Ecological bonus, free gray card in the majority of French regions, lower cost of use and maintenance than for a thermal model… the arguments in favor of the electric car are numerous. This is surely what largely explains the success of these vehicles in France for two years now. Remains an expense item that leaves motorists in a big blur: the cost of insurance. According to some specialists in the sector, insuring an electric vehicle is less expensive than a gasoline or diesel model in the equivalent segment. But recent studies have shown the opposite, evoking insurance premiums up to twice as high.
But then, who to believe? At first glance, the second option seems logical: the higher the sale value of a vehicle, the more expensive it is to insure. But, as Hyperassur.com reminds us, the concept of vehicle value is not the only criterion taken into account by insurers. “Having good driving behavior is generally good for your insurance premiums”. However, driving an electric car encourages more responsible, less aggressive driving. The risk of accident is therefore – theoretically – less important. “Which is beneficial since the cost of insurance is based on the likelihood of you causing harm to yourself and others while on the road,” explains the car insurance comparator.
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There is another important criterion to take into account: taxation. Since January 1, 2021 and at least until December 31, 2023, electric vehicles are exempt from the special tax on insurance agreements (TSCA). “The purpose of this measure is to encourage the purchase of electric cars. On average, the reduction in contributions is 25%, even if it remains at the discretion of the insurers to decide whether or not to pass on this tax reduction to the contributions”, indicates Hyperassur.com, specifying all the same that “it is often the case”.
Electric car insurance vs gasoline car, our simulation
So, cheaper or more expensive? To find out for sure, we carried out a simulation with Hyperassur.com to compare the price of insurance for equivalent electric and petrol models in several market segments (city car, compact sedan, SUV, sports car, etc.). We started from a typical driver profile: a motorist in his thirties with a 49% bonus, living in Paris and traveling approximately 13,000 km per year
These figures, dating from mid-January, clearly show that an electric vehicle is cheaper to insure. Sometimes with very small differences (around thirty euros a year maximum between a Renault Clio and Zoé), often very significant. This is particularly the case for SUVs from Skoda, always to the advantage of the electric model (Enyaq iV).
On rare occasions, however, the thermal model may be more interesting to insure. This is the case, for example, of the Hyundai Kona, whose annual fee for the petrol version is a hundred euros cheaper than that of the electric version in the “all-risk” formula. According to Hyperassur.com, this price difference can be justified by “adapted warranties covering the specificities of electric cars”. Indeed, some insurers offer assistance in the event of damage caused during recharging or in the event of a power failure with towing of the vehicle to the nearest terminal.
In general, we also note that the price differences between electric and thermal vehicles are greater in the context of third-party insurance than in the “all-risks” formula. “The difference is mainly around the parts, explains Hyperassur.com. As part of a basic formula, the insurance does not completely cover certain parts, such as batteries, the cost of which is greater when damage occurs”.
Even cheaper insurance in the future for electricity?
Tax exemption, more responsible driving, “clean” vehicle label are all arguments in favor of the electric car when insuring it. And our simulation clearly shows that the contribution of an electric model is lower than an equivalent thermal vehicle, with a few exceptions. Admittedly, the amounts may vary according to the profile of the driver, but the differences are never very significant.
They could even widen in the future if the boom in electric car sales continues. “In reality, it depends on the replacement parts market, analyzes Hyperassur.com. If in the next few years, electric cars become the norm and therefore it is easy to repair them, the price of insurance will decrease because the risks will be lower”.
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