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Electric cars:
Is an electric car more expensive to insure?

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October 16, 2017
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Motoring experts at Adrian Flux have cast doubt on suggestions that it is more expensive for motorists to insure an electric car.

A consumer website recently said that a driver  of an electric vehicle will pay an average of £330 more per year for their motoring insurance.

Yourmoney.com said the average cost of electric car insurance was about £1,070, making it 45 per cent more than the price of insuring a regular vehicle, which comes in at £740.

But, according to Adrian Flux, the figures are stilted because they don’t compare like with like.

An electric car will tend to be newer and more valuable

Electric cars tend to be newer and more expensive than their average carbon fuel counterparts, which will push up the premium.

Motor trade statistics show that only 10 per cent of vehicles on the road are worth in excess of £13,000 while 75 per cent of electric vehicles are worth more than that sum.

Furthermore, one in 10 people who own an electric car live in inner city areas which tends to be more expensive.

Another factor inflating electric car insurance premiums is that double the amount are likely to be ungaraged and parked on the road due to the locations of charging points and the homes of their  inner city dwelling owners.

While electric vehicle owners tend to be “low risk” drivers, they are twice as likely to have more than two people insured on their policy to drive the car, which can also push up premiums.

electric car insurance

At the forefront of electric car insurance

Adrian Flux has always been at the forefront, developing value for money insurance products for the latest automotive innovations. The company’s electric car insurance is no exception.

Thanks to the success of cars like the Nissan Leaf, BMW i3 and Tesla, more motor manufacturers are thinking electric, but many motor insurers remain wary of the new technology, often penalising drivers because of fears over the cost of repairs.

As a specialist broker in the electric car insurance market from the beginning, Adrian Flux can offer tailor made cover for your electric car at a very competitive cost.

 

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