Are electric cars more expensive to insure?

Will it cost more to insure an electric car?   

There’s no simple yes or no to this. Just like insurance for petrol or diesel cars, it depends on where you live, how old you are, your driving history and the car you’ve chosen.  

But right now, it does tend to cost slightly more to insure an electric car so get some quotes before you buy.

Why does it cost more?

It’s partly to do with the tech in the car (which is also why they cost more to buy right now). The batteries in electric cars are expensive and cost a lot to fit if you need a new one. So if you have an accident and yours needs replacing, it can have a hefty price tag.  

Now we’re certain batteries last years and years, car makers are building them into the cars. The downside is if something goes wrong you could end up replacing the whole car, as you can’t just pop the battery out. And unfortunately, it doesn’t have to be a major accident for the battery to get damaged, sometimes even air bags going off can wreck it.  

Electric cars are also a bit more expensive to buy than petrol or diesel, and this makes them pricier to replace. And that means a few more quid on your insurance premium.  

If you’ve tried out an electric car, you’ll know they can be pretty speedy and that sometimes catches people out. Until everyone gets used to driving electric and the way it delivers instant acceleration, you’ll see higher insurance quotes.  

On the plus side there are safety features in electric cars, like the tech in Teslas which reads the road and helps you avoid pedestrians and other obstacles. And all car makers, like Nissan and VW, are working on safety too, which in the longer term should bring insurance prices down.  

Will car insurance for electric get cheaper?  

As more and more electric cars come on the market it’ll drive the price of the cars and tech (like batteries) down. You should see the cost of repairs drop too. And that means insurance costs are likely to come down.  


Looking for insurance with a bit more spark?

LV='s electric car insurance is packed full of specialist features like battery cover, over-the-air monthly updates, charging cable cover and even roadside charging if you breakdown. Insurance for the next generation of cars.
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