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 thermomobile. Statistically speaking, it is therefore less prone to damage, which sometimes leads to lower insurance premiums.

ONE reduction of the insurance premium also applies to newer vehicles. Any electric car put into circulation from 1eh January 2021 is exempt from TSCA, the insurance tax. This financial support, aimed at promoting electric mobility, lowers the contribution by around 15%. Some insurance companies supplement it with their own preferential rate up to a reduction of 25%. The exception does not apply to hybrid cars, but insurance companies can apply a bonus to them.

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At the same time, the purchase price of electric cars is higher. The value to be insured is therefore also important, which affects the cost of insuring the electric car. Conclusion? An electric car can actually benefit from cheaper insurance than a thermal version. A high-end model, on the other hand, is often 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 your case, make sure that the installation is covered by the chosen insurance contract. Otherwise, you must contact your insurance company or carry out an insurance comparison to integrate the charging station into your home insurance agreement.

What does the price 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 vehicle type

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

Use of vehicles

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 ride rarely or daily? In the city or in the countryside?

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The type of contract and the guarantees offered

The various insurance formulas are the same for an electric or thermomobile. However, the cheapest is rarely recommended.

  • Third party insurance is cheap car insurance, but not suitable for the value of electric cars. It only provides the minimum, namely the civil liability guarantee: you are covered in the event of damage caused to others. In the case of material damage or bodily injury due to an at-fault accident, on the other hand, there is no possibility of compensation.
  • Third party insurance plus, 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 size of your premium to your budget while choosing the most essential guarantees. In particular, this includes covering costs in the event of broken glass, fire, attempted theft or natural disasters. Warranty extensions can also be added, such as an assistance guarantee in the event of a breakdown.
  • All-risk car insurance is the one that provides the best guarantees. It is widely recommended as it provides the best possible insurance for an electric car. In addition to the civil liability insurance provided in a third-party formula, it includes extended warranties. It covers bodily injury and property damage in the event of a liability claim, thanks to the all-accident damage guarantee. It also protects against material damage caused by natural disasters, vandalism, collisions, etc. It can also be supplemented with additional guarantees.

Optional warranties

The more guarantees you add to your car insurance contract, the better you are covered, but the more expensive it is.

  • Emergency assistance can integrate zero kilometer support, breakdown assistance and towing, repatriation to a mechanic, etc.
  • Some insurance contracts also offer replacement vehicle loan in case of immobilization.
  • Driver protection and legal protection are other guarantees commonly taken.
  • As for replacement value guarantee, it can be useful for a valuable new or brand new electric car. It allows for compensation up to the purchase value in the event of a 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 leader can also influence it. Pricing is based on the bonus-malus coefficient or CRM for reduction-increase coefficient. It depends on the driver’s background. A slight loss or the lack of experience of young drivers leads to fines and thus an increase in premiums. The absence of recent claims or seniority leads to bonuses and therefore a reduction. To find out your coefficient, see the information statement in your insurance contract.

Good to know: the battery in an electric car

The battery in an electric car is the most expensive element, yet it is rarely covered by insurance offers. This for a simple reason: most often it is the subject of a lease with the manufacturer that allows maintenance and replacement if necessary. If not, ask your insurer or check your car insurance quote to confirm it’s included.

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Save on the price of electric car insurance should not be at the expense of coverage. The cheapest third-party car insurance is rarely beneficial in the long term: in the event of damage, the costs can be much higher than the contributions of an all-risk formula.

  • Compare. Use a car insurance comparator is the easiest way to choose the best car insurance. Ask for multiple offers and compare them with equivalent guarantees.
  • Choose the guarantees you need, adapted to your applications and your vehicle.
  • Study deductibles and exclusions. The former stipulates that a balance must be paid, the latter excludes compensation in certain cases. They can lower the cost of insuring an electric car, but should be compared to maintain the best value for money.
  • If you use your electric car a little, a insurance per kilometer can lower the price of the contribution. This type of “pay as you drive” insurance only charges coverage for actual mileage. There are also similar insurance contracts based on a mileage package. Finally, some insurance companies offer reductions in case of good driving and compliance with the Highway Code.

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