Car Insurance For Electric Vehicles Explained

20 November 2018

You’ve taken the leap into electric vehicles, leaving behind petrol fumes and high bills at the forecourt lured by the prospect of low running costs, no vehicle tax, and low emissions. Or maybe you’re just considering ditching fuel tanks for plugs and are doing the maths, calculating whether the savings you can rack up with an EV, from the government’s rebate to lower servicing charges, can offset the higher initial outlay.

While electric vehicles are exempt from vehicle tax and from charges in London’s congestion zone, and you can rack up discounts on parking permits from many councils, you can’t avoid some of the standard costs of owning a vehicle. A major, unavoidable expense is for car insurance, which is a legal requirement for any vehicle using or even parked on public roads in the UK. If you’ve never sought out or arranged insurance for an electric vehicle, you might be baffled about where to start.

Contents

1 Cost and Providers:
2 What Impacts Cost of Insurance for Electric Vehicles:

Cost and Providers:

You may heard electric vehicles are significantly more expensive to insure and that you’ll need to see out a specialist provider. It’s true that the market for electric vehicles, and therefore for insurance for electric vehicles, is still in its infancy. As of the end of September 2018, there are just 178,000 plug-in vehicles (including fully electric vehicles and plug-in hybrids) registered in the UK, out of a total of 37.3m vehicles on our roads. But the number is rising quickly: there were 5,000 new registrations of plug-in vehicles each month of 2018, while in 2014 just 400 new plug-in vehicles were being driven off lots.

With the increasing uptake of EVs and hybrids, especially in the run up to the 2040 ban on petrol and diesel vehicles, the cost and complication of insuring them will fall. Electric vehicle insurance policies will become standard fare from mainstream insurers.

Today, the higher purchase price of EVs drives up insurance premiums for them, as insurers need to consider to cost of replacing your vehicle if it’s stolen or damaged beyond repair.

But even now you might find insuring an electric vehicle might be comparable to, or even cheaper, than insuring a petrol- or diesel-powered car, owing to the small size and less powerful engines on EVs and the discounts some insurers can give you for driving environmentally-friendly cars.

However, the process of obtaining insurance quotes and policies for an electric vehicle is different than that for EVs and a rundown will be helpful as you start your electrically-powered journey.

What Impacts Cost of Insurance for Electric Vehicles:

You’re probably familiar with the features of a standard vehicle that can inflate, or reduce, your monthly premiums for its insurance, including its car insurance group, the size of its engine, and purchase price. For insuring electric vehicles, there’s a new calculus, accounting for who owns the battery and the risk posed by (not kidding) power cables.

leased batteries:

Some EV manufacturers like Renault and Clio offer motorists the option of buying the vehicle outright but leasing its battery, with a monthly fee and mileage agreement. These arrangements spare you the steep cost of replacing batteries when they lose functionality after a few years. But if you’re leasing the battery, you’ll need to inform your insurer when obtaining quotes, as a leased battery will affect who needs to be paid if your electric vehicle is written off. Additionally, some policies may not cover leased batteries.

power cables and liability:

Much like your smartphone, your electric vehicle will need to be charged, just with a very big cord. If you’re charging in your driveway or garage, you won’t have to worry about the cord trailing large distances. But if you’re charging your vehicle while it’s parked on the street or at a public charging station, that cord could pose a tripping hazard. When obtaining an insurance policy for your electric vehicle, you should ensure it provides enough liability cover to protect you if a member of the public face-plants over your cable.

fires from at-home charging:

If your electric vehicle or cable fire while plugged in in your driveway or garage you might wonder which insurance policy will pay out: your home insurance policy or the one for your car. That ultimately depends on where the fire originates, but the risk of an electric fault within your vehicle causing a fire that then destroys you home can push up premiums for car insurance for EVs.

green discounts:

Some insurers will offer discounts of up to 5% on your annual premiums as a reward for you driving an environmentally-friendly car. Others will make charitable donations to green causes in your name from your premiums or plant a certain number of trees.

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Ariana Smith

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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Buying A Tractor? Here Are the Things That You Need to Consider

