Like any other car on the road, a hybrid or electric vehicle needs the right insurance. Mandatory insurance coverages do not differ, regardless of the type of vehicle you drive. Insuring your electric vehicle (EV) is just like insuring regular car insurance, with a few differences. Along the way, you’ll encounter electric vehicle specific coverages like loss or damage to your vehicle or battery, charger damage, and liability for battery fires or charger wire trips.
Similar to gas-powered vehicles, electric or hybrid vehicles are required to carry the following coverages
- Third-party liability
- Uninsured motorist coverage
- Direct compensation-property damage
With lots of optional coverages available, which include
- Physical damage coverage
- Loss of use
- Accident forgiveness
- And so much more!
The cost to insure a vehicle is not dependent on whether it is an electric or a conventional gas-powered automobile. Instead, rates are typically determined primarily by the purchase price, repair costs, safety features, and driver’s background. For example, the cost of insurance for a Tesla Model X won’t likely be the same as the cost of insurance on a Toyota Prius.
Climate change has increased the importance of reducing greenhouse gasses by driving hybrid and electric vehicles. There are many initiatives set up by various levels of government and individual companies to entice consumers to switch from traditional gas-powered vehicles. For example, The Government of Canada offers point-of-sale incentives of $2,500 to $5,000 for consumers who buy or lease an electric vehicle. Munn Insurance has access to insurance options specific for electric and hybrid vehicles that include additional benefits and discounts of up to 10%.
If you are in the market for auto insurance, whether it be an electric, hybrid or a gas car, please call us at 1-844-554-0525. We have the coverages to fit your specific needs.