Electric cars are becoming increasingly common in Britain today, and with excellent reason: they have low maintenance costs, much reduced fuel expenses relative to petrol vehicles, and do not add to the serious air pollution observed in town centres. However, while they have a host of benefits, if this applies to car insurance, it is not evident.
Electric Vehicle insurance
Electric vehicles have the smallest operating costs of any vehicle class, beating diesel, gasoline, hybrids and hybrids plug-in. There are beneficial characteristics of electric vehicles, such as a simpler engine that regulates much of the driving and reduces the need for brake pads. The graph in this Guardian article shows that while vehicles may be expensive at both ends of the market, the low electricity cost compared to petrol keeps electric vehicle maintenance costs at around £10,500, while petrol cars cost around £12,000 owing to higher fuel demands.
While this article does not address a difference in insurance prices between electric and petrol cars, the Express notes out that insurance premiums for electric vehicles are constantly greater owing to their relative rarity and reduced accessibility of substitute components, not all garages transporting the components required to fix them. The most extreme example given was for men under the age of 25 who were already considered a high-risk group across the board, who might have to pay an average £1854 for an electric car instead of £1484 for a petrol vehicle. Thus, we see that buying an electric car for males under the age of 25 might not be worth the gas saving, but it is less evident for many other organizations. The difference in premiums for a female driver aged 30-55 was £567 for an oil vehicle and £751 for an electric car.
This implies that the insurance price difference seems to suggest that finding a good deal on electric vehicle insurance is difficult, but much easier for drivers over 25. For practitioners, the insurance divide starts to vanish, implying that spending cash on car insurance while choosing an electric vehicle will be out of sight of many people until the technology becomes easier and more prevalent. However, using an insurance broker, with the ability to compare and contract insurance providers across the market, it may still be possible to get a good deal.
Cutting through the noise
With the many distinct insurance companies present, it can be difficult to understand whether or not an electric car will actually save you. It can be helpful to go to insurance brokers to clarify your precise requirements and specifications, which enables them to match a large amount of insurance suppliers with whom they operate and return to you with a plan customised to your requirements. Focusing on the private shape will operate well to figure out if you can make a median profit on your car insurance when selecting an electric car or not.