How much does car insurance cost for an electric car?

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A 159% increase over one year. With 110,916 electric cars registered in 2020, according to the National Association for the Development of Electric Mobility (Avere-France), France has seen the craze for this type of vehicle explode. For their owners, taking out third-party insurance is compulsory, as for all holders of a land motor vehicle intended for circulation.

More expensive electric insurance prices for cars in the same segment

The study published this fall 2021 by Lesfurets.com, a French site specializing in comparison, has provided several lessons on the price of car insurance for electric vehicles. First of all, it appears from the requests for quotes made from January to July 2021 that the average insurance premium for these vehicles is 664.71 euros per year. That is a price around 4% cheaper than the average premium recorded by the comparator for thermal vehicles (691.05 euros). A trend that invalidates that observed by the site in its previous study published in January 2021 (study based on a panel of 52 electric car models), which estimated that the average cost of insurance for an electric car was 32 euros higher than for a classic vehicle.

This observation of a rather equivalent average annual premium between the two types of vehicle takes a turn for the worse when we look more closely at the rates for each automobile segment, i.e. for each category of car present on the market (urban, city people carriers, family saloons, etc.). Thus, when an electric car and a thermal car of the same segment, manufactured by the same manufacturer, are compared, the lowest insurance rate for the electric model can be worth almost double that of the thermal model (for a profile of average insured). This is for example the case with the Zoé ZE Intens R110, electric city car from Renault, which shows an average premium of 525 euros per year, against 280 euros per year for the Clio 1.0 SCE 65 Life.

A different rate for each driver

If insuring a Zoé costs much more than that of a Clio, it’s because the car itself is also worth much more on paper. Not to mention the state aid which makes it possible to drive cheaper in electric than in hybrid or diesel according to the UFC-Que Choisir, the selling price of an electric model would be about twice as high as its thermal equivalent. And the insurers are based in particular on the price of the insured cars to define the price of their contracts. As the price of car insurance also depends on many other criteria (age of the insured, date of obtaining the license, any previous penalties, use made of the vehicle, etc.), each future insured can be given a fairly generous rate. different. A price that even changes according to the French regions. In addition, taking out third-party insurance, where only the driver’s civil liability is covered, does not cost the same price as all-risk insurance.

It should also be noted that, due to its use, an electric city car drives less quickly (use on short journeys, limited speed) than a conventional car, and its engine is also supposed to wear out more slowly, which reduces the number of risks (accidents, repairs, etc.) to be covered by an insurance company. This is not true for all categories of models: very powerful top-of-the-range models, with faster acceleration than petrol models, can generate more accidents by surprising unaccustomed drivers. Negotiable in principle on this point, the insurance for an electric car must also provide some guarantees specific to the type of vehicle, such as towing the car to the nearest charging station.

An electric future?

Although the owner of an electric car must therefore expect an additional cost in terms of his insurance, this is supposed to be compensated by other recurring expenditure items. This is particularly the case of the cost of trips (cheaper with electricity than with gasoline) and maintenance, which is also a priori less expensive for an electric car supposed to generate fewer repairs than a thermal car. In addition, the many existing government aids, of the most famous (ecological bonus, conversion bonus…) to lesser knowncan lower the purchase price.

With the incentive policies of the various governments and its promise to offer a less polluted world, the electric car is logically seeing its sales explode in Europe, but at a level still far from the objectives set by the European Commission. In France, the year 2021 has started well for this market since, according to Avere-France, 80,030 electric cars were sold and registered in the country over the first seven months of the year (from January to July), against 110,916 vehicles over the whole of 2020.

(By the writing of the agency hREF)

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