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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. Here are some things that the car insurance company will consider:
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 broker . You may be able to get a better price by switching insurance companies with a property and casualty insurance broker.
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.
Coverage required in electric car insurance
Car insurance for electric vehicles is similar to traditional car insurance, but there are some differences to consider. First, it’s important to check if your insurer offers EV coverage. Electric vehicles come with different risks, such as potentially higher costs for spare parts or repair costs. Car insurance for electric vehicles may also include coverage for battery charging costs, in the event of a breakdown. Additionally, it’s important to check the exclusions and restrictions associated with electric vehicle car insurance, such as the distance limit for charging or the maximum duration of coverage in the event of a breakdown. It is advisable to speak with your insurance broker to understand the options available for electric vehicles and choose the one that best suits your needs.
How much does electric car insurance cost?
The cost of insurance for an electric car can vary depending on several factors. Here are some things to consider when determining the price of insurance for an electric car:
- Value of the car: Electric cars often have a higher initial cost compared to cars with internal combustion engines. Since the replacement cost is higher, the insurance can also be higher.
- Safety features: Electric cars are often equipped with advanced safety technologies, such as driver assistance systems. These features can lead to lower insurance costs due to the reduced risk of accidents.
- Repairs and maintenance: The repair costs of electric vehicles may differ from those of traditional vehicles. Some insurers adjust their rates accordingly.
- Battery life: The battery capacity and the range of the vehicle can also influence the cost of insurance. Electric cars with a longer range can be more expensive to insure due to the high cost of replacing the battery.
- Driving experience: If insurers find that electric car drivers tend to be more cautious or have fewer accidents, this can influence rates.
- Geographical location: Where you live can also affect the cost of insurance. Areas with a higher risk of theft or accidents may result in higher premiums.
- Government Incentives: Some places offer incentives or tax reductions for electric car drivers. Some insurers may take these incentives into account when setting rates.
It is recommended that you compare offers from different insurers to get an accurate estimate of the cost of insurance for your specific electric car. Rates can vary greatly depending on these factors and the specific policies of each insurance company.
