When comparing EV insurance policies, there are a few key factors to consider. First, you’ll need to determine the level of coverage you need.
Most insurers offer three different types of coverage:
- Third party insurance: This is the minimum level of cover you must legally have in place. It only insures against injury or damage caused to others.
- Third Party Fire and Theft: These policies insure you against injury to others, damage to other people’s property and if your car is damaged due to fire or theft.
- Complete: This type of insurance covers all of the above and will also pay if you are injured or your vehicle is accidentally damaged.
Most providers allow you to add optional extras to your policy, such as legal fees or breakdown coverage.
Another factor to keep in mind is the policy’s mandatory deductible. This is the amount you must pay for all the expenses you claim. Choosing a higher deductible generally lowers your premium, but it could end up costing more in the long run if you have to make a claim.
Be aware that insurers also offer you the possibility of paying a voluntary deductible, which can further lower your premium, but which must be paid in the event of a claim.
When insuring an EV, you may want to look for EV-specific items. For example, some policies offer specific coverage for your battery and charging equipment, or recovery if you run out of charge while on the road.
It’s also worth checking to see if a policy covers you against charging accidents such as injury to bystanders if they trip over your charging cables. Usually this will be included in your “liability to others” coverage, as long as you have taken reasonable steps to safely charge the vehicle.
If you have an EV charging point at home, it’s unlikely to be covered by a car insurance policy. To protect this kit, check if you can add it to your home insurance policy.
If your car catches fire while charging, you should be able to make a claim on your home or auto insurance policy, depending on where the fire started.