In addition to the ecological arguments, the transition to the electric car arouses apprehensions. When it comes to its costs: purchase first, then maintenance. What about insurance, compulsory to drive legally in France? Should I take out specific electric car insurance? Does electric vehicle insurance cost more? Answer in this article!
Auto insurance on average much cheaper
Proof that electric cars are attracting more and more French people. Purchases of so-called “clean” vehicles have been steadily increasing for several years. But many motorists who are considering buying an electric car are wondering about the terms of car insurance.
French law requires that for any car, the owner takes out at least a civil liability guarantee. To cover bodily injury or material damage caused to others in the event of an at-fault accident. It is also called “third party insurance”.
This applies equally to thermal, electric or hybrid cars. The contracts are generally the same. But you have to be careful not to subscribe to obsolete versions that do not take into account the specificities of your car.
The amount of contributions for car insurance for electric cars is up to 50% lower than that of conventional car insurance.
Why is electric car insurance cheaper?
The electric vehicle insurance premium can be, according to insurers, 5 to 50% cheaper than that required for a classic car. Several factors explain this discrepancy:
- The risk of disaster is lower
Due to their more limited range, electric cars are generally preferred for short journeys. In addition, they run slower than combustion engine vehicles.
Logical consequence: short distance traveled + lower speed = lower risk of serious accident. A statistical advantage that insurers pass on to more advantageous electric car insurance prices.
- Insurers offer discounts to drivers of clean vehicles
If, as we have seen, insurers often offer more advantageous rates for electric car insurance contracts. Some of them even offer discounts or gift vouchers of €50 to €150 to drivers of clean vehicles.
An observation to qualify
In summary, one of the main arguments put forward is the still modest range of electric models on the market (between 100 and 300 km for the most common). This limits the distance, but also the speed of the machine. Based on this data, insurers conclude that the probability of an accident is lower. Logically resulting in contracts that are also less expensive.
But that should change fairly quickly, especially with the first studies of the accident-prone potential of electric cars. In August 2019, the Swiss branch of Axa released the first figures: the accident rate is 10% lower than that of thermal versions for compact models (such as the Renault Zoe, Nissan Leaf or Kia e-Niro).
A curve that reverses for premium models, with an increase of 40%. Finally, this study concludes that “The frequency of claims is globally comparable to that of other vehicles”. We can then expect increases in auto insurance based on new statistics.
Which electric car insurance to choose?
If the amounts of car insurance contributions are often more advantageous for clean cars. However, there are no specific electric vehicle insurance offers. You will therefore have to opt for classic car insurance such as:
- Third party insurance which corresponds to the compulsory minimum insurance and only covers bodily injury or material damage caused to third parties.
- Third-party insurance plus : this is an intermediate formula enriched with additional guarantees to compensate you in the event of theft, fire or climatic event (hail, lightning, etc.).
- All risk insurance which represents the most complete formula and offers optimal protection in the event of a claim.
The essential guarantees
Electric car insurance should ideally include a number of useful guarantees. VSlike assistance 0 km which allows you to take advantage of a breakdown and towing service in the event of a breakdown, even at home. The insured will also have to opt for a guarantee that covers electrical damage caused by recharging.
Above all, he should never neglect battery insurance. The latter is the most sensitive and expensive component of an electric car. In the event of damage or destruction, its replacement costs several thousand euros. Hence the importance of insuring it.
By negotiating with the insurer, it may be possible to obtain warranty extensions that cover the damage suffered by this component.
Some sites to compare offers
The sites of the main insurers and specialized sites allow you to compare and better understand the offers available:
- FMG offers 5% discount on all vehicles emitting less than 115g of CO2 (less than 5 years old), including electric, hybrid and plug-in hybrid models;
- AXApatron of the world tour in an electric car – baptized the Electric Odyssey –, offers a 30% reduction on the insurance of 100% electric models;
- MAAF offers, via its Electric Car Pack, a discount of 100 euros on the insurance premium and offers a vehicle financing loan at a preferential rate (including in particular the charging station and its installation);
- AMV offers up to 50% reduction on insurance for electric and hybrid cars;
- MAIF sends a bank check worth 80 euros to your home if you have insured an electric or hybrid vehicle (operation called Eco-energy voucher).
Auto insurance comparators then become essential tools. Choose the best contract according to your profile and find the best options and guarantees according to your own uses. So, past the announcement effect, prices often appear higher when comparing equivalent models.
Sufficiently attractive commercial offers?
Surfing on the wave of innovation, insurance companies are attracting new customers with attractive commercial offers. It is not uncommon to see discounts of several tens of euros per year. At Allianz, for example, two months of subscription are currently offered for any new contract subscription for an electric car.
But as with any insurance, the cost will vary depending on the car purchased, its fiscal horsepower, its bonus-malus (which can be deferred in the event of a transition to an electric car), the driver’s age, his geographical area and all the criteria taken into account by the different companies, whether your vehicle is electric, hybrid or thermal. Prices change from year to year. What was true yesterday is not necessarily true tomorrow.
For example, on the lecomparateurassurance.com site, a simulation of a first car purchase does not guarantee a lower price for an electric model. Thus, for a person in their thirties who obtained their permit in 2019, living and working in the Paris region. All-risk insurance for a Peugeot 308 5-seater petrol sedan starts at 95 euros per month, compared to 138 euros per month for a Peugeot E208 5-seater electric sedan. This seems far from the 5 to 50% announced everywhere…