Contrary to what we may think, the insurance of an electric car is not cheaper than that of a car with a combustion engine. Insurers do not make distinctions by type of fuel, but the truth is that electric cars work differently from other vehicles. But, did you know the reason why it is more expensive than a conventional one?
Electric car insurance is more expensive, yes
We cannot say otherwise: electric cars are a growing trend, and in a few years, with the gradual withdrawal of diesel, they will be a more than attractive alternative.
In fact, according to the latest market analysis, the search for electric car insurance has increased by 8% compared to last year at this point.
Likewise, the study also shows that 42% of Spaniards have considered buying an electric or hybrid car in the last year due to the increase in the facilities for buying this type of vehicle. In any case, it is also known that in this period the same companies are increasingly making more trouble. The reason? the batteries of these vehicles.
Insurers don’t like their batteries…
But, let us start at the beginning; Like other cars, electric cars are required to have, at least, Civil Liability insurance , given that today the Regulations for compulsory civil liability insurance in the circulation of motor vehicles do not make any distinction. for fuel used by vehicles.
Electric car insurance has a large number of common coverages with traditional car insurance. That is why the type of existing policies are the same as in the other case: Third Party, Extended Third Party, All Risk and All Risk with franchise… but it is also true that the latest trend is that their prices are much higher.
And it is that a growing number of insurers are refusing to repair damaged electric cars due to the high cost of their batteries, in many cases even reaching up to 50% of the value of the car.
Many electric cars with few kilometers are classified as a total loss
The dangers involved and the impossibility of correctly evaluating slightly damaged batteries after an accident, causes many low mileage electric vehicles to be classified as total loss after an accident.
The situation refers to the fact that replacing the battery of an electric car does not go below 10,000 euros, in the case of the smallest, although in the case of a Tesla Model S there have been cases of more than 22,000 euros. In addition, we also have to consider that manufacturers do not make it easy when it comes to being able to fix their batteries, like Tesla. At Stellantis, for example, if the airbags have deployed in the accident, they consider the battery unfixable .
The problem is that manufacturers build cars in such a way that it is very difficult to access the batteries and also refuse to share the diagnostic data that allows repair companies to do their job. There are also those like Ford and General Motors, which have already ensured that they are making battery packs that are much more accessible and easy to repair, others like Tesla are going the other way.