Are Electric Cars Expensive to Insure?
Are Electric Cars Expensive to Insure?
Switching to an
electric car
can save you money on tax and congestion charges, running costs and repairs. But are electric cars expensive to insure? Or does electric car insurance
also save you money?
Car insurance is an unavoidable cost for any driver, but it provides essential coverage for accidents. Historically, EV drivers have faced slightly higher insurance costs to cover their electric car and its new, unique EV technology
. However, this is changing rapidly.
At Kia, we understand the difficulty in finding the right insurance package for you at an affordable price without skimping on the details. That’s why we’re answering the questions surrounding electric car insurance
, how much it costs and how you can get the best cover for your money.
How Much is Insurance on Electric Cars?
Having valid car insurance is a legal requirement , whether you’re driving a petrol, diesel, hybrid
or electric car.
Like all vehicles, electric car insurance
prices are determined by how likely the insurer deems you are to make a claim and how considerable your claim could be. This is calculated according to various factors, including:
• Your age
• Your annual mileage
• The make and model of your car
• Your driving history
• The number of named drivers on your policy
• The type of cover you’re taking out
• Where you live in the UK
Any of these variables, and more, could increase or lower the cost of insurance for an electric car, including Kia EVs. At Kia, policies taken out on the EV6, Niro EV and Soul EV in the last six months of 2022 ranged from £278 to £1,287 per annum. The average cost of insurance for these electric car models in the same period was:
• Kia EV6 - £656 per annum
• Niro EV - £530 per annum
• Soul EV - £511 per annum
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Is it Cheaper to Insure an Electric Car?
The cost of electric car insurance
sits roughly around the middle of the car market.
Typically, the more expensive and rarer a car’s parts are, the higher insurance premium they will attract. If you’re comparing vintage and luxury car insurance to EVs, you’ll likely find that electric car insurance
is cheaper. However, compared to average petrol or diesel cars, electric cars historically tend to have more expensive car insurance. This was particularly true when electric cars first entered the market, due to limited car insurers and knowledge around EV insurance in the EV market.
However, as electric cars become more popular and commonplace, the expertise surrounding EV car insurance and the availability of car insurers is increasing. As a result, the cost of electric car insurance
is reducing.
Research shows that this drop in EV insurance costs is already happening with a £75 decrease in the average electric car insurance cost from Q4 of 2020 (October-December) to Q1 of 2021 (January to March). This research also found that the average electric car insurance premium for Q1 of 2021 was £45 cheaper than its petrol and diesel counterpart.
Thinking about the switch to Electric?
Browse our electric and hybrid vehicles
Considering the change to electric?
Read about the reduced cost of electric cars
What Impacts the Cost of Electric Car Insurance?
Batteries drive up the cost of electric car insurance
as all EVs use lithium ion batteries
which are complex and expensive to repair or replace. However, the minimal extra cost of EV insurance is also far outweighed by the abundance of financial benefits and environmental value
that EV driving offers.
This situation is also changing for the better, as electric cars
are now almost the same price to insure as their petrol and diesel counterparts. We are currently seeing the electric car industry continue to accelerate year-on-year, with EV insurance costs expected to continue declining as a result.
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Trusted EV Insurance with Kia
If you’ve invested in an electric car,
it’s important you choose a comprehensive insurance plan, such as Kia EV insurance.
At Kia, our insurance packages for our electric cars
are designed with industry-leading expertise and bespoke understanding, to ensure your peace-of-mind and offer tremendous value.
We offer a fully comprehensive insurance plan for all Kia Battery Electric Vehicles (BEVs) and Plug-In Hybrid
Vehicles (PHEVs). This comes with numerous benefits and guarantees, including:
• Cover for your Kia EV, electric charging cable and battery
• Home charging point cover available on request
• Technicians certified to Kia’s recognised accreditation standard
• A dedicated EV repair environment with tooling and equipment
• 5-year repair guarantee
• Brand-new Kia EV available if yours is written off or stolen within 12 months of its new registration date, and not recovered
• 24-hour UK accident recovery when you make a claim
• UK-based claims team available 24 hours a day
Find out more about our Kia electric car insurance or get a car insurance quote
for your Kia today.
Alternatively, call 0330 102 8827.
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Images shown are for illustration purposes only and may not be to full UK specification. Features shown are not standard across the Kia model range and availability will vary dependant on model. For further details please refer to the individual model specification sheets.
*Fuel economy and emissions: driving range standards are calculated using the World Harmonised Light Vehicle Test Procedure (WLTP).
**There are certain situations in which the petrol engine will automatically activate even when the vehicle is in EV mode. Examples could include: when the hybrid battery state of charge is reduced to a certain level, when acceleration demand is high and/or when it is required to heat up the cabin.
*** Forward Collision-Avoidance Assist (FCA)
Forward Collision-Avoidance Assist (FCA) is an assistance system and does not relieve the driver from their responsibility to safely operate the vehicle at any time. The driver still has to adapt their driving behaviour to their personal driving capabilities, to the legal requirements and to the overall road and traffic conditions. FCA is not designed to drive the vehicle autonomously. For further information, please refer to the owner’s manual.