There is no doubt that while the electric vehicle market is still relatively new to the insurance sector, insurance companies are not exactly offering excellent value for money compared to traditional fuel vehicles. In the UK the general consensus seems to be that you will pay around 25% more in premiums compared to a way comparable traditional fuel vehicle although surely the market will get more competitive as more electric vehicles are sold?
Are you having trouble finding suitable insurance arrangements for your electric vehicle?
[QUOTE=Editor;14031]There is no doubt that while the electric vehicle market is still relatively new to the insurance sector, insurance companies are not exactly offering excellent value for money compared to traditional fuel vehicles. In the UK the general consensus seems to be that you will pay around 25% more in premiums compared to a way comparable traditional fuel vehicle although surely the market will get more competitive as more electric vehicles are sold?
Are you having trouble finding suitable insurance arrangements for your electric vehicle?[/QUOTE]
Here in British Columbia, my conversion had to be inspected by a designate inspection facility. ICBC, Insurance Corporation of British Columbia insured my conversion no problem. The motorcycle has a small gas engine, 196cc spins an alternator for battery charging. The frame was from a LS650 suzuki savage.:yo:
[QUOTE=Editor;14470]How did your new insurance premiums compare to what you were paying before the conversion?[/QUOTE]
Here in BC, motorcycles are expensive to insure. I am not sure what a 650cc bike would cost. My insurance on this conversion set me back $474 per year for full coverage. When the cc rating is 650 and above OUCH!! Some of the locals with Harlys just put pink slip insurance.:yo:
It took me over a month of arguing and making phone and on-line inquiries of my current insurer and as many others as I could contact before I finally got a real insurance quote for my 2002 GEM eL NEV. The state of Massachusetts has strict rules that insurers must abide by if they wish to sell car insurance in Massachusetts. One of these is that they all use the same software application to write policies. The NEVs and other electric vehicles from non-mainstream manufacturers are simply not listed in this software.
It turns out that there’s a way to write a manual insurance policy but 99% of the brokers and agents don’t know how to do it so the stock answer is “no, we don’t insure those”. I pushed and pushed for weeks until I got a reluctant price quote from one insurance company (not my present one) and was shocked at how high it was. For the basic minimum required liability and personal injury protection it would cost almost as much as my 2012 Prius V which has full coverage including collision!!! No thank-you I said.
Eventually my current insurer did get the right person involved and was able to write me a policy which is equivalent in price to my older vehicle’s basic minimum insurance but it was a real up-hill battle to get it.
Good Morning Bob
as more electrics hit the market, insurance companies are going to have to get off the pot. ICBC was quite interested in my conversion. I had to send pics as well as a list of parts and prices. being that it was the first self charging electric,it was 4 days later they called and said its a go. hopefully, you will have no further issues with insurance. Happy Motoring.
I think that the electric car insurance market is still fairly young and therefore there is little in the way of competition. As the popularity of electric vehicles continues to grow, so will interest from insurance companies and ultimately we will see a more competitive marketplace. Until then, it will be a case of extensive research to get the best deal available.
[QUOTE=Editor;14511]I think that the electric car insurance market is still fairly young and therefore there is little in the way of competition. As the popularity of electric vehicles continues to grow, so will interest from insurance companies and ultimately we will see a more competitive marketplace. Until then, it will be a case of extensive research to get the best deal available.[/QUOTE]
I agree. I have heard rumors that our provincial government may bring in a $100.00 fee on electrics to compensate for revenues lost on fuel not needed. you just can’t win them all.:yo:
Especially during these times of austerity, the potential revenue lost from lower gasoline/petrol sales will weigh heavily on the minds of many governments around the world. We have put ourselves in a situation where we have been dependent upon the “black gold” for many years now and traditional government revenue streams are often closely associated with oil.
It seems highly unlikely that we will not see some form of electric car annual charge to at least try to reduce the potential deficit in government income going forward.
Hi Editor
my 250cc street bike for just the pink slip ran me 240 for 6 months. the current (no pun intended) insurance on my conversion runs 474 per year full coverage and even tho it has a small engine, its exempt from the air care program. on the registration under fuel type, its listed as electric.