New Car, New Plan: Why Your Electric Car Needs EV Car Insurance
With their sleek designs, eco-friendly credentials, and impressive performance, electric vehicles (EVs) are becoming increasingly popular in Singapore. If you’ve just made the switch to electric, the first thing you’ll need to get is car insurance—but your traditional car insurance plans will no longer cut it.
While traditional car insurance might seem sufficient, there are key differences that make EV car insurance a worthwhile investment. Let’s look into their key differences and how you can choose an EV insurance plan that protects you and your green mobile.
What is EV Car Insurance?
EV insurance is a type of car insurance designed specifically for electric vehicles. It goes beyond the typical coverage offered for petrol cars, addressing the unique risks and requirements associated with EVs like battery damage, charging equipment, and electrical systems. This EV-focused coverage ensures that your EV is comprehensively protected, giving you peace of mind on the road.
Insurance Coverage: EV vs Petrol
When comparing EV and petrol car insurance, you'll find they share a common foundation but diverge when it comes to the unique needs of electric vehicles. Both types of insurance offer a safety net, protecting you from financial loss in various situations.
Both EV and petrol car insurance typically cover the following:
- Accidental damage
- Fire and theft
- Third-party liability
- Windscreen damage
- Medical expenses
However, EV insurance goes the extra mile by offering specialised coverage for components and situations specific to electric cars. Here's a closer look at the key differences:
- Battery Damage: EV insurance covers damage to the battery from various causes, including accidents, fire, and even electrical faults. This is crucial because the battery is a significant component of an EV, and its replacement can be expensive.
- Charging Equipment: EV insurance often includes coverage for damage to your private charging equipment. This protection can provide valuable peace of mind, especially with the increasing reliance on home charging.
- Specialised Roadside Assistance: EV insurance may include roadside assistance tailored to the needs of electric car owners. This can include services like towing to the nearest charging station, mobile charging, or even providing a replacement EV while your car is being repaired.
How Much is EV Car Insurance?
Just like with petrol car insurance, the cost of EV car insurance can vary significantly based on a range of factors. While EVs generally tend to have higher premiums than their petrol counterparts, understanding these factors can help you estimate how much more you will need to set aside for EV insurance and make informed decisions when choosing a plan.
Factors potentially affecting EV car insurance costs:
- Vehicle Value: Higher-value EVs generally attract higher premiums due to the increased cost of repairs or replacement.
- Battery Capacity: The battery is a major component of an EV, and its capacity can influence the insurance premium. Larger batteries typically cost more to replace, potentially leading to higher premiums.
- Vehicle Model and Make: Certain EV models might have higher repair costs or a greater risk of theft, impacting the insurance premium.
- Driving History: Your driving record, including any accidents or claims, can significantly affect your insurance premium.
- Coverage Options: The level of coverage you choose, such as comprehensive or third-party only, will influence the premium. Additional coverage options like home charging station protection or EV-specific roadside assistance can also affect the cost.
- Insurer and Plan: Different insurers offer varying premiums and coverage options. It's essential to compare quotes from multiple insurers to find the best fit for your needs and budget.
Market Average Premium Cost of EV Insurance in Singapore
In Singapore, the average premium for EV car insurance can range from S$2,000 to S$5,000 per year based on the above factors. However, it's important to remember that this is just an average. Your individual premium may vary depending on your unique circumstances and the specific insurance plan you choose. It's always advisable to get quotes from different insurers and compare the coverage and benefits offered before making a decision.
Why does EV Car Insurance Tend to be More Expensive than Petrol Car Insurance?
Several factors contribute to the potentially higher cost of EV car insurance compared to traditional petrol car insurance. Between part exclusivity to repair costs, it is easy to see why EV car insurance might be more expensive:
- Higher Repair Costs: EVs often involve more expensive components, particularly the battery, which can significantly increase repair costs in case of accidents or damage.
- Limited Repair Facilities that Cater to EVs: As EVs are relatively new, there are fewer repair facilities and technicians equipped to handle EVs and their unique needs. This can lead to longer repair times and potentially higher costs, which can potentially bump up insurance premiums.
- New Technology Risks: As with any new technology, there's an element of uncertainty regarding the long-term performance and potential risks associated with EVs. This can influence insurance premiums as insurers assess and manage these evolving risks.
