Are Electric Cars Cheaper To Insure?

Last updated: 17.01.2022

Buying an electric car (e-car) is becoming more and more popular among families in Ireland. Easy to access charge points, grant schemes and increased reliability are making e-cars ever more attractive.

High fuel bills could be a thing of the past with the SEEAI grant of up to €600 when installing a home charging point, where charging your car on overnight rates could cost as little as €3. That is not to mention playing your part in reducing emissions.

But, how much does it cost to insure an electric car in Ireland? Initially on the introduction of EVs many insurers raised their insurance prices or even declined to insure these cars due to the high cost of the repairs and the many unknowns of EV ownership. 

The industry is still relatively new and there are so many variables it might be best to pick up the phone and call us on 0818 244 244.

What’s the difference between a Hybrid and Electric Vehicle (EV)?

A Hybrid uses a combination of a traditional combustion engine and a battery storage system. Whereas all electric cars are powered by an electric motor only. An EV must be plugged in and charged at a charging station, but the lack of engine means that they have zero CO2 emissions. They are ideal for short, predictable daily trips and with their rapid development, their mileage range is increasing significantly all the time.

If you want to know which of Hybrid or Electric is the better choice for you, we have lots of useful information in this blog post where we compare Electric and Hybrid Cars.

Discover why Ireland is a great place to own an electric car

To start, Ireland is a compact island: most towns and cities are accessible within 3 or 4 hours. Which means there is no need to worry about running out of battery while on ridiculously long road trips. Also, with fuel costs so high and only getting higher, it means running costs can be kept to a minimum.

The infrastructure for e-cars is improving all the time with charge stations popping up in more and more locations. The government are looking to encourage the uptake of ecars as part of their climate action plan. This means that there are a range of grants and initiatives to help with the costs of buying and maintaining an electric car. Until the end of 2022, toll road operators are running an incentive for e motorists. They are offering discounts for both hybrid and fully electric motors of up to 75 percent on the M50 and 50 percent on other roads.

The electric car market is still in relative infancy, so searching for the right policy can take a little longer. The important thing to do is to check and make sure you’re adequately covered for electric vehicle-specific things like batteries and charging cable liability as well as cover for charging cables, wall boxes and adaptors for accidental damage, fire and theft.

Tip: Read our blog post Top 7 Reasons to Drive an Electric Car.

If you need more information on insuring an electric or standard car, get in touch today, we would be happy to help.

 

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