Costs of insuring an electric or plug-in hybrid car

It’s common knowledge that one of the biggest concerns when owning a car is insurance. Since it is mandatory, there are various options, but ultimately it can result in significant costs.

The problem is exacerbated when it comes to insuring electric cars or plug-in hybrid cars, i.e. those with the DGT (Dirección General de Tráfico) CERO label. The Consumer and User Organization (OCU) conducted a study in which 23 different insurance simulations for electric, PHEV and gasoline models were carried out under the same conditions.

Insuring an electric car can be up to 20 percent more expensive than insuring a gasoline model. Policies for plug-in hybrid models, which combine an internal combustion engine with an electric motor, are 15 percent more expensive than those for the same model with a gasoline engine. But it’s worst for electric cars, where insurance costs can be up to 17 percent higher.

These price differences are explained by various reasons, but it is obvious that the cost of batteries, which are the main component of an electric car, as well as repairs or spare parts, is expensive. This forces insurance companies to set higher prices.

Consumers interested in purchasing an electric car should keep in mind that despite the advantages of the DGT’s CERO label in terms of taxes and fees, they will not have cheaper insurance prices.

frequently asked Questions

Why is insurance for electric cars more expensive?
The cost of insuring an electric car is higher due to the high price and complexity of the batteries used in these vehicles. Both repairs and battery replacement are costly operations, causing insurance companies to set higher prices to cover these risks.

Are hybrid models also more expensive to insure?
Yes, plug-in hybrid models are also more expensive to insure compared to gasoline models. Although the cost is not as high as electric cars, the presence of electrical components and the combination of an internal combustion engine with an electric motor result in higher insurance prices.

Is there a way to save on electric car insurance?
Although electric car insurance prices tend to be higher, there are ways to save money. By comparing different policies and insurance companies, more competitive prices can be found. Additionally, some insurance companies offer special discounts and benefits for electric car owners, so it’s worth researching and taking advantage of these offers.