Electric cars are slowly taking over the automobile sector. Although they are fairly nascent, electric vehicles are projected to take over the game. That being said, even though people are fairly familiar with the electric cars themselves, they may not know about the insurance policies that surround the said cars. To get the most suitable insurance for your electric car, it is advisable to consult with a reputable car insurance broker Calgary.
This article will aim to enlighten you about electric vehicle insurance. Here are 5 things no one told you about electric vehicle insurance:
- It is not that different from that of gas-powered vehicles
An electric car’s insurance policy looks a lot like that of a standard, gas-powered vehicle, though there are a few intricate details that may differ. After all, a car is a car. The factors that influence the premiums you will pay are almost the same. From the vehicle type and model year to the size of the engine and the vehicle weight, it is all the same.
- Electric car insurance may be a bit higher.
The cost of insuring an electric car may be a bit higher than if it were a gas-powered car. This is because insurance companies see that repairing an electric car is more expensive compared to other cars. That being said, other factors will also determine the amount of money you will pay for insurance. Things like your previous driving record, age, and where you live can lower the insurance cost.
- Repair costs drive up the price
As you may have noticed, electric cars are fairly new to the market. Thus, finding spare parts to maintain or repair them can be a bit onerous and expensive. Repair costs, fundamentally, are what make insuring electric cars more expensive than insuring gas-powered cars.
- Availability of repair shops influences the price of insurance.
The availability of repair shops has determined the pricing of insurance premiums for electric cars. When the first electric cars were introduced, there weren’t that many repair shops, and thus the premiums were high. However, over time, the number of licensed professional electric car repair shops has increased, and thus the premiums have reduced.
It can almost be granted that the number of premiums will continue to decrease with an increase in the number of repair shops and repair parts in the market increasing.
- The power of batteries is paramount
The battery is the most essential part of the electric car. It is also the most damageable part of the car and the part that is most expensive to repair. Thus, whenever an electric car is damaged, the first thing the insurance company looks at is whether the battery has been damaged.
As a result of the cost of repairing the battery in an electric car after the damage, insurance companies charge higher premiums for electric cars.
Though this is the case, research conducted recently has shown that repairing electric car batteries has become easier and cheaper. If this continues to be the case, then the premiums that the insurance companies charge will drop, making insurance for electric cars almost equal to that of gas-powered cars, if not cheaper.