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Insurance for your electric car
The fuel source doesn't increase premiums, but expensive parts and repairs will.
Insurance for a zero-emission car is pretty much the same as for any other type of car. We wouldn't treat the car any differently. The fact that premiums are higher depends largely on the car's model, not its fuel source. The more expensive a vehicle is to replace, the more expensive it tends to be to insure. Electric vehicle batteries, for example, are expensive to replace in the event of a collision. They may also require more specialized services to repair. As a result, you may pay a slightly higher premium. What we strongly recommend to all our customers is to obtain an insurance quote with their car insurance broker before purchasing a vehicle, to ensure that the customer has budgeted for the cost of the new vehicle as well as the cost of its insurance. If the customer can obtain the VIN of the vehicle they are considering insuring, the broker can provide a more accurate quote, rather than relying solely on year, make and model."
Is it more expensive to insure an electric or hybrid vehicle?
Zero emission vehicles (ZEVs) have become popular options. According to Statistics Canada, more than 65,253 hybrid electric cars were registered in 2021, and the data only covers the first nine months. According to a survey conducted by KPMG in 2021, seven out of ten Canadians planning to buy a new car in the next five years are likely to purchase an electric or hybrid vehicle.
As interest in zero-emission vehicles grows, so does the demand for EV auto insurance. In July of this year, Assur360 saw a year-on-year increase of 115 % in the number of drivers seeking quotes fromcar insurance for electric vehicles on its website. With the generous incentives available in Quebec, it's not surprising that more and more people are looking for a green car.
How can I save money by insuring a hybrid or electric vehicle?
In fact, there's nothing different that the consumer needs to know about, except perhaps whether they get an extra discount for owning a hybrid or electric vehicle. Some Assur360 insurers offer discounts "green vehicle"You don't have to fill out any special documents to qualify. You don't have to fill out any special paperwork to qualify, and as soon as the insurance broker enters your vehicle identification number, the discount applies automatically. If you're buying a zero-emission vehicle (or any other vehicle, for that matter), be sure to compare insurances to get the lowest possible rate.
How do I insure an electric or hybrid vehicle?
Many people choose to buy a hybrid-electric vehicle, because the standard versions don't need recharging and therefore don't require the infrastructure needed for an electric vehicle. Instead, they recharge thanks to so-called regenerative braking - when you brake or coast, a generator stores the electricity for later use.
Whether you opt for a hybrid or a fully electric vehicle, there will be no impact on your insurance discount. Visit insurance companies clearly indicate that the rebate applies to all zero-emission vehicles, including hybrid and electric cars in general.
Assur360 is a free website and a independent damage insurance brokerage firm which allows Canadians to compare rates from multiple providers for a variety of financial products, such as auto, home, boat and business insurance.
Is it cheaper to insure an electric vehicle?
On the one hand, some arguments suggest that electric vehicle owners could benefit from lower car insurance premiums due to the increased safety of these vehicles. Electric vehicles are often equipped with advanced safety technologies, and their design can help reduce the risk of certain types of accident.
On the other hand, the initial cost of electric vehicles is often higher, and in the event of damage, repairs can be more expensive due to the advanced on-board technology.
To get a more precise answer to your question, it would be best to ask for quotes from an insurance broker and different insurance companies, taking into account your specific situation and the electric car model you're considering.
