What do you need to know about electric car insurance?

With the evolution in sales of electric vehicles In Brazil, the demand for insurance for this type of model has been increasing. However, the user still has doubts when choosing a policy. Carlos Roma, technical director of the Brazilian Electric Vehicle Association (ABVE), answered the main questions on the subject. 

Is the price of electric vehicle insurance similar to that of combustion cars? 

Yes, as long as the comfort, convenience and safety contents are similar. Generally, electric cars deliver more value, that is, more content per dollar paid. In two cars that cost around R$120,000 – one combustion engine and the other electric –, the second delivers more and, therefore, currently has a slightly higher insurance cost. 

Why is the value higher if the electric car has fewer components?

Even though the electric vehicle has fewer components, when both suffer the same type of accident, repairs can be more expensive in the battery-powered vehicle. This is because insurers do not yet have statistics to help price a new product. It is a transitional situation – in a year at most, this scenario will change in favor of the electric vehicle. There is also the fact that there are fewer qualified workshops to repair electric cars. Factors taken into account in a conventional car, such as the customer’s age, marital status, where they live and whether the car is highly used, also influence the value of the insurance. It is worth mentioning that electric cars do have a smaller number of parts in the powertrain; however, they receive more sensors and comfort and convenience items. And unlike combustion vehicles, they get better over time as they undergo updates, just like smartphones.

Is it true that the chance of total loss is greater in electric vehicles?

No. Cars with combustion engines are three times more likely to be totaled after an accident, according to the Highway Loss Data Institute (HLDI) in the United States. It shows that conventional models had a total loss after 18.4% of collisions, compared to 6.1% of electric ones. Of course, a new $60,000 Tesla could suffer more damage because it offers more technology than a $30,000 Toyota. However, luxury combustion cars from 2019 or newer face total loss after 7.1% of collisions, above all electrics, regardless of age or price.

Are electric repairs actually more expensive?

In HLDI’s study of 11 models that offer gasoline and all-electric versions – Hyundai Kona and Volvo XC40, for example – configurations with electric propulsion cost just 2% more to repair.   

Are there differences between the policies?

Electric vehicles have certain peculiarities due to the battery and, therefore, often receive different service from insurance companies. In other words, in addition to traditional coverage after collisions and robberies, the user can receive exclusive services, such as assistance in the event of a lack of charge and free charging points.

Is the electric car insurance deductible more expensive?

The value of the deductible continues to be higher, because there is a lack of elements for insurers to calculate the average cost of repair and time for parts to arrive. Furthermore, the technologies involved are more expensive, and there are fewer workshops specialized in carrying out repairs.

What to take into account when taking out electric car insurance?

See if the insurance company offers benefits, such as coverage for charging cables, assistance in situations with a dead battery, specialized workshops, free charging points in automotive centers and coverage for damaged wallboxes.

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Author: Eric