The importance of technology and mechanization in agriculture cannot be overstated. Tractors are among the machinery being used today in modern farming for ploughing, tilling, planting seeds, spreading fertilizer, landscape maintenance, lawn care, and much more. Tractors come with an advantage in farming as they are versatile, easy to operate, and durable as power engines run them. Tractors can be complicated, and if you have no experience with them, you may have no clue what to consider when choosing a tractor for your farm. TRADUS.COM is a platform where you can find all the heavy machinery you need, even for your farm. The platform hosts vetted and verified professional sellers and buyers, allowing them to share their machinery information. TRADUS boasts a wide range of features that help buyers find the right equipment at fair prices and, through artificial intelligence, helps them compare the specifications of the equipment and prices. Whether you are shopping for a tractor at TRADUS or anywhere else, here are the factors that you should put into consideration before you make your purchase. Buying A Tractor? Here Are the Things That You Need to Consider: 1. The engine It is important to note that your tractor is only as powerful as the engine it has. This is why the engine is the first thing you should be looking at. The engine determines the horsepower of the tractor and the kind of work the tractor can handle. The higher the horsepower, the more power the tractor has. It is essential to be in touch with the type of work the tractor is expected to handle; then, from there, a professional will help you point out the engine's size that would be ideal. 2. Your budge Tractors can cost an arm and a leg, which makes it a significant investment. As expected, you need to have a budget to guide you to get what you are looking for in a tractor. You do not want to purchase a tractor then you are left with no money, even for maintenance. Note that this does not mean that you should go for the lowest cost available in the market. Have a budget, and a professional will guide you in finding the best tractor that will meet your farming needs within your price range. Also, when it comes to the price, you might want to consider paying more upfront then complete the remaining amount with time until you complete the purchase. This will ease the financial burden that may come with it. 4. Hydraulics The hydraulics of a tractor is something you should consider when buying the machinery. Note that the work of the tractor on the farm involves a lot of turning and lifting. The hydraulic system is what makes this possible. The hydraulic fluid transmits energy through the hydraulic system making it possible for the tractor to move and work. The hydraulic fluid is also responsible for lubrication and control heat transfer. Before you take a tractor home, ensure that the hydraulic system is functioning optimally. If you are not conversant with how tractors work, it is best that you also involve a professional in assessing a tractor's hydraulic capabilities. Whether it is used tractors or new ones, they should be able to turn easily and lift attachments. 4. Tires Tractors can do the heavy work thanks to the traction provided by its tires. If you are buying a used tractor, this is something you want to consider to avoid having to buy new tires after a short while of use (they can be expensive). Ensure that the tires are ideal for the horsepower of the tractor and the load weight. Between bias and radial tires, you should consider the later as they have better traction even though they might cost slightly more. At this juncture, you might want to involve a farm tire expert to give you the best advice on what to choose. 5. Rollover protection While it is essential to look at the functionality of a tractor, it is also vital to think about the driver's safety when operating the tractor. Note that tractors at times rollover during operations. A cage or roll-bar around the operator would provide the operator with increased safety. There are tons of other things to consider when buying a tractor, such as the hitches and transmission, to mention a few. To get the best deal and quality machinery, it is essential to buy from a reliable dealer. Read Also: What to Look for When Buying A Flail Mower What You Need to Know about Mini Power Packs Things You Need To Have On Your Checklist For Your Car

