How much does it cost to insure an electric car?

With new petrol and diesel cars being phased out in favour of electric, increasing numbers of motorists are facing the prospect of insuring an EV for the first time. But what will it cost them to do so and how can they reduce the pain? We have the answers… Is electric car insurance more expensive than for other car types? According to Confused.com, a comparison site, the average electric car insurance premium in May 2024 was £910 compared with £790 for a hybrid vehicle and £670 for a petrol or diesel car. Related articles In the same month, Rival Go.Compare reported average EV insurance premiums to be £641 compared with £467 for all other vehicle types. Why is it more expensive? Because electric cars (EVs) and their technology are newer and more complex, meaning the cars themselves are expensive to replace when written off and because parts can take longer to source and cost more. There are also fewer technicians and garages qualified to work on EVs, which also increases delays and pushes up workshop costs. According to Solera, an automotive data company, repair costs for EVs are up to 29% higher than for petrol and diesel cars. Some specialist policies also include many extra features specific to EVs which all come at a price. Many EVs pack a punch, too, with acceleration times that would shame a hot hatch. This has caught out a lot of inexperienced drivers and resulted in greater claims numbers. For a long time, it was also believed that EVs were more expensive to insure because of the eagerness of insurers to write them off after any accident that threatened the integrity of the battery. A replacement battery can cost many thousands of pounds; often more than the car itself is worth. However, as the industry's confidence in and knowledge of EVs develops, new evidence from data experts Cap HPI shows that proportionally fewer EVs are now being written off than petrol and diesel cars. Is EV insurance different from regular cover? In essence, no but for the most comprehensive EV cover you might want to go with a specialist policy. Most offer cover for over-the-air software updates and recovery to a charge point if the car's battery is empty. They also offer accidental battery and charging accessories cover, cover against the theft of or damage to your home charging equipment and personal injury liability cover in the event that someone trips over your car's charging cable when it's in use. Most will provide a like-for-like electric courtesy car. Is EV insurance automatically more expensive? Not always. It can actually be cheaper to insure an EV than a petrol or diesel car.