January 31, 2023

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Questions to Ask Before Insuring Your EV

Questions to Ask Before Insuring Your EV

Money-Saving Tips for New Electric Vehicle Owners

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If you’ve been driving a vehicle for a long time, you’re likely familiar with maintenance, repairs and insurance obligations. However, purchasing your first electric vehicle (EV) can sometimes change everything you thought you knew about cars and their care.

You might not know how long the batteries are supposed to last, how to maintain an EV or whether they require any particular driving method. Many people also don’t know how to ensure they enjoy the best insurance coverage. If you’re exploring your EV insurance options, here are some of the best questions to ask your insurance broker or provider.

Does It Cost More to Insure Your EV?

Most people are prepared to pay a set sum each month or year to enjoy comprehensive car insurance. However, it can be worth asking your provider whether it costs more to insure your EV so you can factor those costs into your monthly budget.

Tesla Model 3
Because many EVs cost more than conventional cars, that can affect insurance costs

In many cases, electric vehicles do cost more to insure, even if factors such as the age of the driver, gender, driving history and location remain the same. Often, any increase relates to the costs associated with repairing or replacing the vehicle if it were to be involved in an accident.

However, by paying more, you can enjoy peace of mind knowing that you likely won’t be financially affected after an accident. Instead, your chosen provider will help get you back on the road as soon as possible.

Are Electric Vehicles Difficult to Insure?

Due to the complexities and media attention surrounding electric vehicles, you might think they are difficult to insure. However, most insurance providers make the process as easy as it would be to insure your petrol-powered car. You’ll still be required to answer questions about your driving history and how secure it is when you park it; the only main difference is generally what powers it.

2022 Kia Niro EV charging
Ask about covering charging equipment

Are EV Battery and Charging Equipment Covered By Insurance?

EV coverage can vary for each provider. However, many of the best insurance companies provide vehicle battery and apparatus insurance against theft, fire and damage. If you’re unsure what your insurance company offers, ask this question for peace of mind that you won’t be financially affected in an accident or incident involving something as expensive as an EV battery.

How Can I Make EV Insurance Cheaper?

It’s only natural to seek out the best insurance premiums, so you might be wondering if there’s anything you can do to make your EV insurance cheaper. If you work with an insurance broker, you can rely on them to seek out the best deals in relation to your needs. You might also look at requesting discounts for being a safe driver, undertaking usage-based insurance programs to be rewarded for safe driving, or requesting a pay-per-mile plan if you only use your EV for short trips.

Will My House Be Protected If My EV Catches Fire?

If your EV is stored in your home garage, you might be concerned about how it will affect your insurance if your vehicle catches fire. Most standard house insurance policies will cover house fires. According to studies, gas-powered cars are also more likely to catch fire than their electric counterparts, even if EV fires are more widely publicized and reported.

You likely have many questions about electric vehicles, especially if you’re buying one for the first time. Don’t be afraid to ask your insurance provider as many questions as possible to ensure you’re well-informed before purchasing a new policy.