Can I get cheap electric car insurance?
It depends on what your definition of ‘cheap’ is. Car insurance is based on multiple factors, such as how risky you’re considered as a driver, where you live, where you keep your car at night and even what job you do. The type of car and its fuel is just one other element that’s considered when providers come up with your premium.
All cars in the UK will be in one of 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 or diesel-fuelled car, which can make them expensive to repair – so you’ll tend to find them higher up the insurance hierarchy.
Take, for example, the electric-powered Nissan Leaf. You’ll find it in groups 20-25 compared to its equivalent gas-guzzling cousin the Ford Focus, which you can find in groups 7-14. You’d be forgiven for thinking that this automatically means far higher insurance costs – but when you factor in your own risk profile and all the other elements insurance providers like to throw in, you could find the sums even out.
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. According to our latest Premium Drivers report (June 2018), the average annual car insurance premium currently stands at £727**; on average, it will cost you £491.17*** to insure the Nissan Leaf.
And there’s even more good news – insurance companies are starting to realise that electric cars aren’t just a futuristic fad and the cost of insuring your electric car is becoming more competitive.