Electric cars are new – but a growing presence in the world of personal transport.
they may prove to be the shape of things to come. In its press release of the 5th of December 2016, for instance, the Society of Motor Manufacturers and Traders (SMMT) revealed that registrations of electric and other alternatively-fuelled cars had grown by more than 25% in the previous 12 months. At this rate, electric cars may prove to be the shape of things to come.
Insurance for electric cars
In the meantime, though, their very novelty gives something of a headache to regular, established providers of motor insurers.
Just like any insurer, motor insurers are in the business of calculating risk – in this case, of course, the risk of loss or damage to a vehicle, its potential for causing injury or damage to someone else’s property and the cost of making good the damage done.
What are these risks the insurer of an electric car might ask. Unfortunately, there is very little by way of any record to go on. When it comes to electric car insurance, statistics have not yet shown whether they are more or less safe than conventionally fueled vehicles, whether they are going to be involved in more or fewer traffic accidents and whether any loss or damage, therefore, if likely to be higher or lower.
For those reasons, a conventional motor insurer may be reluctant to offer insurance cover for an electric car and, if they do, to charge a higher than normal premium.
That is why it is likely to make sense to look for your electric car insurance from a specialist provider, who understands the particular characteristics of this type of vehicle and has the knowledge of the wider insurance market to identify those insurers not only content to provide cover, but to do so for competitively priced premiums.
Here are some of the reasons, for example, why conventional motor insurers might believe that electric cars pose a greater risk and need to attract higher premiums:
- the vehicles run so quietly that pedestrians and other road users are unable to hear their approach;
- during the charging process, trailing cables make it possible for other people to trip over them and injure themselves;
- the batteries on which electric cars rely may be damaged in an accident and are expensive to replace; and
- the general cost of repairs is likely to remain high whilst there are still relatively few workshops and garages with the necessary skills and experience to carry out the work.
In fact, there is little evidence that any of these supposed risks make electric cars any more of a liability than conventionally fuelled versions.
Indeed, it might just as easily be argued that by investing in an environmentally more friendly vehicle in the first place, the driver of an electric car may be more responsible, considerate and careful on the roads than some others.
Any of the special risks associated with this new breed of motor car may be easily offset by the careful use and driving habits of their owners.