
Get exclusive money-saving offers and guides
Straight to your inbox
Updated
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
You've invested in an electric car and now you want to find insurance to suit - use our guide to find out which insurance companies will cover you and what you can expect from a policy.
Most general car insurers offer insurance for electric vehicles, including Bingle, Budget Direct, Youii and Virgin - among others. Request quotes for electric car insurance, from our list of major providers below.
No. In fact, electric car insurance is usually more expensive than cover for a petrol or diesel car - but there are a few reasons for the higher price point.
While electric car owners can expect to pay more for their premiums right now, it might not always be the case. As more vehicles enter the market, the number of service providers will increase and arranging repairs will be easier - bringing the cost of insurance down.
We compared the Hyundai Ioniq Elite fully electric car with the Hyundai I30 Premium hatch, because both cars have similar features and are an affordable price point.
However, the Ioniq has an on-road cost of $49,523 - some 20% higher than the diesel-engined I30, which comes in at $39,430.
Fully comprehensive cover for a 30-year-old, rating one driver cost an average of $1,476 for the Ioniq, while cover would only cost $844 for the same driver if they owned the I30.
The table below shows the on-road costs for three popular electric vehicles over five years, covering an estimated 15,000 kms per year.
Vehicle | List price | Estimated on-road | Weekly on-road costs |
---|---|---|---|
BMW i3 120Ah Electric | $68,700 | $74,722 | $58.34 |
Tesla Model S 100D Electric 1sp Auto | $141,400 | $145,801 | $62.95 |
Tesla Model X 100D Electric 1sp Auto | $146,000 | $150,493 | $64.64 |
On-road costs include rego, insurance, licence and RACQ membership. Figures provided by RACQ.
Although you might have to accept higher premiums for the meantime, there are still ways to save money on your insurance. Some insurers - like WA's RAC - will give discounts for cars which have low fuel emissions. Under the RAC scheme, cars under a year old could see a premium reduction of up to 25%.
You can also save money on your car rego if you buy an electric vehicle, while your duty costs could also be lower.
Not necessarily. Most car insurers will offer insurance for electric cars - however, it might be trickier to find cover if you've got a rare or extremely high-value electric vehicle.
For example, some insurance companies won't cover Tesla vehicles, while others will enforce strict age limits on policyholders. This is because there are limited dealerships - just six in Australia - so coordinating repairs can be a lengthy and expensive process.
If you can't find a general insurer that is happy to cover your electric car, you can try the Insurance Council of Australia's Find an Insurer service.
Some car insurers will give you the option to use your own choice of repairer if you have to make a claim. This usually comes at an additional cost but there are benefits associated with using your own repairer - including quicker turnaround times, a more convenient location, and the ability to choose a specialist service provider.
For electric car owners, particularly those who have prestige or high-value vehicles, it's often a priority to have a specialist mechanic or technician handling the repairs process. As such, it may be worth considering an insurance company which will let you choose your own repairer.
Yes. Most car insurers will provide third party, third party fire and theft, and comprehensive insurance policies for electric cars.
However, while third party insurance might be cheaper than comprehensive cover, it won't pay out if your car is accidentally damaged. Plus, electric cars aren't exactly cheap - so it might be worth considering more comprehensive insurance.
Picture: GettyImages
Find out about how to insure the luxury Mercedes-AMG G 63 4x4 SUV.
Gumtree reveals data that could help used and new car buyers save money
Compare soon-to-launch electric and hybrid cars.
Cruise Australia's picturesque roads in your perfect camper from Adelaide.
Find your perfect home on wheels with campervan rentals in The Harbour City.
Find out how much the average Mercedes-Benz E-Class costs to insure, as well as how to find a prestige car insurer.
Looking for cover for a Porsche Taycan luxury electric sportscar?
The features you need to consider when buying an e-bike you can ride to the beach.
All the essential info you need to know to choose a new battery for your electric bike.