The advantages of owning an electric vehicle are obvious: no gas tank to fill, reduced maintenance costs, and a lower carbon footprint. There is also some more good news: insurance costs for EV‘s can be lower than for their gas guzzling cousins.
The ever-growing number of EV options makes “going green” more affordable, and accessible, than ever before, but despite the rapid growth of electric vehicles in Canada, hybrid and electric cars, trucks, and vans are still considered to be a niche market, and so is electric vehicle insurance. The use of additional charging equipment, high-powered batteries, and public charging stations means your insurance coverage will need to match those specific risks.
Here are some of the unique factors to take into consideration when searching for your electric vehicle insurance quote:
• Additional Liability Coverage: Protection against liability claims stemming from trip-and-fall accidents caused by your EV charging cable.
• Temporary Additional Coverage: During extended trips, you may find yourself unable to charge your EV. In these situations, you may be able to borrow a conventional fuel-powered car from your EV vehicle dealer – we can ensure you’re protected while using a “loaner” gas or diesel car, truck, or van.
• EV Battery Protection: If you lease the batteries in your EV, our EV specialists can provide you with insurance protection that extends to third-party suppliers.
• Charging Station Coverage: If you have a home charging station, it’s important to update your home insurance policy to extend coverage to this equipment.
A growing number of insurance providers now offer EV-specific discounts that can help you save on your electric or hybrid insurance premiums. As a result, you may find that the cost of insurance coverage on a hybrid or electric vehicle is the same as, or lower than, your premiums on a comparable conventional vehicle.
• Ontario’s Electric Vehicle Incentive Program: The Electric Vehicle Incentive Program (EVIP), as part of Ontario’s Climate Change Action Plan, provides generous incentives to Ontario drivers who lease or purchase an eligible electric or hybrid vehicle. With rebates ranging from $3,000 up to a maximum of $14,000, this program helps to bridge the gap between the price of a conventional car and an EV.
Whether you already own an electric or hybrid vehicle, are interested in leasing, or if you’re simply curious about how the cost of EV ownership compares to your current ride, we’re here to answer all of your questions about insuring an EV vehicle in Ontario. Give Absolute Insurance Brokers a call at 1-877-941-2266.
