What is electric car insurance?
Buying your first electric car is a big change, and when it comes to insurance, there’s a few things you need to know.
Confused.com car insurance expert Alex Kindred says “Electric car insurance is basically the same as normal car insurance, but it typically covers a few extras too. For example, when buying an electric car, you’d need additional insurance cover for your battery, charging cables and adaptors in the event of accidental damage, fire and theft. Some insurers will also offer additional cover, including free recovery if you run out of battery power, and a lifetime guarantee on some repairs.”
An electric car insurance policy typically offers the same kind of cover as a normal car insurance policy but also offers cover for:
- Battery, such as damage done to your battery
- Portable charging cables, if they are lost, damaged or stolen whilst in your car or in use at a garage
- Legal liability, in case someone trips over the charging cable whilst in use
“As with any car insurance policy, it pays to make sure the benefits meet your needs for both you and your car. But as it’s not as straightforward as standard car insurance, it can be a little confusing to know if you’re getting the right cover. To make sure you’re getting a fair deal for what you need, take time to compare like-for-like prices from different insurers” explains Kindred.
What factors impact electric car insurance premiums?
Just like an insurance policy on a petrol or diesel car, providers look at a range of factors to determine the insurance premium for an electric vehicle. Insurance for an electric car is calculated based on the model of the car including its age and performance, as well as the driver's age, experience and location, along with other factors.
Car insurance groups also play a significant factor to car insurance value. Insurance groups vary from vehicle to vehicle but in general, the lower the group, the lower the cost of insurance. You can read more about insurance groups in our UK Car Insurance Groups Explained guide.
It is worth noting that not all insurance providers will provide electric car insurance. Whilst electric cars have been around for a number of years, they are still considered a new prospect for the industry and with limited previous data to base premiums on, some providers refuse to offer insurance for electric cars.