How much does electric car insurance cost?

Is the price of electric car insurance higher?

It all depends on the cars!

Due to its limited range, an electric car travels shorter distances than a thermal car. Statistically, it is therefore less claims prone, sometimes leading to lower insurance contributions.

ONE insurance premium reduction it is also applicable to recent vehicles. Any electric car put into circulation from 1er January 2021 is exempt from TSCA, the insurance tax. This financial aid aimed at encouraging electric mobility reduces the contribution by around 15%. Some insurers supplement with their own preferential rate, up to a 25% reduction. The exemption does not apply to hybrid cars, but insurers may apply a bonus to them.

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At the same time, the purchase price of electric vehicles is higher. The amount to be insured is therefore also important, influencing the cost of electric car insurance. Conclusion? An electric car can actually benefit from cheaper insurance than a thermal version. A high-end model, on the other hand, is usually more expensive to insure.

Good to know: the charging station

The vast majority of electric car owners use a home charging station. If this is the case for you, make sure the facility is covered by your chosen insurance contract. Otherwise, contact your insurance company or carry out an insurance comparison to integrate the charging station into your home insurance contract.

What does the cost of electric car insurance depend on?

The criteria taken into account when calculating the price of electric car insurance are common to all car insurance.

the type of vehicle

Age, mileage and above all the model of the electric car determine the cost of insurance. The higher the purchase value or the Argus rating of the vehicle, the higher the insurance rate. However, these values ​​can range from single to double depending on the make and model.

Vehicle use

The level of risk also depends on how you use the insured car. Is it parked on the street or in a secure garage? Do you cycle rarely or daily? In the city or in the countryside?

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The type of contract and the guarantees offered

The different insurance formulas are the same for an electric or thermal car. However, the cheapest is rarely recommended.

  • third party insurance it is cheap car insurance, but not suitable for the value of electric vehicles. It only provides the minimum, namely the civil liability guarantee: it is covered in case of damage caused to third parties. In the event of material or personal damage in a wrongful accident, on the other hand, no compensation is possible.
  • Third party insurance more, or intermediary, offers a balanced solution, in terms of prices and guarantees. This à la carte insurance formula includes liability coverage as well as additional coverage. It allows you to adapt the amount of your premium to your budget, choosing the most essential guarantees. In particular, it includes coverage of costs in the event of glass breakage, fire, attempted theft or natural disasters. Warranty extensions such as a breakdown service guarantee can also be added.
  • Car insurance against all risks is the one that offers the best guarantees. It is widely recommended as it offers the best possible insurance for an electric car. In addition to civil liability insurance provided for in a third-party formula, it includes extended warranties. Covers bodily harm and property damage in the event of a responsible claim, thanks to the accidental damage guarantee. It also protects against material damage caused by natural disasters, vandalism, collisions, etc. It can also be supplemented by additional guarantees.

Optional warranties

The more guarantees you add to your car insurance contract, the better you’ll be covered, but the more expensive it will be.

  • breakdown assistance can integrate zero kilometer support, breakdown assistance and towing, repatriation to the mechanic, etc.
  • Some insurance contracts also offer the loan of a replacement vehicle in case of immobilization.
  • driver protection and legal protection are other commonly contracted guarantees.
  • As for replacement value guarantee, can be useful for a valuable new or very recent electric car. Allows compensation for the purchase price in case of total loss of the insured vehicle.

drivers

As with all car insurance, the average price depends on the profile of the main driver. To a lesser extent, a possible secondary driver can also influence you. Pricing is based on the bonus-malus ratio, or CRM for reduction-increase ratio. It depends on the driver’s background. The losses incurred or the lack of experience of young drivers generate penalties and, consequently, an increase in premiums. The absence of recent claims or seniority leads to bonuses and, consequently, to a reduction. To find out your coefficient, consult the information sheet of your insurance contract.

Good to know: the battery of an electric car

An electric car battery is the most expensive element, but it is rarely covered by insurance offers. This, for a simple reason: most of the time, it is the object of a lease agreement with the manufacturer, allowing its maintenance and replacement if necessary. If not, ask your insurer or check your auto insurance quote to verify your inclusion.

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Save on the price of electric car insurance it shouldn’t come at the expense of coverage. Cheaper third-party car insurance is rarely beneficial in the long run: in the event of a claim, the cost can be much greater than the contributions of an all-risk formula.

  • To compare. Use a car insurance comparator It’s the easiest way to choose the best car insurance. Ask for several quotes and compare them, with equivalent guarantees.
  • Choose the guarantees you need, adapted to your uses and your vehicle.
  • Study deductibles and exclusions. The former provide for the payment of a remainder, the latter exclude compensation in certain cases. They can reduce the cost of insuring an electric car, but they should be compared to maintain the best value for money.
  • If you rarely use your electric car, a insurance per kilometer can lower the contribution price. This “pay as you drive” type of insurance only charges coverage for actual mileage. There are also similar insurance contracts based on a mileage package. Finally, some insurers offer discounts in case of good driving and compliance with the Highway Code.

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