Do electric cars need different (or more) insurance than "regular" cars?

On top of adjusting to new ways of putting energy into your car, might the coming wave of electric vehicles (EVs) could also prompt changes to the way insurance companies deal with the vehicles? We've heard conflicting reports about green cars in the past: some that say hybrids can be more expensive to insure than regular cars while others show insurance companies giving discounts for hybrid vehicles. Now, a new statement by the UK's Post Office Car Insurance recommends:

drivers considering buying an electric car should consult their car insurance provider to discuss adequate car insurance cover as electric cars could require specific car insurance policies in comparison to traditional vehicles.

What are these specific policies, and how might they affect EV drivers? Post Office Car Insurance doesn't say, but Carseek suggests three reasons:

• All car insurance rates are built on risk profiles. The lack of long-term crash data on electrics automatically raises their standing in the risk category.
• These cars, due to their unique engineering, carry higher repair costs and require non-standards parts that are often not readily available to the standard repair shop.
• Smaller vehicles and electrics are highly susceptible to theft and, in the event of an accident, are more likely to be totaled, resulting in high expenses for the insurance company.

We're not sure why an EV would be more susceptible to theft, but those other reasons don't strike us as crazy. Given that EVs aren't the cheapest cars on the market, EV drivers are likely to have a bit more money to pay for more insurance. Wouldn't insurance companies want to start thinking now about ways to offer discounts and attract customers in the very near future? We think so. Thanks to Phil L. for the tip!

[Source: Post Office Car Insurance, Carseek | Image: David Hilowitz - C.C. License 2.0]

PRESS RELEASE

Post Office Car Insurance recommends a fully comprehensive car insurance policy for electric car drivers

There has been an increase of interest in electric vehicles following a trial of the cars among UK drivers. During a test-drive involving 250 participants who were asked to try out an electric vehicle; 72 per cent said they would consider using one as their regular car.

Whatever type of car UK drivers use, Post Office Car Insurance reminds everyone to check car insurance policies to make sure the vehicle will be fully covered by a car insurance policy.

The research also revealed that 82 per cent of drivers who took the electric cars for a test drive said they would consider owning one. Post Office Car Insurance says anyone looking to purchase a new vehicle should thoroughly research the best prices for car insurance policy.

Post Office Car Insurance recommends drivers considering buying an electric car should consult their car insurance provider to discuss adequate car insurance cover as electric cars could require specific car insurance policies in comparison to traditional vehicles.