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Car insurance
First, let's take a look at car insurance in general, before looking at the specific case of electric car insurance.
What does the price of car insurance depend on?
The cost of insurance depends on a number of factors, including the vehicle and the driver:
- Your bonus-malus level : determined on the basis of your driving history from previous vehicles. If you've had several accidents in the past, you'll accumulate a penalty, but if you're not accident-prone, you'll accumulate a bonus and pay less for your insurance.
- The power of your vehicle : lhe more "powerful" vehicles are synonymous with a higher vehicle value to insure and a greater risk of accidents. Consequently, the more powerful the vehicle, the more expensive the insurance.
- The replacement value of the vehicle : the more expensive the repairs, the higher the insurance cover.
- Your age : loung people with recent licences are more likely to make mistakes and have accidents. They therefore pay more for their car insurance due to their lack of experience.
- Your home address : two factors come into play:
- This criterion is based on where you park your vehicle. If you park your vehicle in the street, it is more likely to be subject to theft or damage than if you have an enclosed garage.
- Depending on the city you live in, theft and accidents are more frequent on certain types of vehicle. Even if this is not your fault, the price of insurance will be affected.
What are the different types of car insurance?
- Third-party insurance
This is the minimum cover. It covers civil liability, i.e. damage to property and personal injury caused to a third party. It is compulsory. It covers almost all material and physical damage, but does not cover hail, vandalism or fire.
- Theft and fire insurance
It provides compensation in the event of theft or fire of the electric vehicle. It is not compulsory, but is recommended. It insures the vehicle against all damage other than accidental damage.
- All-risk insurance
It covers all damage to the vehicle and gives the driver peace of mind. It is not compulsory, but is strongly recommended for new or high-value vehicles. It covers all types of damage, including vandalism, and will even replace the vehicle at its original value if it is damaged.
The price varies depending on the insurance and the product chosen. You'll need to compare offers carefully to make the best decision.
A word of advice: As the price of electric vehicles is generally high and the cost of repairs not negligible, we strongly advise you to take out comprehensive insurance to avoid any surprises.
Electric car insurance
Most insurance companies now offer a electric car insurance offerbecause the needs are not the same in relation to a thermal vehicle or hybrid. Some insurers will cover :
- 0 km electric breakdown assistance;
- Le towing your electric car to the nearest charging point.
- Coverage of any electrical damage caused by recharging your car.
- etc.
Some insurers support the development of electric cars and are therefore offering more attractive rates. Some studies have also shown that electric cars have fewer claims.
Do insurers offer specific insurance for electric vehicles?
A study was carried out by UK insurer Direct Line Group in May this year. Neil Ingram, Head of Motor Product Management at Direct Line Group, said: "We expect prices to fall in the future, partly as a result of the Government's commitment to making vehicles greener and more accessible.
Since the Covid-19 crisis and the stimulus plan with the conversion premium in France, the cost of insuring an electric car has fallen slightly.
In addition, an amendment to the Finance Bill (PLF) provides for a one-third reduction in the rate of insurance tax for the cleanest vehicles. Jean-Marc Zules, MP for Bouches-du-Rhône and member of the French National Assembly's Sustainable Development and Town and Country Planning Committee, is advocating a reduction in the tax on insurance policies from 33 % to 20 % for electric and hydrogen-powered vehicles. Currently, the rate of 33 % is applied to "third-party" (civil liability) policies taken out on all vehicles (except for vehicles with a load of more than 3.5 tonnes and farm commercial vehicles, which benefit from a reduced rate of 15 %).
In June, on thelesfurets.comDemand for electric vehicle specifications accounted for 1.5% of total demand, twice as much as in May.
Electric car insurance should soon be more advantageous than that of a combustion engine vehicle, which is more polluting and has a higher deductible. All the more reason to invest in an electric car! We'll help you choose the right one: Future electric cars up to 2024.
Will my electric car insurance cost less?
As we saw above, the price of insurance depends on the power of the vehicle and the habits of the driver. But that's not all!
Residual value
As we have seen, the price of insurance depends on the new value of the vehicle, but it will also depend on its residual value. The residual value is the value of your car on the second-hand market after 1, 5 or 10 years.
Let's take the example of the Renault Clio combustion engine, the best-selling car in Europe. The first Renault Clio left the factory in 1990, almost 30 years ago, and several million have since been sold. So it's easy for insurers to make assumptions about the Clio's second-hand market based on its new value, because they have a huge database at their disposal.
The case of electric cars
For the electric vehicleThe second-hand market is still in its infancy. The used car market is still in its infancy, as the new car market began to develop in 2015. According to the OIE (Observatoire de l'Industrie Électrique), in the first quarter of 2022, just over 35,182 cars of all makes and models were sold, including 100 % electric cars, compared with 2 million internal combustion vehicles. And there are currently 40 million vehicles on the road in France, of which 99 % are combustion-powered.
We realise that it is much more difficult for an insurer to determine the residual value of an electric car, as this is an emerging market.
It will still take some time for insurers to gain a thorough understanding of electric vehicles.
In addition, electric cars have a lower tax rating than their combustion-powered equivalents. Electric cars are also often used for short journeys, and travel at lower speeds than their internal combustion counterparts. By covering a shorter distance and often at a limited speed, the risk of claims is lower. With this logic, the amount you are likely to pay for your insurance is reduced.
Many electric car buyers are considered low-risk because of their choice of car: they are seen as more conscientious people, which has an impact on the price of insurance. Some insurers will offer preferential rates to electric vehicle drivers, partly because of the power of the vehicle's engine. For some, it's also a way of boosting their 'green' image.
The cost of insurance is therefore lower than for a combustion equivalent. However, be sure to take out comprehensive insurance.
Specific electric car insurance cover
Electric vehicles do not operate in the same way as combustion engine vehicles. There are therefore certain additional guarantees to take into account when signing your contract.
Here are some examples of cover that should be included in your electric car insurance policy:
- Electric breakdown assistance
- Electrical damage caused by recharging your car
- Towing your car to the next charging point
- Personal charging points
Worth noting : You also need to check that the insurance company is capable of delivering on its promises.
How much does electric car insurance cost?
We asked for several quotes to compare the prices of different insurers.
In this example, the driver parks in a closed shared-ownership car park in Paris and has held his licence for 10 years.
Insurance | Bonus | Model | Price per year incl. VAT |
L'olivier car insurance | 0,5 | Nissan Leaf | 541 € |
MAF | 1 | Nissan Leaf | 1806 € |
Allianz | 0,5 | Nissan Leaf | 437 € |
Eurofil by Aviva | 0,5 | Nissan Leaf | 490 € |
AON | 0,5 | Nissan Leaf | 513 € |
Aviva | 0,5 | Nissan Leaf | 508 € |
Direct Assurance | 0,5 | Nissan Leaf | 580 € |
Conclusion
The electric car will continue to become increasingly popular, with 3 million electric cars expected by 2028. The government's ambition is clear and in line with ecological measures. Visit state aid are encouraging the adoption of electric cars. Electric car insurance will follow the same trend and will rapidly become more democratic, with falling prices.
To find out more about the characteristics of electric cars, you can consult this article onautonomythe power, the battery...
The maintenance of electric cars also needs to be taken into account. According to the Avere associationelectric vehicle maintenance costs 4 times less expensive than a combustion engine vehicle.
Read more: How do you maintain your electric car?
