Monday, March 4, 2024
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Car insurance is cheaper with an electric unless it’s a Tesla

The insurance for an electric car is cheaper than for a thermal car. On average, the premium is €562 for the year.

Stable in recent years, the price of car insurance has increased slightly in 2022, shows a study from Assurland. The online comparator analyzed 50,000 quotes from January to September. The average price rose 3% to €630.

This item of expenditure is not immune to inflation, with in particular an increase in the price of spare parts (+10%). But the price increase is dampened by the strong competition between insurance companies, where customers can freely switch after a one-year contract.

Of course, the price of insurance will depend on many factors. First of them: the age of the insured and thus his driving experience. No surprise, prices go up with the youngest. On average, insurance for 18/25 year olds costs €1,255, an increase of 18% in one year! The best placed age group is 56/65 with €450.

After that, the price varies depending on the location. And there are big differences between the regions. Better to be in Brittany where the average price is €491. 77% of Bretons have not declared any claims in the last three years. In Ile-de-France the average price is €745!

Finally, the price obviously depends on the vehicle. And Assurland points out an interesting fact: “It is economically attractive to drive an electric car. The price of car insurance is 12% lower than the average”. The average premium with an electric car is €562. With a thermal it is €630.

The difference is mainly explained by the abolition of TSCA, the special tax on insurance contracts). This measure applies to electric cars purchased between 2021 and 2023. There are also companies that offer more advantageous offers to those who buy a so-called green vehicle.

So this is another asset to factor into the budget for an electric. If it is more expensive to buy, it is interesting to use. This lower insurance price comes in addition to cheaper repairs and of course cheaper “fuel”.

Be careful, but the price of insurance is not surprisingly very high with high-end models. And with the Teslas! The average insurance cost for the American company is €915. That’s on par with the BMW (€933), but higher than a Mercedes (€715). Teslas have a reputation for attracting lust, but also rudeness.

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