4 Things You Need To Know About Commercial Truck Insurance

Different coverage features are available for commercial truck owners who wish to protect their vehicles. Commercial truck insurance plans also protect your employees. Remember, personal auto policies won’t cover commercial trucks. Here are four things to know when you’re shopping around for the right commercial truck insurance. 1. Commercial Truck Insurance Coverage: Coverage for commercial truck insurance plans fall under three categories: Basic Coverage: Basic coverage for commercial trucks includes collision and comprehensive protection. Collision insurance covers the cost of the other automobile in an accident wherein you (as the driver of the commercial truck) were at fault. Comprehensive insurance works similarly as collision protection, but this coverage helps cover costs from accidents other than collisions. Specialized Coverage: Companies who wish to add additional protection to their truck insurance policies may opt for specialized coverage. One example is cargo insurance wherein the insurance firm can cover the costs for losses or damages to cargo. The total claimable amount depends on the nature and value of the load. Non-Trucking Coverage: Individual coverage may not directly relate to commercial trucking but may still be reliable in certain situations. Commercial truck coverage may include bobtail, non-trucking liability, occupational accident, and personal item insurance. Here’s a brief description of non-trucking coverage plans: Bobtail insurance: Takes effect after the delivery of the package and the vehicle is being driven without cargo. Non-trucking liability insurance: Applies when the vehicle isn’t transporting cargo with or without a connected trailer. Occupational accident insurance: It covers the operator for accidental death or dismemberment during truck driving. Personal item insurance: This coverage covers the full or partial costs of lost or damaged personal items in the commercial truck. The coverage for the insurance plan can differ depending on the truck. Large vehicles that may be part of the security policy may include: Tractor trailers or 18-wheelers Garbage trucks Tow trucks Tank trucks Dump trucks Automobile haulers Flatbed trucks Box trucks 2. The Need for a Commercial Truck Insurance: Commercial truck businesses may need financial help to protect the company’s assets from burdens caused by particular incidents. A commercial truck insurance plan is ideal if your employees are driving vehicles to make deliveries, run errands, or drive people on behalf of the business. You may need coverage for your commercial truck business if you use your firms’ vehicles to: Carry equipment Transport hazardous material Use, carry, or transport heavy construction equipment Deliver newspapers Deliver retail or wholesale products Most commercial trucking companies will need basic coverage for their insurance plans. Still, there are certain situations wherein there might be a need for additional coverage. Ask your insurance agent if you may need other features for the insurance policy. 3. Getting Commercial Truck Insurance Quotes: The values concerning commercial truck insurance varies depending on the truck and nature of the business. These factors may make it difficult to gain a side-by-side comparison for different quotes. Work with your insurance agent to break down individual elements to help you achieve the right insurance policy for your trucking company. To get accurate values for your insurance quotes, your agents may ask you: The full names of the employees driving your trucks Locations of the truck operations (e.g., construction sites and hard hat areas) The commonly delivered packages Annual distance traveled in miles of the trucks Don’t forget to include the driving records of your employees when showing data to your insurance agent. The pieces of information will help you and your agent gathers quotes hoping to give you value from your insurance policy. 4. Commercial Truck Insurance Premiums and Deductibles: Premiums for commercial truck insurance policies are payable in advance through monthly payments. Insurance companies may allow policyholders to cancel the plan at any time. Cancellation may not affect the credit score, but you need to pay all the premiums before the date of cancellation takes effect. Also, insurance premiums may be higher if the policyholder or the truck’s driver has a bad driving record. Remember, insurance companies test the level of risk of policyholders. Hence, drivers with recorded accidents may have to pay higher deductibles than a truck operator with a clean driving record. Commercial truck insurance policies are essential to trucking businesses regardless of size. Commercial truck coverage joins the top things to consider when starting a small trucking company. All insurance policies help you gain peace of mind. It’s best to resist the temptation to cut coverage hoping to reduce costs. Work with a reliable insurance firm to help you see the coverage you need for your trucks and drivers. Read Also: Fred Loya Insurance Company Why You Need Classic Car Insurance? Car Insurance For Electric Vehicles Explained 4 Expert Tips For Finding The Cheapest Insurance For You 7 Reasons Why Teenagers Pay Extra For Car Insurance Why You Need To Choose High-Quality Spare Parts For Your Truck

Car between 5 – 10 Lakhs – what is it?

There are multiple benefits to getting a car in that range, some of which include : Easy management: these cars are a lot easier to handle than the powerful engine cars. Most of the people living in India encounter heavy traffic and packed streets, so this is an added benefit for them. Parallel parking also becomes easier as their size allows for easy squeezing between packed spots Environmentally friendly: these cars tend to be fuel-efficient in comparison with cars of a higher budget. This results in lesser emissions, therefore, less pollution. Higher affordability; a vast majority of youngsters and working adults care more for affordability than for lavishness. These cars are cheaper to manufacture and this makes them the best choice for such individuals. Less Maintenance: since a lot of money is saved because of their compact nature, with the right usage, you can expect some cuts in maintenance costs in the long run. You can find these cars along with their current prices and key features and specifications on Autoportal. Best brands for that price are numerous but we have listed down the best ones for you to help you narrow down your choices; Hyundai Grand i10 price is amongst the most affordable in India. It has amazing key features such as the diamond cut alloy wheel and the rear ac vents along with the touch screen AV system which allows you to control the car easily and takes most of the tasks off your back. The Grand i10 follows Hyundai’s elegant Fluidic design language strictly. The elegant-looking diamond-cut alloys make the car even more appealing. Important safety features, like the Anti-lock Braking System (ABS) and passenger front airbag, are missing in the standard list, and they come only as an option with higher variants. Maruti Suzuki Swift has some amazing features such as automatic climate control along with smart play infotainment and steering mounted control, all for which make up the features of a good car in this price range. Honda Amaze has the ultimate diesel CVT along with advanced infotainment and upgraded safety; which are currently the features in high demand by the majority on the Indian market looking for the perfect car for domestic use. Maruti Suzuki Baleno comes with ABS with EBD which enhances the control over the vehicle while you lock and skid it around. It also comes with an infotainment system which allows you to use Siri software to help you with calls and messages. Its upgraded projector headlamps come with an amazing hi-tech look. In addition, Autoportal prepared a pleasant surprise for all buyers! Book your car between 1st - 31st August 2018 and get a chance to win. The 1st winner will receive 2N/3D Trip to Dubai, the 2nd winner receives 10 Gram Gold Coin, and OnePlus 6 (64GB) is waiting for the 3rd winner! Moreover, 500 Lucky winners will get a gift voucher worth Rs. 500! Read Also : Useful Tips About Mobile Car Detailing To Avoid Any Costly Maintenance And Repair Issues 5 Safety Features In Your Maruti Car You Did Not Know About Washing Your Car: 7 Dos And Don’ts

Car Insurance For Electric Vehicles Explained

Cost and Providers: