Last update: Sat Jun 01 2019
Your average electric car will have more advanced safety features than your average gas powered car and is therefore cheaper to insure. Nevertheless, if you're not careful your insurance premium could actually be higher than for a comparable combustion car. We avoid this by making sure insurers understand the benefits of insuring an EV: Usually this means they come equipped with high tech collision avoidance systems, autopilot/super cruise, tracking devices in case of theft, and other safety features like large crumple zones which results in lower bills to the insurer in case of a serious crash.
Few EVs don't have driver assist technologies – think Tesla's Autopilot, Chevy's Supercruise, etc. This means that they're less likely to be involved in a crash in the first place, involving machine-like precision and superhuman reaction times to avoid crashes.
Large crumple zones due to not having a large internal combustion engine in the front or rear mean that a car can absorb more force without hurting the driver or coming in contact with critical parts of the vehicle. A low center of gravity means the car is less likely to flip if worst comes to worst.
Due to their low center of gravity, Electric Cars perform very reliably in snow, rain, sleet and on sand. This means that they are less likely to spin out of control than a gas powered vehicle whose battery is high up.
EVs carry the industry's newest tracking devices in case of theft, so it's easier for the police to recover them should someone manage to "boost" your vehicle.
As the cars have fewer moving parts and are generally mechanically less complex than internal combustion cars, the chances of an EV being totalled are smaller than for a traditional car. This means that they are a safer bet for insurers – and we pass these savings on to you.
EV drivers tend to have better credit scores and be safer drivers than your average driver. This is most likely due to the early adopter being car-savvy than your average driver and will this advantage will diminish in time. But for now – profit.
These are the reasons we started Electrade. We don't think EV owners should be paying more than ICE owners. We don't think they should be paying the same. They should be paying less.
Get a quote below here to talk to insurers who already understand the vehicles of the future.
Thank you for reading, and thank you for being part of the electification of transport. ⚡️