According to recent research by NimbleFins, the average cost of electric vehicle car insurance is around £654, for the most popular electric car models in the UK.
The range tends to be from around £480 to £1600, but prices fluctuate largely, depending on several factors.
On average, an electric car is more expensive to insure than a petrol or diesel model – usually because a brand-new EV is equipped with expensive, complicated technology.
Of course, car insurance isn’t a straightforward figure and will depend on a wide variety of factors.
According to NimbleFins, these are the average of the five cheapest quotes found for each car. The premiums are based on a 35-year-old driver with five years no-claims bonus, living in Southeast England.
Data correct as of January 2024.
Tesla Model 3: £903
Kia Niro: £440
Volkswagen ID.3: £424
Nissan Leaf: £428
Audi e-Tron: £858
Hyundai Kona: £460
MINI Electric: £403
There are a number of things that are considered in order to work out your car insurance:
Young and new drivers are often charged more as they are more likely to be involved in accidents. The same applies to drivers over the age of 75, as they are considered higher-risk drivers.
The more you drive your EV, the more likely you are to be in an accident.
If you work in a ‘high-stress industry’ you may be subject to higher insurance costs due to lack of concentration on the road. If your job involves driving, you will need to pay more for insurance.
If you have a private driveway or garage, the cost of your insurance may go down as you are less likely to be hit by another driver whilst parked than a driver who has to park their car on a public street.
If you live in a busy city where there are more vehicles, you will have to pay more, as there is more chance you may sustain vehicle damage than someone who lives in a quiet countryside. Areas with higher crime rates or risks of flooding may also be more expensive to cover things such as vandalism or flood damage.
This affects your insurance costs hugely – if you have claimed on your previous insurance in the last 5 years you can expect to pay more. If you have speeding offences or points on your driving licence you are going to have to pay more, as the insurer may see you as a potential risk on the road.
This might sound like an odd one, but if a married couple shares an electric car, it spreads the risk of an accident in one vehicle over two people, therefore causing the insurance to go up.
This could influence it either way – expensive sound systems may hike the price up, whereas immobilisers or fitted rear parking sensors may bring the price down.
There are some things that are relevant to insuring an electric car, which you don’t need to think about with a petrol or diesel car.
Liability cover. Due to the use of power cables, there is a risk someone may trip over and injure themselves. You’ll want to be sure you’re covered in this event.
Theft cover. Since your electric car will have a variety of cables, adapters, and boxes, you’ll need to ensure you are covered in the event someone steals them
Lease battery cover. Although slowly being phased out, if you lease your battery separately from your car, you’ll want to ensure the battery and the car are both covered in the event of an accident or a theft.
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