Electric Cars Cost More To Insure

Electric vehicles are growing in popularity with an increasing number being seen on our roads here in the UK. The sale of such new cars is on the rise and, presumably, we will continue to see this trend continue for quite some time to come as the government is keen to see as many electric vehicles on our roads as possible. So, how does the cost of insuring an electric car compare with that of a diesel or petrol fuelled vehicle?

Well, according to research carried out by Vantage Leasing that is involved in the leasing of certain vehicles, it is estimated that the cost of insuring an electric car is, on average, 14% more than arranging cover on a petrol or diesel car. We are sure that our readers will agree that is a significant difference.

One of the reasons for this is possibly due to the fact that the same make and model of new electric car is likely to be more expensive than that of a petrol or diesel fuelled car to buy. In some cases, the research revealed that insuring an electric car could be as much as 37% more than insuring a petrol or diesel car.

The average cost of insuring the undermentioned electric cars was as follows: –

Nissan LEAF N-Connecta 0.0L Automatic 5 door Hatchback 2018 – £992.33 per annum

BMW i3 0.0L Automatic 5 door (120AH) Hatchback 2019 – £1,244.83 per annum

Renault Zoe 0.0L Automatic 5 door EV I S Edition NAV R110 ZE40 Hatchback 2019 – £895.32 per annum

Tesla MODEL S 0.0L Automatic 5 door 70 Hatchback 2019 -£1,603.63 per annum

It will be interesting to see if, in the next few years, the cost of electric car insurance comes down to more in line with insuring a petrol or diesel car. As can be seen from the above figures, insurance costs for electric cars is a significant financial outlay and is a factor that many motorists will want to take into account as part of their decision making process as to whether buying an electric vehicle is the thing to do.

As with insurance quotes for petrol and diesel cars, you may wish to consider using the likes of a price comparison website to obtain competitive quotations for insuring an electric car. It is so easy to do this and may save you quite a lot of time. Within a few minutes, you should have a number of online quotes presented to you for your consideration with access to the key features of the motor insurance policy and policy document enabling you to make a considered choice.

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