Why an electric vehicle?
Consumers are increasingly choosing to buy electric vehicles for a variety of reasons, including fuel economy and the appeal of eco-friendly features. To determine if an electric vehicle is the best choice for you, you will need to consider how buying an electric vehicle differs from buying a car with a combustion engine. One of these differences is insurance, and it will be important for you to understand how to best insure an electric vehicle.
Electric car insurance in Quebec
Tesla has set a trend with electric cars and we want to follow suit by offering adapted electric vehicle insurance. This protection allows you to save on electric vehicles and homes when combined. You can read more about insuring Tesla, NIO, and other electric vehicles on our blog.
What is electric car insurance?
If you already own an electric vehicle, want to buy one, or are considering making the switch, the EV insurance plan offered is the best place to start. We have partnered with insurers to provide the best car insurance plan for all electric vehicles on the road.
Electric vehicles are more complicated than their gasoline-powered counterparts in terms of battery technology, charging, and power. Electric vehicles are becoming very popular and more common, but in terms of insurance, they are considered a niche product. More and more insurance companies are starting to recognize the increased safety features of electric vehicles and are adjusting their rates to reflect them.
How insurance rates for hybrid cars and electric vehicles are determined
When insurance companies determine car insurance rates, many different factors are considered. Where you live, your driving history, and your claims history are things that the insurance company will consider.
Price index per vehicle:
Legend : $ = lowest · $$ = average · $$$ = higher
| EV Model | Segment | Theft risk* | Cost Parts/ADAS | Award-winning index | Tip for lowering |
|---|---|---|---|---|---|
| Tesla Model 3 | Sedan | Medium | High | $$ | Garage + telematics; Useful glass breakage |
| Tesla Model Y | Compact SUV | High | High | $$$ | Tracker/anti-theft, garage, alarm |
| Hyundai IONIQ 5 | Compact SUV | Medium | Medium | $$ | Deductible $1,000; Multi-Fonts |
| Hyundai IONIQ 6 | Sedan | Low | Medium | $–$$ | Telematics; Windshield to watch out for |
| Kia EV6 | Compact SUV | Medium | Medium+ | $$ | Private parking; Theft |
| Kia EV9 | 3-row SUV | Medium | High | $$$ | Tracer; replacement cost at the beginning |
| Chevrolet Bolt EUV | Subcompact | Low | Low–Medium | $ | Indoor storage; Declared km |
| Nissan LEAF | Compact | Low | Low–Medium | $ | Multi-fonts; telematics |
| VW ID.4 | Compact SUV | Medium | Medium | $$ | Garage; calibrated ADAS sensors |
| Ford Mustang Mach-E | Sport SUV | Medium | High | $$–$$$ | Tracker + $1,000 deductible |
| Toyota bZ4X | Compact SUV | Low | Medium | $$ | Good file = telematics discount |
| Subaru Solterra | Compact SUV | Low | Medium | $$ | Multi-fonts; Declared winter tyres |
| Volvo EX30/EC40 | Compact SUV | Medium | High | $$$ | Garage; Windshield/ADAS to Consider |
| BMW i4 | Premium Sedan | Medium | High | $$$ | Tracer; Limit expensive options |
| Mercedes-Benz EQB | Compact SUV | Medium | High | $$$ | Housing consolidation; garage |
| Audi Q4 e-tron | Compact SUV | Medium | High | $$$ | Anti-theft/tracker; Higher deductible |
| Porsche Taycan | Sport Sedan | Medium | Very high | $$$ | Agreed value; Garage/alarm required |
* Theft risk = trend/relative statistics by model/segment (may vary by region/neighborhood).
The cost of repairs
This is something that insurance companies consider for all types of vehicles. This may be a bigger point of consideration for hybrid and EV cars. That’s because parts can be a lot more to fix.
How you use the vehicle
Your insurance broker in Quebec will ask you how you use your vehicle: is it for pleasure or for work? How often do you drive? How many kilometres is your daily commute? These are all important factors in determining your rate.
How to save on electric car insurance?
If you decide to buy an electric vehicle, you can save on insurance in the same way as conventional car owners, avoiding accidents and traffic violations. If you already have an electric car and are curious to find more affordable rates, consider asking for quotes from several insurers through your Assur360
You can also take advantage of discount programs. Insurers offer all kinds of discounts for the purchase of multiple policies, insurance of more than one vehicle, no claims, and participation in a defensive driving course, among other things.
Also, research local, Canadian and Quebec programs that offer rebates or tax credits for having an electric vehicle. The federal government offers significant tax credits for the purchase of certain makes and models of electric cars. Your broker remains your best reference for saving on your insurance.
Does insuring an electric car cost more?
Sometimes yes, especially on recent models (expensive parts/technologies, ADAS calibration). But
