The demand for electric vehicles is growing, and insurance companies represented by insurance brokers provide electric car insurance for eco-friendly vehicles. Electric car insurance meets the insurance protection demands of drivers of eco-friendly vehicles and your green driving may be rewarded with lower insurance rates.
Electric car insurance is protection for your electric vehicle. Electric car insurance, just like any other auto insurance policy, provides you with financial protection against physical damage, bodily injury, and liability should you suffer from a loss to your vehicle. By having the right electric car insurance and coverages, you can avoid having to pay for these losses out-of-pocket.
Anyone who owns an electric vehicle must have car insurance. If you own a vehicle in the province of Ontario, it is mandatory that you have insurance in case of accidents.
You most likely already have car insurance. Changing your current vehicle insurance to electric vehicle insurance may be as simple as any vehicle substitution you’ve done in the past. Contact a broker to ensure you have the mandatory coverages and review other features and further options and choices available to you.
Electric car insurance provides liability coverage for bodily injury and property damage, accident benefits insurance for items such as medical bills and lost wages as a result of an automobile accident, and collision and comprehensive insurance coverage to cover repair costs if a vehicle is damaged. An auto insurance policy will provide the same coverage to an electric car as it would for a gas-powered vehicle, hybrid or luxury vehicles, if you are sued as the result of an auto accident.
There are many insurance coverages available and there always opportunities to increase your coverages on your electric car insurance policy. Contact electric car insurance experts who will be more than happy to walk you through all of your auto insurance options and choose the best coverages for your needs.
The cost of insurance for an electric car is not more expensive than auto insurance for traditional gas-powered cars. Electric car insurance premiums vary from driver to driver depending on numerous factors including, how long the driver has been licensed, if the driver has any tickets, convictions and/or accidents, the driver's driving history, and what the vehicle is used for. There also may be green vehicle discounts available for additional auto insurance savings. Ask your broker for details on ways you can save on your insurance.
An auto insurance premium is an amount we pay to insure our vehicles. The bulk of our insurance premium goes to "road-and-driving" coverage. This takes into account our responsibility to society should we cause an event where property is damaged, others get hurt, or we get hurt. These exposures are the same, whether we are driving an electric vehicle or a vehicle fueled by other energy sources.
The cost to repair a vehicle, the value of a car, where a vehicle is garaged, and how often it is driven are factors that contribute to the price of physical damage coverage. Often newer vehicles will generate a lower annual premium because they are considered very safe, having been manufactured with safety features not offered in years past, such as cameras and autonomous emergency braking.
The average cost of auto insurance premium for electric car insurance can range from $1,700 to $4,600 per year. The annual cost of electric car insurance is determined by numerous factors, including the insurance provider you choose, where you live, age of the driver, the number of years licensed, driving record, claims record, use of vehicle, distance driven, and year, make and model of your electric car, the specific coverages you choose, and many others.
Below is a table with some sample pricing from actual quotes to provide a general snapshot of some electric car premiums. Keep in mind that depending on your specific circumstances, annual insurance premiums will vary. An insurance broker will help you to get a variety of competitive auto insurance quotes based on your specific circumstance.
No green discounts have been applied because these are very specific to the insured. Be sure your insurance broker uses all of the discounts you are eligible to receive as there can be substantial savings on your auto insurance.
VEHICLE (new model)
|APPROX. PRICE (per year)|
$1,802 - $4,360
Hyundai Kona Electric
$1,862 - $4,598
$1,763 - $4,160
|Tesla Model 3|| |
$2,176 – $4,200
*The prices above were provided with the assumption that the driver had a good driving record (no previous tickets or accidents).
Some insurance companies offer green vehicle discounts when you insure an electric car or hybrid vehicle. Most electric cars also have an anti-braking system on the vehicle, which can qualify for an additional discount with some insurance companies. These green driving discounts are in addition to dozens of other additional money-saving discounts that you may qualify to receive such as claims-free, clean driving record, multi-policy, and many more. Let an insurance broker help you get all the discounts you deserve.
An electric car is a vehicle that uses an electric motor and batteries for power to move. To charge and recharge the batteries, the car must be plugged into a wall charging outlet or a charging station. Plug-in vehicles (EVs) must be regularly hooked up to chargers to recharge the batteries.
All-electric cars are different from plug-in hybrid electric cars (PHECs), which use an internal combustion engine powered by gasoline and batteries to power an electric motor. Generally, once the electric batteries are out of power, the car changes to use the gasoline-powered engine.
There are several makes and models of electric vehicles available for purchase. The distance a driver can travel before needing to recharge the electric car battery varies by make and model. More public charging stations are being installed across Ontario, which will increase charging convenience. The time required to charge an electric vehicle also varies.
If you are interested in learning about fuel consumption, Natural Resources Canada has an easy online tool to compare fuel consumption for different vehicles.
You can get electric car insurance from the insurance experts at Morison Insurance. Our brokers will provide you with multiple insurance quotes to get you the best insurance coverage and the right price. Get started today by calling 1-800-463-8074 or by filling out the contact form on our website.
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.