Is electric car insurance more expensive?

Faced with gasoline and diesel, insuring an electric car can be advantageous, but it depends on many factors, and it is not systematic depending on the model.

These last years, the electric car has not only filled its weak points, example on autonomy or less pronounced discount. It has retained many advantages such as the lowest cost in use. But what about insurance? Is it cheaper than a petrol or diesel car?

20% cheaper electrical insurance

According to the Les Furets report via 7.6 million quotes, it’s cheaper. The comparator has calculated the average price of car insurance for electric cars in 2021. It is €405 for third-party insurance, compared to €534 for the average price all engines combined (-24%). Same observation for all-risk insurance, with €670 in electric, against €823 on average (-19%).

LesFurets gives more details for the three best-selling models of the market. In the Renault ZOE, third-party insurance costs €367, compared to €341 for a Peugeot e-208 and €612 for the Tesla Model 3. On the other hand, the price of all-risk insurance soars on the Renault ZOE at 894€. It’s more expensive than the average car or a Tesla (€868), while the electric 208 is limited to €673.

However, the prices are superior in electrics in the same category. The report states that those in the ZOE are “a little more expensive than its thermal equivalent, the Renault Clio V”the same at 208.

What are the factors?

The electric car has fewer parts, especially in the engine or transmission. It uses less lubricants and puts less stress on the brakes. Consequently, its maintenance is less complex, and therefore the risk of failure or replacement of parts decreases. For the difference between equivalent models, for example at Renault, this is due only to the very higher purchase price, like the ZOE compared to the Clio.

According to the insurance comparator, another track explains the low cost. Owners of electric cars are more likely to secure their parking. They are 46% to park in a closed box against 29% in thermal, and only 9% to park in the street (21% in thermal). This is a point that greatly influences the insurance premium.

The general manager of Les Furets, Rémi Karam, adds that some insurers may “consider thatan electric vehicle will travel less distance because of its autonomy, the driver will also drive more slowly”.

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