Which car insurance to choose for an electric car?

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the revolution of eletric cars it’s been working for a few years. With battery life and battery autonomy increasing, electric problems evaporate! Are you tempted to buy a new or used electric car, but you’re wondering if you are going to pay more for car insurance ? Make a car insurance simulation!

Obviously this will depend on whether you are investing in a Zoe or a Tesla ! But it’s an excellent question to ask, because under the hood, there are subtleties between heat engine, hybrid and electric vehicles, but also on paper. How much does it cost to insure your electric car? Does it cost more than a “traditional” gasoline or diesel car? Answers to help you!

How much does it cost to insure an electric car?

On average in France, it costs less to insure an electric car. This is demonstrated by a study comparing the average cost of car insurance for an electric vehicle with the average cost paid by drivers who own a thermal car. On average, electric vehicle insurance costs 30 euros less per year.

But comparing cars with the same engineWe realized that this is not so true: in fact, with the same engine and range, it is more expensive to insure an electric vehicle: this can vary from a few tens to a few hundred euros per year, depending on the vehicle categories.

For the driver of a Renault Zoé, for example, it is necessary to count at least 500 euros per year through an insurance contract against all risks. If we compare it with the Peugeot 208 or the Renault Clio (which are vehicles of the same class), the driver will be able to claim insurance against all risks from 250 euros per year.

Because ?

Why does an insurance contract cost more for an electric car? What are the guarantees?

With the same engine and range as the car, it is more expensive to insure an electric vehicle. But it’s not because an electric car breaks down more than others. It is explained by electric vehicle purchase price and not by the probability of having an accident or breakdown more easily. We’re not going to talk about Tesla, so let’s go back to the same example as before, comparing Zoé and Clio : Zoé costs twice as much to buy, so it’s twice as expensive in terms of insurance.

In the event of an accident, as repairs are more expensive on an electric vehicle, so is insurance! Batteries are the most expensive parts to maintain and repair in the event of a problem. The insurer does not like uncertainty, naturally it will cover the risks and anticipate the cost of possible repairs in the price of your monthly payments.

Does the insurance switch between electric and hybrid or thermal?

No, they are the same formulas and the same obligations. Under the contract and the law, you have an obligation to insure your electric vehicle, just like everyone else!

For this, you will sign an insurance contract choosing between the formulas offered by your insurer.

The traditional bonus-malus insurance formula you can insure your electric car

  • The third-party insurance contract: this is the cheapest formula, which will mainly cover the third party’s personal injury in the event of an accident, but also against fire or theft. To this can be added the breaking of glass and civil protection, these are the contracts called “third parties +”.
  • The all-risk insurance contract: this is the best choice if your electric car is new, you will pay more, but in the event of an accident involving your responsibility or not, you will be guaranteed to recover the value of your vehicle before the damage.

Electric car insurance by the kilometer

You pay only according to the number of kilometers you drive. Even if your insurance costs more than a thermal vehicle, it usually costs 30% less to insure per kilometer, but you should make sure you don’t exceed the advertised quota (usually 5,000 or 10,000 kilometers per year).

“Pay while you drive” insurance

This type of insurance will reward the way you drive: for that you have to agree to install a box in your cabin to measure your driving! The insurance company will pay you a premium based on your driving score (calculating how you brake, accelerate, turn, depending on weather and traffic).

Specific insurance for electric cars

In your initial contract, your insurer may offer additional options for better assistance, especially for the battery.

  • For example, as the cost of batteries is very high for electric cars, insurers will offer a “0 battery mile” warranty, which will allow you to get repaired anywhere.
  • Other insurance companies are also starting to offer “material damage” coverage: it will cover you in the event of a problem caused by an external factor, such as a faulty charging device that has damaged your vehicle!

If you want to know more about electric car insurance, contact your insurance company! This is still a new phenomenon and not all insurers offer the same coverage. Compare offers, request quotes and ask your insurer for the most suitable offer.

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