While the cost of electric car insurance is not guaranteed to more expensive than traditional vehicle insurance, you may find your rates slightly higher due to the more costly nature of electric vehicles. EVs often have expensive, tech-savvy features, and may have a higher market value than their gas-powered alternatives. Rates still vary based on your common car insurance factors, like usage, driver’s record, replacement cost, commute distance, postal code, and so forth.

Electric car insurance works the same way as traditional car insurance does. Sure, EVs may need special parts and services, but that doesn’t mean their insurance works differently. Insurance may be costlier in some instances, but Ontario’s mandatory automobile insurance laws still require EVs to be insured with the same level of protection as any vehicle on the road.

Yes, some insurers do offer discounts if you drive an electric vehicle, to incentivize you to make more green choices. You may want to check with your insurer about potential discounts for “driving green.” Another green way to potentially reduce your insurance costs is to go paperless!

Typically, if you have collision coverage or DCDP coverage in a not at-fault accident, your EV’s batteries will be covered if they are damaged in an accident. If your EVs batteries were damaged or gave out due to your neglect or lack of maintenance, however, they probably wouldn’t be covered.

Currently, the cheapest electric vehicles to insure are the Nissan Leaf and the Kia Soul EV. However, this may stand to change as electric vehicles evolve, gain higher safety ratings, and become more popular on the roads. If budget is a top priority for you, we advise keeping insurance rates in mind when shopping for your next electric vehicle.

Electric vehicle insurance costs range astronomically due to the fact that each electric vehicle is priced vastly different. You may find that you could end up paying anywhere between $1,500 and $4,600/year for your electric car insurance in Ontario, depending on various factors. These figures, however, are only estimates and we advise you to get a quote to gauge a more accurate figure for your electric car’s insurance premiums.

Take, for example, the Ford Fusion. Where a traditional gas-powered model might cost you anywhere between $1,600-$1,900/year to insure (on average) its electric-powered alternative may cost you upwards of $2,000. Some of the reasons why electric vehicles cost more to insure is due to the higher cost for replacement parts, the cost to replace damaged electric vehicle batteries, and the higher expense for repairs due to specialized training required to fix electric vehicles.

While installing a home charging station will do nothing to impact your electric vehicle insurance premiums, it may impact your home insurance. Make sure to inform your insurer about any plans you have to add a home charging station to ensure you have adequate protection in place should anything happen.

Currently, there are no specific insurance incentives for electric vehicles in Ontario. However, there is a program known as the Incentives for Zero-Emissions Vehicles (iZEV) in Canada, as well as tax write-offs for businesses. The iZEV program essentially offers point-of-sale incentives for customers who either purchase or lease a zero-emission vehicle. Two incentives exist – one for $5,000 for battery-electric, longer-range plug-in hybrid vehicles, and another for up to $2,500 for shorter-range plug-in hybrid electric vehicles. To be eligible for the program, vehicles must meet all of Canada’s Motor Vehicle Safety Standards, be meant for use on roads, highways, and public streets, and have at least four functioning wheels and be able to drive on highways.

Generally, if you had comprehensive coverage, your electric vehicle may be covered. This would be treated similarly to any other non-collision damage event.