When comparing EV insurance policies, there are a few key factors to consider. Firstly, you’ll need to work out the level of cover you need.
Most insurers offer three different types of cover:
- Third party insurance: This is the minimum level of cover you must legally have in place. It insures against injury or damage caused to others only.
- Third party, fire and theft: These policies insure you against injury to others, damage to others’ property, and if your car is damaged due to fire or theft.
- Comprehensive: This type of insurance covers everything above, and will also pay out if you’re injured or your vehicle is accidentally damaged.
Most providers allow you to add optional extras to your policy such as legal expense or breakdown cover.
Another factor to bear in mind is the policy’s compulsory excess. This is the amount you must pay towards any costs you claim for. Choosing a higher excess usually lowers your premium, but it could end up being more expensive in the long run if you need to make a claim.
Note that insurers also offer you the chance to pay a voluntary excess, which can bring down your premium further, but which must be paid in the event of a claim.
When insuring an EV, you may wish to look out for EV-specific elements. For example, some policies offer specific cover for your battery and charging equipment, or recovery if you run out of charge on the road.
It’s also worth checking whether a policy covers you against charging mishaps such as injury to passers-by should they trip over your charging cables. Usually, this will be included under your ‘liability to others’ cover, so long as you’ve taken reasonable steps to charge the vehicle safely.
If you have an EV charging point at home, it’s unlikely to be covered by any car insurance policy. To protect this piece of kit, check whether you can add it to your home insurance policy.
If your car sets on fire during charging, you should be able to make a claim on your home or car insurance policy, depending on where the fire originated.