Electric Car Insurance Groups Uk

Electric Car Insurance Groups Uk – How much does electric car insurance cost and how can you reduce your premium? Our guide explains everything

With the gradual abandonment of gasoline and diesel cars in favor of electric cars, an increasing number of drivers are faced with the prospect of purchasing an electric car for the first time.

Electric Car Insurance Groups Uk

But how much does it cost to do it and how can they relieve the pain? We have the answers…

Genesis Gv60 Car Insurance

According to comparison website Confused.com, the average premium for an electric car in May 2024 was £910, compared with £790 for a hybrid and £670 for a petrol or diesel car.

In the same month, rival GoCompare reported that the average insurance premium for electric cars was £641, compared with £467 for all other car types.

Electric cars and their technology are new, the cars themselves are expensive to replace if broken, and parts can take longer and cost more to find.

There are also fewer technicians and workshops qualified to work with electric vehicles, which increases delays and increases the cost of the shop.

Electric Vehicle Trends

According to car company Solera, the cost of repairing electric cars is up to 29% higher than petrol and diesel cars.

Most EVs also have acceleration times that would put a traditional hatch to shame. This caught many inexperienced drivers off guard and led to a large number of claims.

Electric cars have also long been thought to be more expensive to insure because of insurers’ willingness to write them out after any accident that compromised the reliability of the batteries.

However, with industry confidence and awareness of electric vehicles growing, new data from car company Cap HPI shows that fewer electric cars are now being written off than petrol and diesel cars.

Hyundai Ioniq 5

Not really, but for more comprehensive EV coverage you can take out a private policy.

Many offer coverage for wireless software updates and charger recovery in the event of a flat car battery.

They also offer accident insurance for batteries and charging equipment, insurance against theft or damage to your home charger, and liability insurance for bodily injury if someone trips over the charging cable while in use.

They also have fewer moving parts, so in some cases they can take less time to repair after an accident.

Top 15 Cheapest Cars To Insure In The Uk For 2024

You can reduce the cost of electric car insurance on comparison shopping sites and at competitively priced car dealerships.

This includes having a parking space where you can park your car, paying the maximum amount, an accurate estimate of your annual mileage and a good driving record. Others include adding a named driver, which also has good results.

You can also lower your insurance premiums by avoiding double coverage (for example, if it’s included in your car) and legal aid if it’s included in your home insurance. Another way out is to choose an electric car from a lower insurance group.

A quick way to estimate the potential cost of car insurance is by insurance group (there are 50 groups, with group 1 being the cheapest).

Car Insurance Groups Listed & Explained

There are cheaper cars as well, such as the Smart EQ Forfour in Group 9, but we’ve chosen to pick the most popular cars in the three most popular model classes.

It may be cheap on paper, but your personal circumstances and driving experience play a bigger role in determining your premium.

Also, the price difference between neighboring groups can be very small, so don’t let a higher group talk you out of it.

At the time of writing (May 2024), Vauxhall has reduced the price of the new Mokka electric car by £3,750 on its PCP finance plan and is offering a year or 5,900 miles of free charging. Comfortable, quiet and has lots of tools.

Are Electric Cars Cheaper To Insure? Breaking Down The Costs

We’ve gone straight to the cars at the highest level of insurance, but even then you can expect premiums to fluctuate significantly at this level, depending on factors such as the value of the car and theft history.

There are some amazing deals on the I-Pace. Can you get £26,000 for a new product? Beautiful appearance, driving pleasure and a luxurious interior.

Until May 2024, Mercedes will drop the price of the new EQE SUV by £9,500 and offer 0% finance. Attractive, very refined and a wide range.

The latest Taycan models are cheaper than the new Taycan and they are faster. Attractive range and performance with a luxurious interior.

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Newsletter Get the best automotive news, reviews and opinions delivered straight to your inbox three times a week. You can unsubscribe using any email we send you. For more information, see our full Privacy Notice. What are insurance groups? What vehicles are included in insurance groups 1, 2, 3, 4, etc.? What about trucks?

Car insurance groups are easy to understand. In short, the smaller the car insurance pool, the less you will pay for car insurance.

To properly explain what car insurance groups are, we first need to talk about the ABI Group Rating Plate. They decide which car should be in the insurance group.

The group’s rating committee is made up of members from several other organisations, including the Insurance Association of England, Lloyd’s Markets Association and Thatcham Research. They comprehensively assess every car sold in the UK to determine:

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It also evaluates the price of a new car, as well as different trim levels. That way, they can estimate the cost of insurance to cover the total loss.

Finally, they evaluate a vehicle’s safety standards by looking at certain performance factors, such as the vehicle’s top speed and the time it takes to accelerate from 0 to 60 mph.

Thanks to all this information, the group classification committee can determine which insurance group the car belongs to.

So, if we look at it from the other side, the cars of the lower insurance groups are safe and reliable. On the other hand, cars in the higher insurance groups are expensive high-performance cars. Because they are faster, insurance companies believe they are more likely to get into an accident. If they get into an accident, the repair will cost more than a low-quality car. Finally, because these vehicles are usually expensive and easy to use, they are more likely to be targeted by thieves.

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The whole business is at risk. Inexpensive models with smaller engines are less susceptible to collisions and theft. In this way, insurance companies are less likely to have to pay, and as a result, you will pay less for your insurance.

However, the opposite is true for more expensive high-end models equipped with larger displacement engines. High risk of collision or theft, therefore high probability of insurance payout. If they have to pay, it will be too much. Therefore, you will pay more for your insurance.

Therefore, to save money on car insurance, it is wise to choose a car from a lower insurance pool.

There are a large number of different groups of car insurance.  As a guide, you can find a table with a detailed description of some car insurance groups, as well as examples of vehicles that fall into the indicated groups. But for a quick reference:

Best Electric Cars 2024

Please note: there are many different models available for almost every car model. Different settings for the same structure can be in different security groups, so be sure to review the full table to get a complete picture.

Alternatively, you can use Money Supermarket’s group car insurance check tool. Just enter the registration number of any car and it will tell you which insurance group that car belongs to.

Auto insurance pools are different from car insurance pools, although they work on the same system: small trucks in lower insurance pools cost less, while small trucks in higher insurance pools cost more.

We’ve got a comprehensive guide to group insurance, explaining how they work and some tips on choosing a car that’s easy to insure. Get it here.

Cheapest Cars To Insure In The Uk 2024

So, if you want to save on car insurance, start by choosing a car from the lowest car insurance group. Although there are other things you can do to lower the price of your car insurance. For example, you can save money in the long run by creating a no-claims discount. But in the short term, you can choose an insurance that specializes in high value insurance.

At Insure 2 Drive, we pride ourselves on insuring responsible drivers at affordable rates. We offer comprehensive car insurance at an affordable price for you. Come here to get an online quote in minutes.

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