If I Buy An Electric Van Will It Affect My Insurance?

Caeva O'Callaghan | March 1st, 2022

An electric van is good for the environment, but is their insurance good for your wallet?

Electric vans may, in some cases, be cheaper to insure. Otherwise, insuring an electric van is just the same as for a regular petrol or diesel model.

Some insurance companies have schemes for electric vehicles, so it’s always a good idea to get a broker to show you the latest deals.

In this article, we’ll answer the following questions:

• Is electric van insurance more expensive?
• Do I need a specialist provider for electric van insurance?
• What additional coverage do I need for an electric van?

Electric vans are the future: according to the government in Dublin, currently around 45,000 electric vehicles are registered in Ireland.

Is electric van insurance more expensive?

Probably not. As with all other vans, the cost of your premium will depend more on how powerful the engine is, the total value of your vehicle and where it is stored than its fuel source.

While EV’s (electric vehicles) are a new and emerging market for insurance providers, coverage is becoming more mainstream as more businesses and individuals adopt electric vans. As competition and choice evolves further, it will only get cheaper and easier to insure your electric van in the future.

However, while electric vehicle technology is still relatively new, they cost more to buy, replace and repair than ordinary petrol or diesel-powered vehicles. Not every mechanic yet knows how to repair electric vans, and to source and fit unique replacement parts can be expensive and time-consuming. Electric vans also pose some unique risks, including electrical fires.

This is why electric van insurance may be pricier in some cases, but it won’t be that way for much longer. Your quote will depend more on the make and model of the van, along with the other factors that usually influence van insurance prices such as your driving history and how you use your vehicle.

Do I need a specialist provider for electric van insurance?

Each year, more mainstream auto insurers introduce EV policies. On the other hand, specialist providers also exist who only insure electric vehicles.

If your electric van is a lesser-known make and model of electric vehicle, you might need to use a specialist provider. Mainstream insurers are still building the database when it comes to electric van risks, and may not be able to provide enough information to give you a quote.

Additionally, some insurers will give you discounts on your premiums to reward you for choosing a van that’s better for the environment.

At QuoteMe.ie, we can source quotes for your electric van with no problem. We have access to many insurers that will be happy to take you on.

What additional coverage do I need for an electric van?

When you take out an EV insurance policy, you will need to make sure that it covers the unique damage and liabilities that electric vehicles are at risk of.

For example, the power cables you use to charge your vehicle pose a regular and dangerous tripping hazard. These power cables are very large, and if you charge your vehicle on the street or at a public charging station, they trail along the ground where they can be tripped over by a member of the public. Charging your vehicle at night – i.e. in the dark – makes these risks all the more hazardous.

That’s why your insurance provider will want to know not only where you park your vehicle, but also where you charge it. If you have your own charger in your home or garage, you may enjoy lower premiums than someone who has to charge in a public space.

If you have a charging port at home or at your commercial premises, it may catch fire and damage the building and its contents. This would lead to a claim on either your home insurance or van insurance policy: it depends on where the fire originated, which will incur a lengthy investigation. The risk of your electric van causing a fire is one factor that contributes to higher premiums for EVs.

Electric vehicles are excellent for the environment, and can be beneficial for your wallet: you just need to ensure you’re buying the right insurance policy. Call our van insurance experts with any of your questions and we can help you find the right policy for you. We are available online and taking calls Mon-Fri between 8.30am and 5.30pm on 0818 224433 or 042 9359051.