Coverage at a Glance
| Feature | EV Car Insurance | Petrol Car Insurance |
| Accidents | Comprehensive coverage for damages to your vehicle | |
| Theft | Protection against theft of the vehicle or its parts | |
| Third-Party Liability | Covers your legal liability for injuries or damages caused to others | |
| Battery Damage | Covers damage to the EV battery from various causes (accidents, fire, etc.). | N/A |
| Charging Equipment | Covers damage to charging equipment, both onboard and external (public charging stations). | N/A |
| Charging Cable Damage | Covers damage to the charging cable. | N/A |
| Roadside Assistance | Specialised assistance for EVs, including towing to the nearest charging station, mobile charging, and technical support. | Standard roadside assistance, such as towing and jump-starts. |
| Personal Accident Coverage | May offer higher coverage amounts for injuries sustained due to EV-specific incidents (e.g., electric shock). | Standard personal accident coverage. |
| Loss of Use | May provide an EV replacement vehicle while yours is under repair. | Typically provides a standard petrol vehicle replacement. |
How to Choose an EV Car Insurance Plan
Selecting the right EV car insurance plan requires careful consideration of several factors:
- Coverage Options: Ensure the plan offers comprehensive coverage for EV-specific components like the battery, charging equipment, and electrical systems.
- Premium Costs: Compare premiums from different insurers to find a balance between affordability and adequate coverage. Consider factors that might affect your premium, such as your driving history, vehicle model, and chosen coverage options.
- Insurer Reputation: Choose a reputable insurer with a strong track record of customer service and claims processing.
- Claims Process: Understand the claims process and ensure it's straightforward and efficient. It is advisable to look for insurers with a user-friendly online portal or mobile app for convenient claims submission.
- Driving Habits: Consider your driving habits and choose a plan that aligns with your needs. If you frequently use your EV for long distances, you may want to look for a plan with comprehensive roadside assistance.
- Additional Benefits: Explore additional benefits that might enhance your coverage, such as private charging station protection, personal accident coverage for EV-specific incidents, or an EV replacement vehicle during repairs.
Income's eDrivo Car Insurance: Comprehensive Protection for Your Electric Vehicle
Income Insurance's eDrivo Car Insurance provides EV owners with comprehensive coverage and peace of mind. It offers a range of features and benefits tailored to the unique needs of electric vehicles, including:
- Emergency Mobile Rescue1: If your car battery runs out of charge on the road, we will arrive at the scene and provide DC fast charging up to 20% capacity so you can drive to the nearest charging station. Enjoy access to this service as a policyholder. You can call +65 8102 6148 for 24/7 assistance.
- Orange Force: Our dedicated Orange Force accident response team provides accident assistance anywhere in Singapore, and accident reporting services at a convenient location of your choice.
- Cyber Hacking Coverage2: Protect your car against loss or damage due to malicious cyber acts.
Find an EV Car Insurance Plan With Adequate Coverage
As electric vehicles become more prevalent on Singapore's roads, securing the right insurance protection is essential. EV car insurance offers coverage that caters to the unique needs of electric cars, safeguarding your investment and providing peace of mind.
Remember to consider factors like coverage for battery damage, charging equipment protection, and EV-specific roadside assistance.
Take the first step towards protecting your electric vehicle today. Learn more about eDrivo Car Insurance and get a quote to ensure you have the right coverage for your electric journey.
1 Emergency Mobile Rescue
- We are entitled to modify or alter the manner this service is delivered without notice.
- This service is provided within the Republic of Singapore.
- Service charge to replace the punctured tyre.
- This benefit is applicable to you only one time per period of insurance. Subsequent usage will be chargeable.
- This benefit is not applicable for AC charging cars.
2 Cyber hacking by malicious act of gaining unauthorised access to your vehicle systems by any unauthorised person or entity.
This article is meant purely for informational purposes and does not constitute an offer, recommendation, solicitation or advise to buy or sell any product(s). It should not be relied upon as financial advice. The precise terms, conditions and exclusions of any Income Insurance products mentioned are specified in their respective policy contracts. Please seek independent financial advice before making any decision.
These policies are protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact Income Insurance or visit the GIA/LIA or SDIC websites (www.gia.org.sg or www.lia.org.sg or www.sdic.org.sg).
This advertisement has not been reviewed by the Monetary Authority of Singapore.
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