Electric Car Insurance Ontario
The demand for electric vehicles is growing, and insurance companies represented by insurance brokers provide electric and hybrid-electric car and auto insurance.
Discounts for eco-friendly vehicles may be offered. Electric car insurance meets the insurance protection demands of drivers of eco-friendly cars and vehicles and going green may be rewarded by a lower price.
What Is Electric Car Insurance?
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.
Who Needs Electric Car Insurance?
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 to an electric vehicle 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.
What Is Considered an Electric Car?
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 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.
What Does Electric Car Insurance Cover?
Electric car insurance provides liability coverage for bodily injury and property damage, accident benefits coverage for items such as medical bills and lost wages as a result of an automobile accident, and collision and comprehensive coverage to repair a vehicle if damaged. An auto insurance policy will provide the same coverage to an electric car as it would for fossil-fuel-powered, 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 your broker and they will be more than happy to walk you through all of your options and choose the best coverages for your needs.
Is Electric Car Insurance More Expensive?
Electric car insurance is not more expensive than auto insurance for traditional fossil-fuel-powered vehicles. 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’ discounts available for additional auto insurance savings. Ask your broker for details on ways you can save on your insurance.
An 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 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.
How Much Does Electric Car Insurance Cost?
On average, your electric car insurance can cost anywhere from $1,700 to $4,600 per year. To illustrate a few examples, premiums for a 35 year-old female driver would cost an estimated $1,888 to $4,360 per year, where premiums would be $1,865 to $4,598 per year, on average, for a 55 year-old male driver. The cost of electric car insurance is determined by numerous factors, including 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 or hybrid vehicle, 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, the price of our electric car insurance will vary. An insurance broker will help you to get a variety of competitive auto insurance quotes based on your specific circumstance.
No 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.
|DRIVER||VEHICLE (new model)||APPROX. PRICE (per year)|
|Female, Age 35||Tesla Model 3||$2,407 – $4,026|
|Male, Age 35||Tesla Model 3||$2,407 – $4,128|
|Female, Age 55||Tesla Model 3||$2,176 – $4,152|
|Male, Age 55||Tesla Model 3||$2,225 – $4,200|
|Female, Age 35||Nissan Leaf||$2,065 – $4,039|
|Male, Age 35||Nissan Leaf||$2,315 – $4,160|
|Female, Age 55||Nissan Leaf||$1,763 – $3,228|
|Male, Age 55||Nissan Leaf||$1,865 – $3,264|
|Female, Age 35||Chevrolet Bolt||$1,802 – $4,360|
|Male, Age 35||Chevrolet Bolt||$1,888 – $4,360|
|Female, Age 55||Chevrolet Bolt||$1,854 – $4,360|
|Male, Age 55||Chevrolet Bolt||$1,867 – $4,360|
|Female, Age 35||Hyundai Kona Electric||$1,981 – $4,355|
|Male, Age 35||Hyundai Kona Electric||$1,987 – $4,277|
|Female, Age 55||Hyundai Kona Electric||$1,877 – $4,598|
|Male, Age 55||Hyundai Kona Electric||$1,862 – $4,598|
*Each quote above was provided with the assumption that the driver had a good driving record (no previous tickets), fully licensed for 10+ years, average commute is 15km each way, $2 million liability coverage, standard accident benefit coverage.
Is There An Insurance Discount For Electric Cars?
Some insurance companies offer 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 discounts are in addition to dozens of other auto insurance discounts that you may qualify to receive. Let an insurance broker help you get all the discounts you deserve.
Where Can I Get A Quote For Electric Car Insurance?
You can get an electric car quote from an insurance broker who provides auto insurance. Insurance brokers can quickly get several competitive insurance quotes for your electric or hybrid vehicle.
At Morison Insurance, we represent companies that provide electric car insurance and discounts. We will also apply all other discounts that you are eligible to receive.
Our insurance brokers are auto insurance professionals available to help with all of your insurance needs – auto, home, recreational, seasonal home, business, life, and more.
When you contact us for a quote, we will get insurance companies across Canada quoting on your auto insurance. We will help you make informed decisions and help you to determine what car insurance is right for you. Our Morison Insurance brokers are here to help.
This blog 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.
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