There are several reasons someone would choose to drive an electric car. Times are changing, and our reliance on oil is slowly but surely waning. Electric cars are much more environmentally friendly, and they’re also cheaper to operate and maintain than gas-powered cars. It’s without question that they will eventually become the standard.
But what about electric vehicle insurance?
Your Electric Car Insurance Rate
There are a few discounts you may be eligible for if you drive an electric car. Many insurance companies offer green discounts, so be sure to ask about that when you’re shopping around. You may also get a break on your rates if you charge your car at home.
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Of course, the best way to save money on insurance is to be a safe driver. Be sure to obey the speed limit and all other traffic laws, and avoid accidents and traffic violations.
Who Is Providing Insurance for Electric Cars?
Most insurance companies are happy to insure electric cars. However, there are a few that have been slow to catch on. If you’re having trouble finding an insurer for your EV, don’t worry; there are plenty of options out there.
Different Types of Insurance Coverage
There are a few different types of insurance coverage you should be aware of. The first is third-party liability coverage, which helps cover damage you cause to other people or property. Third-party liability coverage is mandatory across Canada, but the minimum coverage amount varies from province to province. So be sure to check with your provincial guidelines.
The second type is collision insurance, which covers damage to your car in the event of an accident. This is optional in most provinces, but it’s a good idea to have if you can afford it.
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The third type is comprehensive insurance, which covers everything from theft to weather damage. This, too, is optional, but it’s a good idea to have if you can afford it.
As you can see, there’s no need to worry about electric car insurance. Your normal auto policy will cover your EV just like it would any other car.
Benefits of Owning an Electric Car
There are several advantages to owning an electric or hybrid vehicle that you may not have considered. Here are a few examples:
Charge from home: You’ll have to visit a charging station to recharge your car’s battery, but you can say goodbye to gas stations. You can also charge your automobile at home using a home charging station and have it ready to go the next morning when you get home from work.
Electric automobiles have no tailpipe emissions and are therefore more environmentally friendly. While driving an electric vehicle will not eliminate your carbon footprint, it will significantly reduce it. Hybrid electric vehicles, on the other hand, utilize both gasoline and battery power and are a popular choice for individuals who are hesitant to make a 100% all-electric purchase.
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Reduce inhaled pollutants: Tailpipe emissions are a significant source of air pollution, both in terms of the environment and the interior of your vehicle. Volatile carbon oxides, organic chemicals, and particulate matter are all hazardous carcinogens present in automobile emissions. An electric car can assist you by preventing you from breathing in these substances.
Reduced fuel costs: Fueling a car with gasoline or diesel generally costs more than the electric power needed to operate an electric vehicle.
The average electric vehicle has a battery driving range of 128 to 225 kilometers, but that depends on the type of battery and make of the vehicle. Batteries in hybrid cars and plug-in vehicles are similar, but they have unique characteristics. Considering all factors, including fuel economy, performance, cost per kilometer travelled, charging time duration (or how long it takes to charge), number of recharges, and initial investment, electric vehicles are often less expensive to operate than gasoline-powered cars. Depending on when and where you charge your electric car, it can cost anywhere from $450 to $550 a year. This is also based on kilometers travelled.
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Lower maintenance costs: With an electric vehicle, you won’t have to worry about routine oil changes or changing minor parts such as fan belts, gaskets, and radiator hoses. Some electric car drivers have stated that their cars have travelled over 100,000 kilometers or more on original brake pads.
Quiet operation: One of the most noticeable advantages of an electric car is its quietness. You’ll never have to listen to a roaring engine again.
Conclusion
Electric cars are the wave of the future, and there’s no doubt that they’re here to stay. If you’re thinking about making the switch, be sure to do your homework and shop around for the best possible insurance rates.
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