Compare Electric Car Insurance |

A simples guide

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 to keep costs down as fuel prices creep up. Here’s how to get a good deal on your electric car insurance.

Is it cheaper to choose an electric car?

There are some money-saving opportunities in choosing an electric car, such as not having to pay vehicle tax to being eligible for a 100% discount on the London congestion charge. So, not only will you save on petrol, you could also receive a nice tax break.

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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.

**All average price amounts based on Compare the Market data in June 2018. You may find a cheaper or more expensive quote based on your personal circumstances. For more information, see our Premium Driver's Report here.
*** Based on Compare the Market data from May 2018.

What are the most popular models of electric car?

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 statistics are based on data from January 2018 - March 2018.

The most quoted model during this time was the Nissan Leaf which consumed 54% of all comparison enquiries, generating an average insurance premium of £456.45. This was followed by the Renault Zoe at 15%, with an average premium of £524.31.

Some of the more expensive models from a car insurance prospective include the Renault Twizy (£1,010.78) and the Tesla Model-x (£1,340.68).

At the other end of the scale, the Hyundai Ioniq EV Premium SE averaged a premium of only £418.92 and the Smart Forfour came in at £356.61.

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 do I need to consider with electric car insurance?

One of the ways you can reduce the cost of buying an electric car is to buy the vehicle but lease the battery. If this is the case, you’ll usually have to agree to certain stipulations made by the manufacturer, which you and your insurance provider will need to be clear about.

Another thing to think about are power cables trailing from a charging point to your car, which are, of course, a trip hazard. If a member of the public isn’t looking where they’re going and trips on your cable, you could be looking at a potential insurance claim. So make sure your insurance policy has a big enough public liability clause – alternatively, don’t leave cables lying around unattended.

Where can I get a cheap electric car insurance quote?

Electric cars are here to stay, which means that insurance companies are constantly reviewing and upgrading their offers. To help you better understand what’s on offer, you can compare more than 100 car insurance providers with us in just a few moments to find a policy that’s right for you.

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