What You Need to Know About Electric Car Insurance

About Electric Car Insurance in California 

  Many people are turning to electric cars for their incredible benefits. One thing you should know is the difference between a regular auto insurance policy and an electric car policy and their coverage.   There’s a lot to gain, whether it’s the contribution to a cleaner environment, lower fuel costs, or tax benefits. On the other hand, Electric cars also expose drivers and other road users to multiple risks, however – just like other vehicles.   The risk of explosion and fire is one of the significant threats that owners of electric vehicles face. If a lithium battery catches fire, it releases heat, smoke, and toxic gasses.   More importantly, all fire incidents destroy property and cause huge financial losses.   It is, therefore, recommendable to acquire electric car insurance as a risk management plan for unforeseen events.   Consider speaking to a professional auto insurance agent about the best policy to protect your electric car.  

Unique Coverage Provided By Electric Vehicle Insurance 

  All auto insurance plans are designed to protect you if you’re involved in an incident with your car. However,  electric cars are not designed similarly to petrol or diesel cars.   For instance, electric cars run on lithium batteries, the most expensive component.   With that in mind, electric car owners prefer to lease batteries to minimize costs. You must ensure your EV insurance covers your leased or owned battery.    If your preferred insurance provider covers an electric battery, make sure the protection extends to:  

1. Breakdown
2. Fire and theft
3. Fault
4. Accidental damage
5. Charge cable
6. Charge point
7. Electrical battery fault

 

Why Is Electric Car Insurance Expensive?

  Insuring an electric car is relatively more expensive than a traditional combustion engine vehicle.   However, that shouldn’t put you off because you’ll make huge savings in lower fuel costs, maintenance costs, and taxes.   Insurers charge higher premiums for electric cars because of the specialized parts, expert mechanics, and expensive batteries.  

Regular Coverage Under Electric Car Insurance

  A standard auto insurance cover is designed to protect you financially from losses related to an accident.   All electric car insurance plans also offer the following basic coverage:  

1. Liability Coverage: It contains bodily injury and property damage liability, which are mandatory in every state.
2. Comprehensive Coverage: You’ll also need comprehensive coverage to protect your car from theft, fire, vandalism, or hail.
3. Collision Coverage: It can help you pay the cost of repairs or replacement for accidental collision with another vehicle or if you hit an object, such as a wall or signpost.
4. Medical Payment Coverage: It helps cover medical payments such as hospital visits, surgery, or x-ray if you, a passenger, or a family member is injured in an accident.

Speak to an Experienced Auto Insurance Agency

  Standard auto insurance may not fully cover the replacement cost if your battery becomes damaged after a collision.   Similarly, if a pedestrian is injured following an at-fault road accident, you may be called upon to pay medical expenses, lost income, and other damages.   Fortunately, electric auto insurance caters to accident-related expenses, a welcome relief for car owners.   At Panorama Insurance Agency Northridge, CA, we’ve been in the business for nearly half a decade, so you can be sure of getting quality service.   Contact us online or call us at 818.306.4890 to request a quote.