{"id":3446,"date":"2024-11-05T14:34:29","date_gmt":"2024-11-05T04:34:29","guid":{"rendered":"https:\/\/www.autohero.com.au\/blog\/?p=3446"},"modified":"2024-11-05T15:46:17","modified_gmt":"2024-11-05T05:46:17","slug":"insuring-an-electric-vehicle-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/www.autohero.com.au\/blog\/insuring-an-electric-vehicle-what-you-need-to-know\/","title":{"rendered":"Insuring an Electric Vehicle: What You Need to Know"},"content":{"rendered":"

\"Insuring<\/h1>\n

An insurance policy is a mandatory requirement for every car owner in Australia, regardless if they own an ICE car or an electric car.<\/span><\/p>\n

The most basic requirement is a compulsory third-party insurance plan, or CTP insurance for short. This insurance policy covers personal injuries made to another person involved in an accident. Its coverage doesn\u2019t vary much based on its underlying car class.<\/span><\/p>\n

That said, most car owners would say that getting comprehensive car insurance is a superior choice as it allows car owners to file claims for damages from a wider range of incidents.<\/span><\/p>\n

Furthermore, comprehensive car insurance also allows you to access EV-specific benefits and savings. This can help you stay financially resilient even during down moments.<\/span><\/p>\n

If you\u2019re curious about the specifics of EV-specific coverage policies, keep reading. This article will cover everything you need to know about getting an insurance policy for an electric vehicle.<\/span><\/p>\n

The Costs of a Comprehensive EV Insurance Policy<\/strong><\/h2>\n

Here\u2019s a fact: The cost of insuring an electric vehicle is higher than it is to insure a petrol car.<\/span><\/p>\n

This is only natural. The adoption of electric cars into the mainstream has been a relatively new phenomenon. And even as its numbers are steadily rising, it\u2019s nowhere near the top of the food chain in terms of pure numbers\u2014that ranking goes to petrol cars.<\/span><\/p>\n

This new and sudden rise to the top means that infrastructure surrounding electric vehicles are still relatively unexplored. Car replacement parts are not as ubiquitous. Specialized EV technicians are hard to come by too.<\/span><\/p>\n

What that means is that getting a broken electric vehicle back to working condition takes a lot more effort and <\/span>technical know-how<\/span><\/a> than it does to fix a broken ICE car.<\/span><\/p>\n

While there has been an expansion of infrastructure and initiatives by government units to incite the growth of electric cars, the sheer popularity of ICE cars seems to hold strong for the time being.\u00a0<\/span><\/p>\n

This will mean that EVs and EV-adjacent resources like EV insurance will remain pricier in comparison. According to 2024 findings, electric cars cost about 50% more to insure than petrol equivalents. This is equivalent to an extra $600-700 annually.<\/span><\/p>\n

A more specific example would be this: a Tesla Model Y RWD would cost $3435 to insure annually and an MG 4 Excite 51 would cost $1470 to insure annually. In comparison, ICE cars would cost somewhere between $1371 to $1745 to insure annually.<\/span><\/p>\n

In terms of pure mean averages, EVs are by far more expensive to insure. That said, this will also depend on the model that you\u2019re pitting together, as there may be some EVs that don\u2019t cost too much to insure when compared against traditional ICE cars.<\/span><\/p>\n

\"\"<\/h2>\n

What a Comprehensive EV Insurance Policy Covers<\/strong><\/h2>\n

The coverage of a comprehensive EV insurance policy, as the name suggests, is much more than the coverage of a compulsory insurance policy.\u00a0<\/span><\/p>\n

While it may demand higher annual premiums, it\u2019s often the superior choice because it allows car owners to claim a payout for a wider range of incidents.<\/span><\/p>\n

Here are the key areas that this insurance policy covers:<\/span><\/p>\n