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Electric Vehicle Insurance

Electric Vehicle Insurance

One of the main problems with electric vehicles (EVs) has always been the price. Rechargeable battery technology has seen a lot of improvement, but still remains a large chunk of vehicle price. It seems like there is another EV cost that some haven’t considered…insurance.

Early adopters of EVs have to pay a premium to purchase their chosen car, but some are reaping unexpected savings on their insurance bills. Obviously insurance premiums vary widely based on driving history and local crime and vehicle theft rates, but owners of lower segmentation EVs such as the Nissan Leaf can generally expect a lower insurance premium. Although EVs are likely to remain a niche segment of the automotive industry for several years, leading car insurers are starting to compete for EV insurance policies.

The electric philosophy has come under pressure recently, with attacks regarding government’s plug-in grant, lack of charging points and that the incentives for owners is low. But the financial benefits of EV insurance could turn even more motorists toward the idea of an electric future thanks to top-speed discounts and environmental rewards.

There are other benefits to consider with EV insurance. For instance the policy can stretch to include leased batteries so long as owners supply the relevant information when they’re searching for a quote. A number of EV owners lease their battery from the manufacturer, and the right policy can potentially extend to cover it. A battery for an EV can be a massive expense, so it’s important to know if the policy could cover it.

The practice behind EV insurance is still relatively new, and evolving as a medium in the insurance market. But the increasing consumer popularity of EVs means that future low-cost policies could potentially be a serious viability to current schemes. An EV policy can also potentially extend to other areas of the vehicle. For example, an EV needs to be recharged via a charging point – more often than not people do it from a standard socket in their home.

Some insurers are still unsure how to price their policies because of the expensive battery packs that are integrated into EVs. Those batteries are rarely damaged in accidents because they’re enclosed in protective cages. But greater insurance clarity is required to determine leasing and ownership around batteries for EVs in the future.

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