Are Electric Vehicles More Expensive to Insure?
Posted on 9th November 2022 at 14:40
One Million Electric Vehicles Registered in the UK!
Electric vehicles are becoming ever more popular with drivers in the UK. The one-millionth electric vehicle was registered in September and as the technology and range continues to improve, it seems the obvious choice for anyone trying to reduce carbon emissions.
These vehicles are super to drive, great value to run and have super-fast acceleration speeds to rival any sports car from a standing start.
Electric cars can also be expensive to purchase. Although the government does contribute £2,500, for any electric vehicle costing less than £35,000.
Insurance for Electric Cars
Heycar compiled a list of electric cars that are cheaper to insure. You can find the list HERE.
They found the cheapest electric car to insure is the VW e-Up. This small car has a 161-mile range and speedy performance for driving about town.
The good news is, most mainstream insurance companies are able to offer insurance for electric vehicles.
Aspects to Consider Before Purchasing an Electric Vehicle
Electric vehicles do tend to cost more to insure than a similar petrol or diesel model, mainly due to the very large batteries that are expensive to replace if the car is damaged.
Range anxiety - feeling confident that you will have enough power to make it to your destination, relies on a smooth journey without interruptions. If you’re not one hundred per cent sure, it’s always a good idea to stop half way to top up.
Whilst the UK is fast filling up with electric charging points, charging an electric vehicle is not as quick or easy as filling up with petrol or diesel. The time it takes to charge an electric car can be as little as 30 minutes or more than 12 hours.
If you are driving long distance, we recommend finding an ultra-rapid charging point upon arrival to prevent any issues with finding one out of action. Getting stranded without power will require a breakdown service and cost you money.
The government will be losing £billions from road tax and looking at alternative ways to recoup these much-needed funds.
Hybrid vehicles are great for commuters. Short range electric vehicles will get you to work, charge for the day and drive home. If you do exceed the range, petrol can be used to cover those extra miles.
Tips for Getting the Best Electric Car Insurance
Use a broker. At Hedon Insurance our advisers can do all of the work for you. We search the whole of market to find the right policy on your behalf.
Be patient - the electric car market is still relatively new, so searching for the right policy can take a little longer.
Read the policy wording - make sure you’re adequately covered for electric vehicle-specific things like batteries and charging cables.
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