Does having an electric vehicle affect your car insurance?

Short answer? Yes, having an Electric Vehicle affects your car insurance policy. Long answer? Here are the details.

Compared to insurance policies geared towards petrol or diesel-fuelled cars, EV insurance policies can be relatively rare. Currently, only a handful of car insurance policies in Singapore are designed to cover EVs, limiting your choices. This is mainly due to the fact that EVs are more expensive than non-electric cars, which means that their individual car parts also cost more to repair and maintain. Electric cars cars also run on large, expensive batteries that are costly to fix when broken.

The downside to this is that it can be hard to receive a direct online quotation for your EV insurance policy. Unlike the usual car insurer who will likely provide you with an instant estimation of your premiums following a few clicks around their website, EV car insurers can take up to a few working days to tailor an accurate quotation to your needs.

Under this option, customers have to pay a fixed S$150 coverage fee annually. The specific monthly premium payment will subsequently be calculated based on the distance travelled by the customer each month. Customers can thus be sure that they’re not paying extra for coverage or maintenance services that they will never use.The strength of EV insurance policies lies in their capacity for personalisation, but hearing that these policies are currently rare and expensive might be a bit of a bummer.

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