Which car insurance to choose for an electric car?

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The revolution of electric cars has been running for a few years. With the lifespan of the batteries and the autonomy of the batteries which lengthens, the problems of the electric evaporate! You are tempted to buy a new or used electric car but you are wondering if you will pay more for car insurance ? Do a Car Insurance Simulation!

Obviously, this will depend on whether you are investing in a Zoe or a Tesla ! But it’s an excellent question to ask yourself because under the hood, there are subtleties between thermal, hybrid and electric engine vehicles, but also on paper. How much does it cost to insure your electric car? Does it cost more than a “traditional” petrol or diesel car? Answers to help you!

How much does it cost to insure an electric car?

On average in France, it costs less to insure an electric car. This is demonstrated by a study comparing the average cost of car insurance for an electric vehicle against the average cost paid by motorists who own a thermal car. On average, electric vehicle insurance costs 30 euros less per year.

But comparing cars that have equal motorizationwe realize that this is not as true: in reality, with the same motorization and range, it is more expensive to insure an electric vehicle: this can vary from a few tens to a few hundred euros per year depending on the vehicle categories.

For the driver of a Renault Zoé, for example, it is necessary to count at least 500 euros per year by taking out an all-risk insurance contract. If we compare to the Peugeot 208 or the Renault Clio (which are vehicles of the same class), the driver will be able to claim all-risk insurance from 250 euros per year.

Why ?

Why does an insurance contract cost more for an electric car? What are the guarantees ?

With the same motorization and car range, it costs more to insure an electric vehicle. But it’s not because an electric car breaks down more than others. It is explained by the purchase price of the electric vehicle and not by the probability of having an accident or breakdown more easily. We’re not going to talk about the Tesla, so let’s go back to the same previous example, comparing the Zoé and the Clio : the Zoé costs twice as much to buy, so it is twice as expensive in terms of insurance.

In the event of an accident, as repairs are more expensive on an electric vehicle, so is the insurance! Batteries are the most expensive parts to maintain and repair in the event of a problem. The insurance company does not like uncertainty, it will naturally cover the risks and anticipate the cost of potential repairs on the price of your monthly payments.

Does the insurance change between electric and hybrid or thermal?

No, they are the same formulas and the same obligations. In terms of the contract and the law, you have an obligation to insure your electric vehicle, like everyone else!

For this, you will subscribe to an insurance contract by choosing from the formulas offered by your insurance company.

The traditional bonus-malus insurance formula you can insure your electric car

  • The third-party insurance contract: this is the cheapest formula, which will cover above all the bodily damage of the third party in the event of an accident but also against fire or theft. To this you can add additional glass breakage and civil protection, these are the contracts called “third parties +”.
  • The all-risk insurance contract: this is the best choice if your electric car is new, you will pay more but in the event of an accident involving or not your liability, you will be assured of recovering the value of your vehicle before damage.

Electric car insurance per kilometer

You pay only according to the number of kilometers you do. Even if your insurance costs more than a thermal vehicle, it generally costs 30% less to take out insurance per kilometer, but you have to be sure not to exceed the advertised quota (usually 5,000 or 10,000 kilometers per year).

“Pay as you drive” type insurance

This type of insurance will reward the way you drive: for this you have to agree to install a box in your cabin to measure your driving! The insurance company will pay you a premium based on your driving score (by calculating how you brake, accelerate, take turns, and this depending on the weather and traffic).

Insurance specific to electric cars

In your initial contract, your insurance company may offer you additional options for better assistance, especially for the battery.

  • For example, as the cost of batteries is really high for electric cars, insurance companies will offer a “0 kilometer battery” guarantee, which will allow you to be repaired anywhere
  • Other insurance companies are also starting to offer “material damage” cover: it will cover you in the event of a problem caused by an external factor, such as a faulty charging device that has damaged your vehicle!

If you want to know more about electric car insurance, contact your insurance company! This is still a new phenomenon and not all insurance companies offer the same coverage. Compare the offers, request quotes and ask your insurer to get the most suitable offer.

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