Are electric cars cheaper to insure?
No. In actual fact, they’re usually a little bit more expensive to insure than a comparable petrol or diesel car. There are a couple of reasons for this, the most influential being the cost of repair. Electric cars have fewer moving parts than conventional cars, meaning there’s less to go wrong, but some of the components they do have – the lithium-ion batteries being case-in-point – are enormously expensive to repair or replace if they do become damaged. Another factor that’s not often talked about is the availability of technicians qualified to work on electric cars, as these are far lower in number than those who can repair regular cars, which also pushes costs up. It’s worth bearing in mind that there are companies that specialise in providing insurance for electric cars, and going with one of these could drop your premiums significantly. Even with these providers, though, it’s essential you shop around for the best deal. What’s more, all the usual tricks for dropping your premiums still apply with electric cars. Consider paying up front rather than monthly, or getting a black box or dashcam fitted. But the fact remains that while electric cars do reduce daily running costs in most areas, insurance isn’t one of them, sadly. Read more on electric car insurance here.