The complete guide to electric car insurance

Is electric car insurance cheaper than standard car insurance? Is it worth making the switch to an electric vehicle in the long run? These are the questions playing on the minds of many, especially when they’re seriously considering scrapping their old vehicle and purchasing a brand new electric powered one. 

As electric vehicles are becoming more and more popular due to their ease of use and environmentally friendly features, we should really start thinking about electric car insurance. No matter which type of electric car you own or are interested in purchasing, without insurance, you’ll simply not be able to drive it. 

The benefits of electric vehicles are endless and owning one has a ton of benefits for both the driver and the environment too. Before you purchase one however, it’s worth knowing a few things beforehand:

• There’s a limit to how far you can travel on a single charge, meaning you’ll have to power up multiple times on a longer journey, particularly and in more cases, more than you’d have to fill filling up your tank in a standard vehicle.
• You’ll need to have your own electric vehicle charging point installed in your home or you’ll need to find a public charging station whenever you need to power up. 
• There can be a higher initial upfront cost, but you’ll save money and energy with an electric vehicle in the long run.
• Research the OLEV grant to see if you can help with purchasing a home charging point.

As well as all this, you also need to look into and research electric car insurance for peace of mind.

What is electric car insurance?

Electric car insurance is the same concept as regular car insurance. - It's there to protect you should anything happen to you or your vehicle in an accident. However, because electric cars don’t operate in the same way as a standard vehicle would, there are a few issues for an insurer:

• Repairs on an electric vehicle will need to be completed by a specialised mechanic. 
• Electric vehicle batteries are more expensive than regular batteries.
• Electric vehicles have specialised parts which can be more expensive and difficult to replace when needed. 

Even though there are some slight differences in electric car insurance policies, the main way they work stays the same.

How much is electric car insurance?

The electric car insurance cost can vary quite a lot depending on a number of different factors. Electric vehicles are generally smaller than regular vehicles and less powerful, meaning they are much safer to drive. Also, electric vehicle insurance can be cheaper as owners of electric vehicles are seen to be more 'responsible'. This means that these people are 'less likely' to drive dangerously or end up in a car accident.

However, electric vehicles are much more technologically advanced than regular vehicles. Repairs for EV's can be more expensive, meaning that some insurers may increase the price as a result. It’s useful to get quotes from a range of companies to find the best value deal. Make sure you check the details of the policy and see if it’s right for you and your situation.

What should you know when insuring your electric vehicle?

With electric vehicles, there are other things you need to keep in mind when looking for cover. For one, it’s a common thing for an electric vehicle owner to buy the vehicle, but to lease the battery from the manufacturer. In this case, there may be a contracted agreement for the mileage you use within this time. Alternatively, you will be able to buy the vehicle battery yourself, but you’ll then have to pay for any replacements, which can be quite costly.

You should always have power cable cover for your vehicle if required. If you have a mounted home charging point at home either on the wall in your driveway or garage, then you’ll probably not need to worry. However, if you’re needing to use a cable on a pavement or you’re charging from a public charging point, then you should look into covering this on your insurance. A charging cable out in the open can be a hazard, so it’s worth looking into this to ensure you have all the cover you need. 

The benefits of choosing an electric vehicle to insure.

If you choose an electric car, there are a number of financial advantages to help you on your way:

• Electric vehicles are exempt from road tax - because they’re more energy saving and environmentally friendly, electric vehicles owners will not need to pay.
• OLEV grant - you can get help when purchasing a home charging point if you meet certain criteria. 
• Perks from insurers - some insurance companies offer great incentives to encourage more people to use their service. In some instances, you can get reductions on premiums, or even get your chosen company to give charitable donations on your behalf. 

Choosing the right electric car insurance for you requires research.

With many companies out there offering different deals, you should always look around before making the switch to electric. Not all companies will offer electric car insurance, but there are some companies who solely offer it - it’s worth the so research is key to get the best deal. As well as your electric vehicle insurance, you should also consider the right vehicle for you and a home charging point if required. If you share your car with someone else from time to time, it's worth knowing that many temporary car insurance providers don't cover EVs right now.

At BOXT, we can help you choose the right home charging point for your home and your vehicle. Browse our website and even try out our ‘Find An EV’ tool. Simply answer a few questions and we’ll give you some personalised recommendations. When you’ve found your match, make your purchase and we can deliver and install it for you the very next day, subject to availability.

If you need more information about our electric vehicle chargers, you can browse our website and guides. For help and advice from one of our professional engineers, you can pop on our live chat to connect with a member of the team instantly. We’ll be happy to help and answer any questions you may have.