Compare electric car insurance: a simple guide

Compare electric car insurance: a simple guide

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

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 (June 2018), the average annual car insurance premium currently stands at £727.  

The average annual cost to insure a Ford Focus is £673.57,  whereas the average insurance cost for a Nissan Leaf is just £476.36*.

*All average price amounts based on Compare the Market data in June 2018. These averages are based on all our customer quotes, 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 January 2018 to 30 June 2018:

Car make and modelAverage annual premium**

Hyundai Ioniq EV Premium SE £432.09

Nissan Leaf £476.36

Renault Zoe £541.98

Smart Forfour £659.29

Renault Twizy £728.93

Tesla Model-x £1,414.53

**All average price amounts based on Compare the Market data in June 2018. These averages are based on all our customer quotes, from people with different age ranges, addresses and driving histories. You may find a cheaper or more expensive quote based on your circumstances.

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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

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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 more than 90 insurance providers and find a policy that’s right for you.

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