Do all insurance providers cover electric cars?

Electric Car Insurance

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Insurance tends to be one of the biggest regular expenses you’ll face as a car owner, but is it any different for electric vehicles (EVs)? With EVs appearing more and more frequently on UK roads, we explore how easy it is to insure an electric car and what you’ll need to consider before taking out a policy.

Do all insurers cover electric cars?

Most mainstream insurers now offer EV insurance so you shouldn’t have any real trouble finding a suitable policy.

You can also find tailored insurance packages from specialist EV insurance providers. Benefits sometimes include guaranteed like for like EV courtesy cars and a more personal service. However, it’s worth knowing that some specialists are quite specific about who they insure – for example, there may be limits to the value of the car they’ll cover. Some insurers may also only agree insurance if you have at least one year’s no claims discount.

What does EV car insurance cover?

EV insurance is very similar to car cover for traditionally fuelled cars, so you’ll be able to choose from:

  • Third party only – covers the cost of damage caused to other cars or injury to other people. These policies won’t pay to repair or replace your car if you’re involved in an accident.
  • Third party, fire and theft – includes third party only and will also cover the cost of repairing or replacing your car if it’s stolen or damaged by fire.
  • Comprehensive – as well as third party, fire and theft, this will also cover your costs if your car is damaged in an accident, even if the accident is your fault.

You should also be able to choose from a range of extras including cover for your windscreen, misfuelling, lost keys and legal expenses too. Are my EV’s cables and adapters insured?

Insurers will usually cover your EV’s charging cable and any adapters too but it’s important to check.

If you decide to lease your EV’s battery to bring the initial purchase cost down (which is an option some manufacturers offer) you should make this clear to your insurer. Most will cover the leased battery as part of your policy but it’s vital to check and be sure. If they don’t and your EV is written off, it would be down to you to cover the cost of replacing the battery.

EV insurance will also typically provide liability cover in case someone trips over the charging cable. This might be particularly relevant to you if you’ll be extending a cable from your home to your car parked at the side of the road.

Is it expensive to insure an electric car?

Car insurance costs come down to multiple factors so premiums vary depending on your own circumstances. That said, EV insurance used to have the reputation of being expensive, but this isn’t necessarily true now.

Our research found that car insurance costs for electric cars range from around £400 up to over £1,000 per year. In some cases, we also discovered that premiums on some models were almost the same for both the electric and petrol versions (such as the Mini Cooper).

One of the main reasons for EV insurance costing more historically, is that EVs simply weren’t as common, and parts and labour were more expensive. EV repairs might still be marginally pricier but as their popularity increases, costs are likely to continue falling. Plus, the rising number of EVs also means there’s more data for insurers to assess, so they’re able to build a more accurate profile of why EV claims are made and for how much.

What can I do to the lower the cost of EV insurance?

Despite the fact the cost of EV insurance is starting to level out, for specific models at least, it’s still likely to be a hefty expense. Nevertheless, there are a number of ways to keep premiums as low as possible, including:

  • Paying for your car insurance in one go – monthly instalments will usually mean paying interest on top of the premium.
  • Adding a named driver – a more experienced named driver can lower premiums.
  • Increasing your voluntary excess – remember that you’ll need to pay this amount if you want to proceed with a claim so whatever you agree, it should still be affordable.
  • Only buying what you need – think carefully about what your policy needs to include, optional extras are nice to have but if you never use them, it’s a waste of money.
  • Comparing policies – car insurance is one of the most competitive insurance markets, so shopping around can be one of the most effective ways to keep insurance costs down. Look for introductory deals, and if you’ve got more than one car in the household, consider multi-car cover too. These policies usually apply discounts for each car you add.

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