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Compare electric car insurance

Compare electric car insurance

More and more people are opting for electric cars, not only because they’re considered environmentally friendly, but they can also help keep costs down as fuel prices creep up.

Here’s how to get a good deal on your electric car insurance. 

Daniel Hutson
From the Motor team
4
minute read
posted 7 NOVEMBER 2019

How does electric car insurance compare to petrol models?

All cars in the UK will be in one of the 50 insurance groups and, as a general rule, the more powerful your car, the higher its group number and the more expensive the insurance will be. 

Electric cars use sophisticated technology that’s not quite as everyday as your regular petrol-fuelled car. This can make them expensive to repair, so you’ll tend to find them higher up the insurance hierarchy. 

For example, the electric-powered Nissan Leaf can be found in groups 20-25 compared to its gas-guzzling cousin the Ford Focus, which is in groups 7-14. You could be forgiven for thinking that this automatically means far higher insurance costs. However, insurance companies are starting to realise that electric cars aren’t just a futuristic fad and insurance costs are becoming more competitive.  

Here at Compare the Market, we’ve done our own number crunching and we found that doing your bit for the environment doesn’t need to cost the earth, in fact it can be cheaper. According to our latest Premium Drivers Report (September 2019), the average annual car insurance premium currently stands at £707.  

The average annual cost to insure a Ford Focus is £536.71**, whereas the average insurance cost for a Nissan Leaf is just £462.19**.

**Average price amount based on the top five quotes from Compare the Market data from 1 July 2019 to 1 October 2019. The average is based on all variations of the vehicle model and uses risk data from people with different age ranges, addresses and driving histories. You may find a cheaper or more expensive quote based on your circumstances. 

What are the average insurance costs for the most popular electric car models?

While we can’t account for the whole market, we can provide statistics from our own data that can help as a guide.  

The following figures are based on the most quoted electric models from 1 July 2019 to 1 October 2019:

Car make and model Average annual premium**
Hyundai Ioniq Hybrid SE £579.78
Nissan Leaf £462.19
Renault Zoe £466.32
Smart Forfour £517.23
Renault Twizy £680.40
Tesla Model-x £2,022.62

**Average price amount based on the top five quotes from Compare the Market data from 1 July 2019 to 1 October 2019. The average is based on all variations of the vehicle model and uses risk data from people with different age ranges, addresses and driving histories. You may find a cheaper or more expensive quote based on your circumstances.

What else to consider when buying an electric car

Not only will you save on petrol costs, but there are other money-saving opportunities in choosing an electric car:

You’ll be exempt from paying vehicle tax. However, you will still need to apply for vehicle tax. Find out more on the Government website.

You’ll be eligible for a 100% discount on the London congestion charge.

Leasing the battery when buying an electric car can also reduce its initial cost. Just be aware that you’ll have to agree to certain stipulations made by the manufacturer, which both you and your insurance provider will need to understand.

Check out Autotrader’s guide to help you decide whether an electric or hybrid car is right for you.

How can I get cheap electric car insurance?

Car insurance is based on various factors such as how risky you are as a driver, where you live, where you keep your car at night, your age and even what job you do.  

However, there are ways to reduce your premium, such as restricting your annual mileage, increasing your voluntary excess and even shopping around for car insurance deals. 

Electric cars are here to stay, which means insurance companies are constantly reviewing and upgrading their offers. To help you get an idea of what’s on offer, compare quotes with us. It only takes a few minutes to compare a wide range of insurance providers and find a policy that’s right for you.

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