Have you recently invested in an electric vehicle? Well, you’ve certainly made a wise decision that works in favor of both your budget and the environment. This green alternative to traditional autos that run on petrol or diesel provides low running costs and minimizes pollution.

Nevertheless, as a brand new owner of an electric vehicle, you are encouraged to invest in an EV insurance policy that provides battery and power cable coverage. Nowadays, most insurance companies offer beneficial EV policies, such as https://www.quotedevil.ie/electric-car-insurance, which provide a fully comprehensive cover.

The following guide will introduce you to the world of EV insurance.

What is EV insurance supposed to cover?

When looking for the right insurance policy, electric car owners are expected to consider three main types of cover. The largest part of EV drivers opts for comprehensive motor insurance that provides maximum protection not only to the person driving the vehicle but also to the auto itself. It covers the expenses in the event of a theft, fire caused by a third party, as well as any damage done to the vehicle for which the owner takes the blame.

Moreover, one can choose only a fire and theft policy, which provides compensation when the auto has been exposed to fire or stolen. In contrast, you can select a third-party only policy that covers no expenses related to the potential damage of one’s car or any injuries sustained by the driver. This policy only offers compensation in the event of any property or vehicle damage done by the policyholder to other individuals.

In addition, electric vehicle owners are supposed to go through the features of different EV policies so as to check whether the insurance provides proper protection. It’s paramount for the policy to include battery cover, as most electric vehicle owners purchase an auto but not a battery. They sign a contract with the car manufacturer to lease the battery for a given period by paying a particular sum every month, depending on the mileage. Once the lease period is completed, the battery is replaced with a new one.

Conversely, by deciding to purchase the battery instead of leasing it, the replacement costs will be covered from your own pocket. Prior to leasing the battery, make sure you learn more about your responsibilities when involved in a potential accident. Your manufacturer would either repair the battery for free or ask you to insure it. Therefore, when looking for EV insurance, the policy is expected to provide coverage for a leased battery.

Electric car insurance is also expected to cover the power cables if they get damaged, lost, or stolen at public charge points or in one’s garage. Additionally, in the course of charging, it’s likely for passers-by to trip over the cables that lie on the ground. Go to this page to learn three handy ways of charging your electric car safely.

Regardless of whether you charge your vehicle on the driveway or at an EV charging station, there’s always a risk for a person to trip. Consequently, some members of the public might decide to file a personal injury or negligence claim. Hence, it’s vital for your EV insurance policy to provide coverage in the event of legal liability.

How to reduce the insurance premium?

When shopping for EV insurance, the price of these policies is affected by multiple factors. The model and cost of the electric vehicle aren’t most important when determining the premium. The age, driving history, and address of the driver are of tremendous importance as well. Also, insurers are interested in the parking location of the auto both in the course of day and night.

For instance, older and more experienced drivers pay a cheaper premium because of their extensive experience on the road. Insurers consider older drivers less likely to get involved in an accident, which isn’t the case with younger drivers. Therefore, the latter are required to pay higher insurance premiums. However, by adding a named driver to the policy, one with a long record of driving experience, young drivers will be classified as less risky, thus getting a lower premium.

Ultimately, the amount of excess can also reduce your insurance premium. Electric car drivers are required to pay a compulsory and voluntary excess. The former is determined by the insurer, whereas the latter is determined by the policyholder. Keep in mind that the higher the voluntary excess, the lower the premium.

Why own an electric car?

Electric vehicles are gradually increasing in popularity, encouraging more drivers to choose an EV instead of an auto that runs on petrol or diesel. Probably the leading reason why individuals device to invest in such a car is the low running costs when compared to the other types of automobiles.

Due to the lower number of moving parts, these autos don’t need frequent repairs. The only thing that has to be replaced is the battery, usually once in a 20-year period. Don’t forget that most governments offer grants and tax incentives to stimulate people to invest in EVs by reducing costs.

Besides being beneficial for one’s budget, electric vehicles are also non-harmful to the environment. These autos are known for their zero-emission, which causes no pollution when compared to petrol-powered automobiles. Additionally, manufacturers strive to improve the eco-friendliness of batteries, thus even further protecting the environment.

Furthermore, drivers of electric cars are almost always provided with free parking. Nowadays, local councils motivate residents to drive EVs by offering to park free of charge. When it comes to charging, these automobiles can be charged at any of the public charging points, which are placed at the entrance of car parks, petrol stations, and supermarkets. Naturally, one can also charge its vehicle in the garage or on the driveway.

Final thoughts

Make sure you insure your new EV as soon as possible.

By choosing the right policy, you won’t have to worry about any damage done to the car!