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27 May 2022

Which insurers will cover your electric car?

Discover how to get the best deal as some providers steer clear of Teslas

Electric vehicles (EVs) are becoming cheaper to insure, but not all providers cover some of the most popular models.

We found that, despite being by far the most popular EV in 2021, the Tesla Model 3 isn't covered by a handful of the UK's biggest insurers. 

Here, we explain how car insurance works for EVs and offer advice on how to get the best deal when shopping around.

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Which insurers don't cover popular EVs?

We approached the UK's 10 largest insurers with a list of the 10 bestselling electric vehicles from last year, and found that not all providers offered cover.

The Tesla Model 3 was the most widely sold EV in 2021, with nearly three times the number of sales recorded by its closest competitor, the Kia e-Niro. 

Despite its popularity, the Tesla wasn't covered by Ageas, Axa, Darwin, RIAS or Swiftcover. 

This could be down to the high cost of repairs - one insurer we contacted told us that claims for Teslas 'tend to be quite large'. 

The reluctance to cover these vehicles could be temporary. Axa (which also trades as Swiftcover) said it plans to expand its coverage over the coming months.

The table below shows which insurers don't offer cover for some of the most popular EVs.

VehicleNumber sold in 2021Not covered by
Tesla Model 3
34,783Ageas, Axa, Darwin, RIAS, Swiftcover
Kia e-Niro
12,271Axa, Swiftcover
Audi e-tron7,396Axa, Swiftcover
Hyundai Kona7,199Axa, Swiftcover
MG ZS5,380Axa, Swiftcover

Note: In April 2022, we contacted the 10 largest insurers to find out which of the 10 bestselling EV models they covered. The table lists the models that aren’t covered by all insurers contacted. Bestselling models data is from The Society of Motor Manufacturers and Traders Limited.

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Are EVs more expensive to insure?

As EVs have grown in popularity, they've become cheaper to insure, closing the gap with petrol and diesel vehicles.

Data from Money Supermarket shows that in the first quarter of 2022, the average EV premium was £863, compared to £862 for diesel and £858 for petrol cars. 

Compare the Market reports similar data. Average premiums in the first quarter of 2022 stood at £556, compared to £559 for diesel and £523 for petrol cars.

Unlike other vehicles, premiums have been falling consistently. Money Supermarket's data shows the average cost of insuring an EV dropped by £27 in 2021. 

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Should I use a specialist insurer for my EV?

Owning an EV doesn't mean you'll have significantly fewer insurance options.

Money Supermarket says 95% of providers it works with cover EVs, and many will allow you to insure an electric car on their standard policies. 

There are also a number of specialist insurers available, such as Pluginsure and Novo Insurance.

What to look out for in a policy

When shopping around, it's worth looking at the breadth of coverage offered by different insurers.

Specialist insurers may offer additional coverage for issues specific to electric vehicles, such as recharging and battery leasing. 

You should also analyse how comprehensively the policy would cover damage to, or theft of, expensive equipment such as chargers and charging cables. 

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How to find cheap electric vehicle insurance

How much you pay for EV insurance will largely be dictated by the same factors as if you drove a petrol or diesel vehicle. These include where you live, your occupation, your age and your driving history.  

Insurance pricing has been affected by recent changes brought in by the Financial Conduct Authority. The new rules mean insurers can no longer charge existing customers more than they would an equivalent new customer. 

In theory, this is good news for drivers, but if you're used to shopping around each year to get the cheapest price, you might find the savings are smaller than before.

If you're ready to find a new policy, follow these tips to give you the best chance of getting a good deal:

  • Shop around: Use price comparison websites to find out how much you might save and also get quotes from insurers that only offer deals directly.
  • Pay annually if you can: Insurers charge interest if you pay your car insurance on a monthly basis, so pay upfront if you're able to.
  • Set the right excess: A higher voluntary excess can reduce your premium, but it might also make claiming too expensive.
  • Don't choose all the add-ons: You might find you already have insurance for optional extras, such as breakdown and key cover.
  • Choose a good provider: Find out which insurers combine good customer service and policy cover in our car insurance reviews.

Getting a cheap car insurance deal can be tricky, but we’ve partnered with Confused.com to help you compare policies and buy insurance from one of 100+ providers.

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