Choosing The Perfect Insurance Coverage For Eco-Friendly Vehicles

Eco-friendly vehicles are starting to become a lot more popular. They help to reduce carbon emissions, protect against global warming, these electric powered vehicles are constantly being improved. They can also save you a small fortune on running costs.

There are a number of misconceptions that discourage people from buying eco-friendly vehicles. One is the mistaken belief that they are not easy to operate or can’t go extended periods without being refilled. This is actually wrong. Hybrid vehicles actually get almost 39 miles per gallon, while gas only vehicles average less than 27.

However, there are some legitimate concerns that need to be taken into consideration. Most of those are financial, namely those related to getting loans or finding insurance.

As eco-friendly vehicles are still fairly new, there are a few things to consider before you buy one. The types of insurance coverage available is just one thing you need to look into. So, to help, below you’ll discover which types of cover are available for eco-friendly vehicles.

What is e-car insurance?

People that buy eco-friendly cars assume that it will be a win all the way around. Unfortuantely, this is not always the case. They may pay a lot more in car insurance, as a study from NerdWAllet shows.

“The hybrids cost an average of 7% more to insure than the gas-only versions, although the results were far from uniform.”

Insurance designed for electric vehicles is pretty much the same as it is for petrol and diesel models. It’s there to protect you in case of an accident. So, you’ll still be able to choose from comprehensive and third-party policies. However, there will be a few additional policies to choose from given the way eco-friendly vehicles operate.

While most insurance policies for eco-friendly vehicles are provided by specialist companies, you may still be able to get cover from some traditional insurers too. As with any insurance policy, it pays to shop around. You’ll also want to consider taking out a standard car warranty when the manufacturer warranty runs out.

Is it cheaper to insure an eco-friendly vehicle?

You’d think that eco-friendly vehicles would be cheaper to insure. However, this isn’t always the case. As they are still fairly new, the risk level of electric cars is still unknown. The parts to repair electric vehicles are also more expensive than traditional vehicles, so this too can push the price of cover up.

On the other hand, some insurers offer discounts to those who drive eco-friendly vehicles. This doesn’t just benefit the driver, it also benefits the insurer, giving them an eco-friendlier image.

So, you’ll typically find it all depends upon the insurer. Different insurers will charge varying amounts for the same cover so you will need to compare as many as you can in order to find the best prices.

What types of cover should you consider?

So, along with the standard insurance policies, what other cover should you consider? The main types to look into are battery cover and power cable cover. With battery cover, you will need to tell the insurer if the battery is leased as some won’t cover them. In terms of power cable cover, it helps to protect against damage if you trip or fall over the cable while the car is charging.

Final Thoughts

Overall, insuring an eco-friendly vehicle is much like insuring a petrol or diesel model. There are a few additional types of cover you can invest in too, but comprehensive and third party remain the most common types of cover.