The rise in electrification has seen the way that we approach motoring change somewhat. While the automobile is still largely the same as it has been for the most part, certain aspects of the vehicle ownership process have changed. Not only do we need to factor in recharging schedules and adjust those habits accordingly, the approach to maintenance has changed as well. Are there any specific maintenance requirements for electric cars?
Related: Which electric cars have the longest range?
It's not only owners that have had to alter their approaches when considering electric vehicles (EV) but the entire automotive chain. Just about every entity in the automotive landscape has had to adapt in some way, shape, or form. First responders have had to receive special training so that they know how to approach an EV that's been involved in an accident safely. Body repair shops need to know how to work on vehicles equipped with high-voltage power systems safely. The list goes on. Are there any specific safety concerns or considerations for electric cars?
But what about insurance? Is there anything specific that one needs to consider when buying an EV?
Electric car insurance
As much as things change, they also stay the same. While there is a slight difference between the insurance policies and premiums when insuring an EV, the general principle remains the same. There's no major factor to consider when it comes to insuring an EV, and you don't need to contact a dedicated EV broker or insurer. You can switch from your existing policy to one that covers your EV without a major headache.
Insurance for electric cars follows the same parameters as an internal combustion engine (ICE) vehicle in that the value, age, risk profile, and parts availability all influence the monthly premiums the insurer will expect you to pay—your risk profile, determined by your age, location, and prior claim history.
Because EVs are, on a whole, more expensive than their ICE counterparts to purchase, their premiums are higher. Add to this the limited availability of replacement parts (which most often have to be imported) and the select few service providers that are able to repair them, and you will understand why your monthly premium is higher than that of an ICE vehicle. Are there any financial savings associated with owning an electric car?
The flip side of the story is that EVs are generally packed with driver assistance systems and prioritize safety and collision avoidance. This means that you may be less likely to be involved in an accident with an EV as it may very well react faster than what you can, helping you avoid an incident. Insurance providers know this, and this means that the high premiums can be offset by this saving. Provided, of course, that the EV you choose is equipped with such features.
