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When motorists are looking for an electric car, they’re typically mainly concerned with how eco-friendly it is, the high-tech features and the price tag. Often, they will forget about insurance and not consider if this is more expensive than a policy for a petrol or diesel car. So, is there any difference when it comes to insurance for green cars?
Costly Repairs
Aside from your personal circumstances such as age, claims history and annual mileage, insurance premiums are determined by the type of car. This may include how safe it is in a crash, how expensive it is to repair and how secure it is from theft. Electric and hybrid cars often have different construction methods and have expensive parts which can make repairs costly. As a result of this, many major insurers do not actually offer coverage for electric or hybrid vehicles.
Cheaper Premiums
Although some insurers do not cover this type of car, you may find that those that do actually offer cheaper premiums and some specialise in electric vehicles. This is due to the fact that, typically, these vehicles are safer to drive than standard cars. This is in part because they are smaller and less powerful, but also because the drivers of eco-friendly cars are regarded to be more responsible and safer motorists.
Other Factors
Other factors that you must consider include battery cover and power cable cover. Many owners lease a battery from the manufacturer, with it being replaced at the end of the lease, so you should enquire if the battery needs to be insured or if the manufacturer will repair it for no extra cost. Power cables are trip hazards when used in public, which is another reason that some insurers stay clear of electric cars. When you do find an insurer, be sure to see if they have cover for this type of claim.
Finding Insurance Cover
So electric car insurance is quite complex and varied – this is a result of it still being relatively new and it’s easy to see this changing in the near future. As with any type of insurance, the best approach to finding adequate and affordable coverage is by shopping around and using comparison websites. Alternatively, pay-as-you-go policies like those available from Dayinsure are another option.
Getting covered for an electric vehicle is not as straightforward as for a petrol or diesel vehicle and you’ll find that some insurers don’t offer cover due to expensive repairs. There are many insurers that offer lower prices, however, so it is important to research and compare to find the best coverage.
