Does Having An Electric Vehicle Affect Your Auto Insurance?
Does Having An Electric Vehicle Affect Your Auto Insurance?
Singaporeans are becoming increasingly interested in electric cars quickly. By 2021, over two times as many electric cars will be on the road as there are now. According to the National Green Technology Plan 2030, which rewards and pushes more people to use electric vehicles (EVs), this trend will likely continue.
Since everyone is switching to EVs, everyone needs to understand how getting a new electric car will affect your present car insurance policy. How will your freshly purchased vehicle be insured, and how is electric car insurance different from insurance for other cars? So, here are three important things you need to know about insurance for electric vehicles in Singapore.
Finding and paying for insurance for electric cars is hard and expensive.
EV insurance can be harder to find than cars running on oil or electricity. Only a few insurance plans in Singapore currently offer electric cars, limiting your options. The insurance cost for an electric vehicle is higher than what you pay now.
Most electric car styles are fancier than regular cars with internal combustion engines, so they cost more to insure. Electric car parts are more expensive and aren’t made as often as regular car parts. This means fixing and maintaining each part of the car costs more.
This is mostly because EVs are more expensive than other cars, so their parts are also more expensive to fix and keep up. Electric car batteries are also pricey, big, and hard to replace if they break. It also makes it harder to keep up and protect, increasing insurance costs.
Electric cars can get customized insurance plans.
How much you pay for car insurance depends on how old and long you’ve been driving. EV insurance considers the type and makes of your car when finding out your payment and writing up your insurance contract. No matter what, it can be hard to get a straight web price for your EV insurance coverage.
Unlike most auto insurance companies, which can give you an idea of your rates after a few clicks on their website, EV auto insurance businesses can take up to a few business days to give you a price that fits your needs. But if you tell the insurance company more about yourself and your car, your car insurance plan will better suit your attitude and needs.
The trip can pay for your electric vehicle insurance.
Electric car owners can select their insurance based on how much they drive and how much they pay, which is different from cars with internal combustion engines. Most people who buy gas or diesel cars in Singapore must pay a set amount upfront for car insurance. Still, some insurance companies now offer a pay-per-kilometer option for electric cars that purchasers can pay for afterward.
This is also known as Usage-Based Insurance or UBI. For protection, clients must pay S$150 per year in this case. How far the customer drives each month will determine their monthly insurance payment amount. Customers can be sure they won’t have to pay additional for security or help tools they’ll never use.
We’ll soon have more choices for protection.
The best thing regarding EV insurance is that it can be tailored to your needs. But finding out that they are hard to find and expensive may make you feel down. But don’t worry. The future will be good because the automobile insurance business is developing new ideas.
Tesla makes more electric vehicles than any other company, and now people who buy its cars can get insurance. Tesla’s car insurance is different because it utilizes technology to offer better and cheaper insurance for electric vehicles (EVs). They watch how customers drive daily in real-time to see if the cars are safe and likely to need maintenance or repairs soon.
Then, how safe they are determines how much their monthly insurance costs. Recent trends show that these safety assumptions about how people drive are right. This great method ensures clients aren’t required to spend too much more on their insurance rates for the best price. Tesla cars’ technology is also very good at determining what went wrong when the car crashes.
This saves even more money because it makes it easier and faster to file insurance claims. Even though this insurance option is only for Tesla owners in the U.S., other insurance companies could be tempted to develop similar plans. This would make it much easier for everyone to protect their EVs.
Choose the Best Insurance Policy for an Electric Vehicle (EV)
The Singaporean government is slowly putting in more charging stations all over the island so that by 2025, every HDB town will be ready for electric vehicles. This will make it much easier to own an electric car than it is now.
Since EVs are better for the environment, moving to one could greatly cut carbon pollution. This suggests that people in Singapore might want to move to an electric car. When you switch to an electric car, ensure you get the best insurance to be ready for anything wrong.
