Are you a driver who’s as conscious of your impact on the globe as well as the roads? If the answer’s yes, it’s highly likely you’ve opted for – or are planning to buy – an eco-friendly electric vehicle (EV).
That being said, you may be wondering how insurance differs when it comes to EVs, and whether it can bring any benefits to the premiums you pay.
Throughout this article, you’ll learn all about electric vehicle insurance for your eco-friendly EVs, and what the policies entail for you and your car.
Keep scrolling to learn more.
What is electric car insurance?
Electric car insurance is similar to insurance for standard gasoline engine cars, except this policy is for – you guessed it – EVs.
Just like all other cars, EVs still need to be insured before you can legally drive them on the roads – for most states, the minimum requirement is to have a policy with liability coverage, meaning coverage for damages done to others, where you’re liable.
There are many different aspects to EV insurance, and every insurer can offer different things, so we highly recommend doing research into your chosen provider to make sure the policy is the right fit for you and your eco-friendly car.
What are the benefits of electric car insurance?
There are many benefits that come with taking out an EV insurance policy. This includes, but is not limited to:
- Discounted premiums
One of the biggest advantages of insurance for EV cars, is that you can be offered discounted premiums based off a few factors.
On the one hand, you’ll find that EV insurance is on average more expensive than insurance for standard gas cars. This is simply due to repairs and replacements being more expensive, as well as the need for specialists to carry out this maintenance, as opposed to your everyday mechanics.
However, the flip-side to this is the fact many insurers can still offer you discounts on your premiums.
EVs are much safer to drive than standard gas vehicles, and this means you’re statistically less likely to have an accident in these cars, which naturally can result in the need for lower premiums.
As well as this, EVs are eco-friendly, so some insurers will add discounts for these types of cars as a reward and incentive for buying vehicles that help the environment.
Overall, the discounted premiums can help balance out the cost of the higher insurance average for EVs, making these policies a great option.
- A range of policies available
As with standard gas vehicles, there’s more than one policy type for EVs. You have a wide variety of options available for your EV insurance, each with their own perks and coverage.
For one, you could consider getting telematics installed into your EV, to help you gain an accurate and reasonable premium price for your policy. This insurance type involves technology being installed into your car or mobile device, to analyze your driving behaviors so the cost of your premium can be adjusted accordingly and catered to your personal usage.
The system will analayze things such as your ability to safely handle turns, your efficiency with braking, and how well you abide by speed limits. The data can then help your insurer see how safely you drive, and therefore how less likely you are to have an accident.
You can also consider multi-car insurance polices for your EV. This works in the same way to standard insurance, except it allows you to have multiple cars under one policy, as opposed to having different policies for each car.
This will not only help you save money with discounts that are applied to each car you add to the policy – often with a maximum of four cars – but can also help you save on the time it would take to apply for different policies at once.
As you can see, not only are EVs great, eco-friendly cars, but they also provide many benefits when it comes to insurance.