Can you 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. So if you drive a Maserati your idea of cheap car insurance is probably very different to a Ford Fiesta driver.
All cars in the UK will be in one of 50 insurance groups and as a general rule the fancier your car the higher its group number and the more expensive the insurance will be. Electric cars use sophisticated tech 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 23/25 compared to its equivalent gas guzzling cousins the VW Golf and Ford Focus which you can find in groups 7-15. 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 providers like to throw in, you could find the sums even out.
Here at comparethemarket.com, we’ve done our own number crunching and we found that doing your bit for the environment doesn’t need to cost you the earth. A regular fuelled Vauxhall Mokka will cost you an average of £328 to insure, compared to the LEAF at an average of £398. So whilst a LEAF is slightly pricier, it’s not necessarily enough to make you ignore your conscience.
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 getting more competitive. We also found quotes for electric cars around the £256 mark.