Electric car insurance: warranties, batteries, and real risks
Is insurance for an electric car cheaper than that for a conventional car? What are the specific protections included in insurance for electric vehicles? Here’s everything you need to know to get proper coverage for your electric car at the best price.
Choosing the right insurance for your electric car
To be able to drive your electric car, you must have it insured at least with third-party coverage to protect against damages you might cause to others. However, it’s recommended not to settle for just third-party coverage, as you won’t be covered for damages to your own vehicle in the event of an accident.
Since an electric car is often newer and more expensive than a conventional car, the financial loss can be significant if you’re not properly insured. Repairs and replacement parts can be costly, especially if the battery is damaged.
Of course, a used electric car with high mileage isn’t insured in the same way as a new one: it’s up to you to determine the coverage options you want in your policy. Options for covering theft and fire should be seriously considered, though nothing replaces all-risk insurance for complete peace of mind.
If you drive little, it might be advantageous to opt for a mileage-based insurance plan that offers solid coverage.
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Specific guarantees for electric vehicle insurance
Insurers have understood that a driver of an electric vehicle does not necessarily have the same needs as with another type of vehicle. Some now offer guarantees tailored to electric vehicles in their insurance policies, such as:
0 km electrical breakdown assistance;
Trucking your car to the nearest charging station;
Covering any electrical damage resulting from charging your car;
And so on...
An important point to check in your insurance policy is your insurer’s network of approved repairers. Verify that they are capable of working on electric vehicles, as there are still few garages that have the necessary certifications and equipment for this task.
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Insurance and battery leasing
The battery is the most expensive and vulnerable component of an electric vehicle. For this reason, some manufacturers offer battery leasing contracts. If you choose this option, carefully check what coverage the contract provides in terms of insurance. After all, the battery belongs to the automobile manufacturer, and if it is damaged or destroyed, things can get complicated...
We recommend that you discuss this with your insurer and consider obtaining an extended warranty that covers potential damage to the battery.
Home Insurance and Home Charging
If, like most drivers of electric vehicles, you want to charge it at home, you will need to install a charging station in your residence. It is advisable to ask your insurer to cover the electrical risks associated with charging your vehicle, particularly the risk of electrical fire.
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Sometimes cheaper auto insurance options
Some insurance companies have decided to support the development of electric vehicles by offering more attractive rates to drivers who choose these vehicles. It should be noted that certain studies have shown that drivers of electric cars have fewer accidents than the average...
As a result, some insurers claim to offer rates that are up to 30% lower for electric cars. To find the best deals, it is necessary to compare insurance options to ensure you get the lowest price.
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Rates for insuring an electric car
It is difficult to obtain accurate figures for insuring an electric car. We suggest listing here some examples of rates provided by internet users; feel free to share your own rate so others can get an idea:
Insurance Company
Vehicle
Year-Model
Bonus
Warranty
Total Price Including Tax
Groupama
Courb C-ZEN
2014
0.60
All Risks
365 €
MACIF
Nissan LEAF
2011
0.50
All Risks
390 €
AllSecur
Nissan LEAF
2015
0.57
All Risks
396 €
MMA
Renault Fluence ZE
2011
0.60
All Risks
314 €
If you already drive an electric car, consider mentioning the amount of your premium in the comment section of this article so we can include it in the table!
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Compare insurance options for electric cars
To help you save money, Automobile-Propre.com and Assurland offer to compare rates from different insurers to lower the cost of insuring your electric car. Customers who compare insurance quotes typically save 30% on their insurance premiums!
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Questions about insuring an electric car?
If you have questions about insuring an electric vehicle, feel free to ask them in the comments of this post! Our experts and the community will respond to help you understand better.