Are Electric Cars Cheaper to Insure? - Asda Money
Save money on electric car insurance while helping to save the environment
There are more and more electric cars on the road as people turn to alternative options from typical petrol or diesel cars. While electric cars can help to reduce your carbon footprint and keep costs down as fuel prices rise, a key part of investing in one is to ensure it’s properly insured to avoid potentially costly repairs if something is to happen.
Do all insurers do electric car insurance?
While the market for electric cars is steadily growing, not all providers are ready to offer insurance for electric cars – but that doesn’t mean that you won’t be able to find a range of providers to get quotes from.
There are car insurance providers who specialise in electric car insurance, offering electric car owners a range of insurance features which include what you’d expect of a standard car insurance policy, as well as some which are specific to electric cars.
These can include car recovery to the nearest UK charge point if your battery runs flat mid-journey, cover for your charging cables and wall box, and repairs specific to electric cars.
Some of the bigger car insurance providers are trying to normalise electric car ownership, so have started to include electric cars under their standard car insurance policies rather than requiring specialist car insurance policies.
How expensive is it to insure electric cars?
Because electric cars are a relatively new type of vehicle popping up on the road, it can be quite expensive to repair them as the parts aren’t as readily available. This causes electric cars to sit in higher insurance groups due to the advanced technology within them which can be harder to find replacement parts for, and the repairs themselves have to be carried out by specialised mechanics who’re trained to repair electric cars.
However, electric cars aren’t as powerful as diesel or petrol powered vehicles, which can bring down the cost of insurance quotes. Insurance providers are also starting to see that electric cars are looking more and more likely to be the future for car travel and are pricing their insurance policies more competitively than before.
Some providers are even willing to give electric car drivers insurance premium discounts for driving electric cars, as they help to cut down on emissions and boost the appeal of electric cars.
Does it cost more to insure an electric car?
While electric cars aren’t the cheapest cars to insure, as their parts can be harder to source and they’re still a relatively new technology, they’re still not as expensive as most high-performance cars.
However, the discount that some providers offer on electric car policies coupled with lower fuel costs can offset the higher insurance premiums and save you more money than you might expect at first glance.
Top Car Insurance FAQs:
- What's the best car insurance for you?
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The right car insurance for you depends on your needs and circumstances. There are a range of policy and cover options, to help you find the best policy for you, including:
- How to get cheap car insurance quotes through Asda Money’s car insurance comparison service?
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Asda Money’s car insurance comparison service is provided by Vast Visibility Limited. With the shopping around done for you, this means you can simply compare quotes from some of the UK’s leading providers.
All you need to do is answer a few simple questions about you, the car you’re looking to insure, and your driving history. From there you’ll need to complete some questions about the car insurance cover you’re looking for. Then, all you need to do is select a policy and price that’s right for you.
- What happens when you compare car insurance through Asda Money car insurance comparison service?
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Asda Money’s car insurance comparison service is provided by Vast Visibility Limited. When you compare car insurance, your details are run through the various car insurance providers on the panel.
Some of the UK’s leading providers, including the likes of Aviva, Hastings and Admiral, will return the cheapest quotes they have to offer.
You'll see your quotes, starting with the cheapest first, and you’ll also be able to see prices for Comprehensive, Third Party, Fire and Theft and Third Party Only policies.
At that point it’s up to you to select the quote and cover that’s right for you.
- What levels of car insurance cover do you offer?
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When you compare quotes through Asda Money, you’ll automatically see all three levels of cover, including Comprehensive, Third Party, Fire and Theft or Third Party Only. You'll also want to consider what other optional extras you might want for your policy.
You can also get quotes for a telematics (black box) policy, or business cover.
- What type of car insurance is cheaper?
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The cost of car insurance depends on a range of factors, including your driving history, age, and make and model of car.
- At what age is car insurance cheapest?
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Car insurance tends to be expensive when you first start driving, as new drivers may be viewed as more of a risk on the road. As you get more experience behind the wheel and build up your no claims discount, you may get lower premiums.
- Do I really need fully comprehensive car insurance?
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The type of car insurance you choose is up to you. By choosing fully comprehensive car insurance you’ll have the highest level of cover possible.
- What car brand is the cheapest to insure?
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In the UK, makes and models of cars are split into 50 different car insurance groups. Cars in Group 1 are the cheapest to insure. These tend to be hatchbacks or city cars that are less powerful. Examples of Group 1 cars include Fiat Panda, Ford KA Plus, Hyundai i10.
- How early should you get car insurance?
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The cheapest time to get car insurance quotes is around 26 days before your renewal date2. Car insurance cover tends to get more expensive the closer you get to your renewal date.
- Why is my car insurance so high with a clean record?
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If you have a clean record but your car insurance is still expensive, insurers may be looking at other factors, such as your age, job, where you live, and the car you drive. Other factors may be at play too, such as fraudulent claims and uninsured drivers which can increase car insurance prices for everyone.
2 The cheapest day to buy car insurance in the UK - revealed - Which? News
ASDA Money is a trading name of Asda Financial Services Ltd and Asda Stores Ltd which for general insurance are Introducer Appointed Representatives of Vast Visibility Limited, 8 Princes Parade, Liverpool, L3 1DL, authorised and regulated by the Financial Conduct Authority. Firm reference number 566973. You can check these details on the FCA Register.
The ASDA car insurance comparison service is arranged by and administered by Vast Visibility Limited.