Electric vehicle (EV) insurance costs a lot more in Canada. It’s about 36.8% higher than for gas cars. This comes from a new report by RATESDOTCA. Many Canadians are buying EVs now. So, this cost difference is big news.
People want to know why. They also want to save money. Here are the reasons why EV insurance is pricier. Also, find tips to lower your premiums.
Why EV Insurance Costs More Money
EVs cost more to insure for a few key reasons. These cars are often more expensive to buy. This means bigger payouts for insurers if there’s a total loss.
EV parts are also costly. The battery pack is a big expense. Specialized panels and new tech add to the bill. Repairs take longer too. Fewer mechanics know how to fix EVs. So, finding a skilled shop is harder. This pushes up labour costs.
Even small crashes can cause huge damage. Battery issues can quickly write off an EV. This happens more often than with gas cars. Some popular EV models are also targets for thieves. This increases the risk for insurance companies.
You can read more about Canadian EV trends and government efforts on the government’s website.
How to Lower Your EV Insurance Premium
You can take steps to reduce your insurance bill. Shopping around is your best first move. Always get quotes from several companies. Prices differ a lot between providers.
Here are more ways to save money:
- Install Anti-Theft Devices: Ask your insurer about approved devices. They might give you a discount.
- Raise Your Deductible: A higher deductible means you pay more if you claim. But your monthly premium goes down.
- Bundle Policies: Get your home and car insurance from one company. Many insurers offer a discount for this.
- Drive Safely: Keep a clean driving record. No tickets or accidents means lower rates.
- Consider Usage-Based Insurance: Some plans track how you drive. Safe drivers can earn savings.
- Ask for EV Discounts: Not all insurers offer them, but some do. It never hurts to ask.
- Research EV Models: Some EVs are cheaper to repair. Check repair costs before you buy a new car.
These tips can help you save on your EV insurance. Remember to stay informed on the latest insurance trends for electric cars. You can find more detailed advice on EV insurance in Canada.
