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.
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.Â
If your preferred insurance provider covers an electric battery, make sure the protection extends to:
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.
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:
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.