Does an electric car need special insurance?

In principle, an electric car needs the same insurance as gasoline or diesel cars: motor vehicle liability insurance, which covers the damage of the other parties involved in the accident, and comprehensive insurance for damage to your own vehicle. More and more insurers are also offering special e-car insurance – but what added value do they offer compared to conventional car insurance?

E-car insurance: These services are included

Motor vehicle liability insurance is required by law in Germany – if you do not have car insurance, you are not allowed to drive your electric car on a public road. When it comes to liability, the same rules apply to e-cars as to combustion engines. Car insurance for e-cars protects you as a policyholder from the costs incurred if you are at fault for an accident with your vehicle, both for property damage and personal injury. However, it does not pay for the damage caused to yourown car.

Comprehensive insurance is voluntary, but it is a good idea because it covers expensive damage to your own car. A distinction is made between fully comprehensive and partial comprehensive insurance.

Therefore, it is best to insure your new e-car with fully comprehensive insurance. It includes the benefits of partial comprehensive insurance, i.e. it covers damage caused by fire, lightning, hail, storms, marten bites, wildlife accidents, burglary and theft. The following are also covered:

• Damage caused by vandalism
• self-inflicted damage to one's own car
• Accidents through no fault of your own, with hit-and-run of the perpetrator

Does special battery insurance for e-cars make sense?

As an electric car driver, you should also pay particular attention to how well the battery of your electric car is insured. So far, many fully comprehensive insurance systems lack corresponding add-ons, including leasing e-cars. The clauses are also not necessary for new cars, because the manufacturer's warranty takes effect first. Within the first six to ten years or 160,000 to 250,000 kilometers, the batteries are insured by the manufacturer. For used electric cars, however, special e-car battery insurance can be worthwhile after the warranty period.

Therefore, some insurers now also have special e-car insurance in their program. As part of a so-called "all-risk cover", the e-car is then insured against risks that fall under the table under regular motor insurance. For example, the heart of the electric drive, the battery, is then protected against operating errors during charging, damage caused by animal bites and in the event of a fire. In addition, the e-car is insured against damage during towing - this is not quite as uncomplicated with an electric car as with a gasoline or diesel car.

By the way: Even if you drive a hybrid or plug-in hybrid, comprehensive insurance and additional insurance for the battery are recommended – not least because of the complex technology and the comparatively high purchase price.

Insurance for e-cars: What costs are incurred?

In principle, the premium of a car insurance policy is not calculated according to whether it is an electric car or a combustion engine. Instead, various factors are taken into account when calculating the insurance amount of a motor vehicle hull insurance. These include, among others:

• Type class and regional class
• No-claims class
• Annual mileage
• Amount of the deductible
• Age of drivers
• Occupation
• Vehicle age
• Vehicle value

How can you reduce the cost of e-car insurance?

There are a few ways you can reduce the cost of insuring your e-car. For example, with each accident-free year, the no-claims class (SF) improves, which leads to more favorable conditions. Conversely, however, you are also downgraded to a more expensive class after an accident. In addition, you can receive premium advantages if you agree on a deductible with the comprehensive insurance . There may be another discount if you adjust the payment date and pay the annual bill all at once instead of transferring quarterly or semi-annually. Tariffs with a workshop commitment can also be cheaper. Limit the number of drivers to as few people as possible. Those who own their own garage often get off cheaper, as this reduces the risk of theft.

Another way to save on the insurance of your e-car is by switching to another insurance company. During the changeover season, from October to November, it is worth paying attention to the prices. November 30 is the deadline to properly cancel car insurance by December 31. Even if you have been with a low-cost provider for years, you should compare car insurance for electric cars.

Change car insurance & save money

Another way to save on the insurance of your e-car is by switching to another insurance company. Most providers allow you to terminate your insurance contract at the end of an insurance year with one month's notice. The insuranceyear usually corresponds to the calendar year. November 30 is the deadline to properly cancel car insurance by December 31. Your existing insurance is then valid until the expiry of your contract, i.e. usually the 31st.December. If you do not submit the notice of termination in time, the contract will be extendedby one year. During the changeover season, from October to November, it is worth paying attention to the prices. Even if you have been with a low-costprovider for years, you should compare car insurancefor electric cars. Pay attention not only to the prices, but also to the services included. To get a realistic comparison, you should first check howmuch the current insurance policy would cost next year. You can find the upcoming tariff costs in the upcoming premium invoice. When comparing different providers, you should pay attention to special clauses in the insurance policy of electric car insurance that cover fire damage, battery damage and towing risks.

Is e-car insurance more expensive than combustion engine insurance?

Until recently, comprehensive insurance cover for electric cars was somewhat more expensive because insurers still had little experience in settling claims. In case of doubt, you had to accept a surcharge for the dangers unknown from the point of view of the insurance company.

But that is currently changing. Sales of electric cars are increasing and insurers therefore have an ever-increasing treasure trove of data. This shows that there are no differences in the damage balance between combustion engines and e-cars.

This circumstance is not least due to a legal regulation that states that electric cars must be intrinsically safe. In plain language, this means that if there is a defect in the system, the battery is immediately disconnected from other high-voltage modules, nipping a potential fire hazard in the bud.

This in turn has the pleasant side effect that e-car insurance does not have to be (anymore) more expensive than car insurance for combustion engines.

Car insurance for certain electric cars

In addition to the normal fully comprehensive policy and special insurance for your electric car, a third option is conceivable: insurance tailored to the specifications of a specific model. This is the idea pursued by the electric car manufacturer Tesla, which offers an insurance package exclusively for its own customers. In InsureMyTesla, the carmaker is cooperating with Helvetia Insurance and FinTech Qover. If you decide to insure your e-car accordingly, you will benefit from the following advantages, among others:

• Comprehensive insurance
• Premium reduction of one month
• Replacement value compensation of up to 24 months
• Battery coverage for the first 24 months
• Insurance for damage to Tesla chargers