With electric cars becoming the norm on Canadian roads, you may be wondering how to get insurance for an electric car. Surprisingly, even with all its new gadgets and technology, insurance for your electric car comes just as easy as getting insurance for your standard gasoline-engine vehicles – We’ll show you how! 

 

Types of Electric Vehicles 

In Canada we have more and more types of electrical vehicles hitting the road; however, the term “electric vehicle” means different things. There are three main types of electrical vehicles: 

Battery Electric Vehicles (BEVs)
Battery Electric Vehicles use a fully electric battery to power the vehicle’s motor. These batteries are plugged into an external power source to charge the battery.  

Hybrid Electric Vehicles (HEVs)
A parallel hybrid vehicle combines the best of both worlds using an electric motor with a traditional combustion engine to power the vehicle. These vehicles are charged by onboard sources meaning that an internal part of the vehicle charges the battery – in some models, the combustion engine burning fuel is what powers the battery.  

Plugin Hybrid Electric Vehicles (PHEVs)
Plugin Hybrid vehicles are similar to hybrid vehicles in the sense they both use an electric battery and a combustion engine; however, plugin hybrid vehicles require an external power source to charge the battery similar to a BEV.  

 

Electric VS Combustion Engine – The Insurance Facts 

In Ontario, the provincial government has established a standard Auto Insurance Policy that all companies offer. It was designed to give you and your loved one’s basic protection, but there are still a lot of options you can add to enhance your coverage. This coverage is standard across traditional vehicles and the newer electric vehicles on the market.  

One of the only differences between insuring electrical vehicles and standard combustion engine vehicles tend to be the actual price of the car. Traditionally, electric vehicles are more expensive than traditional cars, and as a result, the cost of repairing the car increases slightly. Aside from that, the coverage remains the same.  

At Cayuga Mutual Insurance, Your basic Private Passenger Policy covers: 

  • Third-Party Liability 
  • Statutory Accident Benefits 
  • Direct Compensation & Property Damage 
  • Uninsured Automobiles 
  • Roadside Assistance (when Collision/Upset & Comprehensive coverage are purchased) 

 

Keeping you on the road  

If you’re looking at getting into an electric car, give us a call first. With a variety of insurance types and years of experience, we are here to guide you to the best protection plan so that you can focus on the drive, and less on the technical aspects of owning an automobile. 

Get your free quote today to get started!