Electric Vehicle Insurance
Thinking about purchasing an electric vehicle and unsure of the cost for electric car insurance? You may be surprised to learn that one of the benefits of buying an electric vehicle is that you can now avail of a reduced insurance premium. Plus if you are purchasing it as a business vehicle, there could be even more savings.
Massive Increase in the Number of Electric Vehicles Registrations
Over the last two years, there has been an undeniable upward trend in the purchase of electric vehicles (EV). Figures from the Irish Motor Industry (SIMI) show a 80% increase in the number of EV registrations in Ireland in 2022 compared to 2021, and a 290% increase versus 2020. Up to the end of September 2022, 14,500 electric cars were registered; that’s nearly twice as many as the total number of registrations in 2021 (8,646 registrations). Not to mention Ireland’s ambitious target under the Climate Action Plan 2021 to have 945,000 electric vehicles in the Irish fleet by 2030.The shift toward electric cars is happening!
Benefits of Electric Cars
Opting for electric car insurance with Insuremycars.ie means you won’t have to compromise on cover. Plus, you’ll avail of even more benefits as an eco-friendly driver! From 24 hour roadside assistance to windscreen cover, our electric car insurance gives you peace of mind that if something happens, we will be there to help.
Driving an EV also carries a very wide range of financial benefits including:
- Reduced running costs, including a cheaper EV insurance
- €120 motor tax band for electric vehicles
- Reduced fuel costs
- Positive environmental benefits
- A government grant of up to €5,000 for the purchase of the vehicle
- Reduced toll charges on the M50 Motorway under the Electric Vehicle Toll Incentive scheme (EVTI)
A common anxiety associated with driving electric is that it will run out of power in an area which is not near any charging points. But the Government is continuing to increase the availability of fast charging points across Ireland as well as a grant of up to €600 towards a home charging point. With the range of a new electric vehicle being up to 270km, the network of electric charging points across the country and Ireland being a small island, you are unlikely to be stuck without power.
Personal Electric Car Insurance
At Insuremycars.ie, we have seen the huge increase in demand for EV insurance and have responded by negotiating a special discount with insurers for electric vehicle drivers. This can make electric car premiums up to 10% cheaper than petrol or diesel.
So, as well as the benefits of cheaper running and fuel costs, you can now save on your insurance premium. Although the initial purchase expense can be more than initially expected, you will save money in the long term by going green.
Available EV Insurance Policy Benefits
- Breakdown Assistance including out of charge cover
- Windscreen Cover
- Driving Other Cars
- Car replacement in the event of accident
- Step back bonus protection
- Full bonus protection
EV Insurance for Business Owners / Company Cars
The purchase of an electric car for your business could mean great savings. A new initiative introduced by the Department of Finance means that an electric vehicle up to the value of €50,000 can be purchased as a 0% Benefit In Kind. As of 1 January 2018, no taxable benefit will arise for an employee or a director, where an employer provides an employee or director with an electric car or van.
But while this is a great initiative, we found that business owners were running into a costly obstacle when insuring the vehicle. Business owners who opted to switch to a company electric vehicle had to take out a brand new insurance policy through the company – with zero no claims bonus.
Insuremycars.ie have responded to this issue by negotiating with insurers to allow the existing private motor insurance of a business-owner to be used for their new company electric vehicle. So, if the vehicle is still used privately, you cant transfer your bonus into your business name and save on your premium.
There so many advantages in the purchase of an Electric Car, both financial and environmental. While the purchase cost may seem substantial, it is an investment worth making. You are guaranteed to save money in the long run. Not to mention, you’re playing your part in preserving the environment.
Are you interested in personal or business electric vehicle insurance? Just fill out our online quote request form or call us on (01) 231 9332 and get a great value car insurance quote today!