are several reasons why EV insurance tends to be more expensive. Firstly, EVs and their technology are relatively new, which means the cars themselves are expensive to replace when written off, and parts can be more costly and take longer to source. Additionally, there are fewer technicians and garages qualified to work on EVs, leading to delays and higher workshop costs. According to automotive data company Solera, repair costs for EVs can be up to 29% higher than for petrol and diesel cars. Specialist policies for EVs also often include extra features specific to these vehicles, which come at a price. Furthermore, the powerful acceleration of many EVs has caught inexperienced drivers off guard, resulting in more claims.
**Is EV insurance different from regular cover?**
In essence, EV insurance is not fundamentally different from regular cover. However, for the most comprehensive coverage, drivers may want to consider a specialist policy. These policies often include additional features specific to EVs, such as cover for over-the-air software updates, recovery to a charger if the car’s battery is empty, accidental battery and charging accessories cover, cover for theft or damage to home charging equipment, and personal injury liability cover related to charging cables.
**Is EV insurance automatically more expensive?**
Contrary to popular belief, EV insurance is not always more expensive. In fact, it can be cheaper to insure an EV than a petrol or diesel car. This is because EVs typically have more safety aids, which can help reduce their insurance group rating. They also have fewer moving parts, which means they may take less time to repair after an accident in certain circumstances.
**How can drivers reduce the cost of EV insurance?**
There are several ways to reduce the cost of EV insurance. One option is to shop around and compare prices on comparison sites and with high-street brokers to find the most competitive rate. Other strategies include having a driveway to park on, paying a higher excess, accurately estimating annual mileage, maintaining a good driving record, and adding a named driver with a good record. Drivers can also reduce their premium by avoiding duplicating breakdown cover or legal assistance if they are already included with the car or home insurance. Choosing an EV in a low insurance group can also help lower premiums.
**Which EVs are the cheapest to insure?**
Insurance costs can vary depending on factors such as the car’s value, theft record, and the driver’s personal circumstances and driving record. However, a quick way to estimate a car’s likely insurance cost is by looking at its insurance group rating. Cars in lower insurance groups tend to have lower premiums. Some examples of relatively affordable EVs to insure include the Seat Mii Electric 38.8kWh in Group 12 (city car category), the Volkswagen ID 3 Life Pro 58kWh in Group 18 (family hatchback category), and the Vauxhall Mokka Electric 50kWh Griffin in Group 22 (SUV category).
**What are the most expensive electric cars to insure?**
On the other end of the spectrum, some electric cars come with higher insurance group ratings, which can result in higher premiums. Examples of EVs in the highest insurance group (Group 50) include the Jaguar I-Pace 90kWh (family car category), the Mercedes-Benz EQE 500 91kWh (SUV category), and the Porsche Taycan Performance Plus 93.4kWh Turbo S (sports car category). However, it’s worth noting that even within the same insurance group, premiums can vary based on factors such as the car’s value and theft record.
In conclusion, insuring an EV can be more expensive than insuring other car types due to factors such as the newness of EV technology, higher repair costs, and additional features specific to EVs. However, it’s not automatically more expensive, and there are ways for drivers to reduce the cost of EV insurance. Shopping around, maintaining a good driving record, and choosing an EV in a lower insurance group can help lower premiums. Ultimately, drivers should consider their personal circumstances and driving habits when selecting an EV and obtaining insurance coverage.
