After purchasing an electric vehicle (EV) or plug-in hybrid, you might find that your insurance premium is more expensive than you anticipated. But fear not, because there are plenty of ways you can lower the cost of your insurance premium.
First, let’s take a look at everything you need to know when searching for the electric car insurance that’s right for you.
What insurers will consider
When preparing your quote, there will be a range of things that insurers will take into consideration, each of which could affect the price of your premium. This includes your previous driving record, where your car will be kept day and night, the make, model and condition of your car, as well as safety features and potential repair costs.
How many miles you’ll drive
Another thing to take into consideration is the number of miles you’ll drive, on average, each year. Naturally, those who travel long distances and drive more frequently than others are more likely to be involved in incidents – whether this is a collision or breakdown. Either way, the higher your mileage, the higher your insurance premium, so make sure you’re entering an accurate representation of how far you actually drive.
Deductibles and limits
When looking to insure electric or hybrid vehicles – believe it or not – your best bet is not to look for the cheapest premiums. This is because, in order to get the best deal, you’ll want to make sure you have the right combination of coverage, deductibles and limits to protect your new car.
To do this, you could choose a higher deductible – meaning the amount of money you‘d pay out-of-pocket towards the costs of an accident before your insurance provider pays anything is higher, and the risk of your provider is lower. Therefore, your insurance premium could also end up being lower.
Extras you’ll need
You’ll probably find that you need a specific EV policy, as there will be certain extras that won’t be covered in a standard policy. Make sure your policy includes:
- Coverage for your home charging station
- Coverage for your car’s portable charger
- Coverage for being towed to a charging station, should you run out of charge on the road.
Type of Insurance
Whilst you’ll need EV-specific insurance, there are some different types of policies that you might want to explore, in order to ensure you have the best deal for you.
An example of this is multi-car insurance, which allows you to insure more than one vehicle on a single policy, saving you money. You can even adjust coverage on a multi-car policy to cater to each individual car, rather than paying a set price for each of them, in case you use one more than the other.
However, if you don’t own multiple cars, you might want to check out telematics. This is location-based technology that records data using your mobile phone or a chip secured in your vehicle, letting your insurance provider know how safely you are driving, so they can adjust your premium accordingly.
All you have to do is have your location services switched on, and telematics will measure whether it’s actually you driving, as well as how well you are abiding by speed limits, executing maneuvers, or how harshly you are breaking.
Each of these factors could contribute to a lowered premium, as you’ll be charged for how you are driving, rather than how someone like you is presumed to be driving.
Now you know the main points to consider when insuring your electric car, which type of insurance do you think you’ll opt for? Be sure to shop around to find the best deal, catered to you. Tips to prevent your car from breaking down on the highway