Five things you need to know about EV insurance 

Buying an electric car isn’t any different to a conventional vehicle. 

But owning an EV introduces some totally unique elements which require a bit more thought before signing on the dotted line. There are the obvious questions that need to be answered, such as how, when and where you’ll need to recharge the battery and whether you need to install charging infrastructure at home or the office. 

And then there’s insurance, which is not all black and white. 

So, here are five things you need to know to help ensure your EV is adequately covered… 

First of all, getting insurance for an electric car shouldn’t be any different than with a conventional vehicle with an internal combustion. 

But, like any type of vehicle insurance, there are personal elements that will decide whether an insurance company will provide a policy, and, if so, the cost of insurance. These can include the value of the vehicle, your age, driving record, the area you live, how often it is driven and where it is regularly parked. 

So, make sure you read the fine print in any product disclosure statement to fully understand what your policy offers and, more importantly, what it doesn’t cover, before committing. 

Then there are insurance providers like ROLLiN’ Insurance, which provides comprehensive insurance cover for cars whether they have a petrol or diesel engine, or an electric motor and a battery pack*. 

A ROLLiN’ comprehensive insurance policy covers loss or damage to your vehicle as a result of an accidental collision, fire or explosion, theft (and attempted theft), vandalism, and extreme weather occurrences, such as storms, floods, lightning and hail*. 

In fact, ROLLiN’ Insurance provides security for more than the EV itself, with its comprehensive insurance premium also covering any accidental damage to the battery pack, as well as charging accessories such as cables, wall boxes and adapters arising from a covered event*. And just in case you were leasing this equipment, it will still be covered. 

Electric vehicles, by their very nature, have many unique components compared to a conventional vehicle with an internal combustion engine, such as the battery pack and electric motor(s). 

These can be costly to replace or repair when damaged in the event of an accident and require specialist technicians and genuine parts. 

Check your product disclosure statement for information on how your insurance provider will manage this process, as it can be critical to the quality of repairing your vehicle correctly and the time it takes to get the vehicle back up and running. 

ROLLiN’ Insurance is supported by IAG, Australia’s largest general insurer with over 160 years of experience, meaning it has access to one of the most extensive repair networks in the country.So if your electric vehicle is damaged, ROLLiN’ will help ensure it will be properly – and promptly – repaired. On top of that, ROLLiN’ provides a lifetime repair guarantee on the quality of workmanship and materials for all authorised repairs while you own the car. 

If your vehicle has less than 15,000km on the odometer and cannot be repaired, and is deemed a total loss as a result of a covered incident, ROLLiN’ will replace the car with a brand-new one with the same specifications if it is available and can be sourced within eight weeks of being deemed a total loss, or pay out the Single Car Value (minus any deductions, such as any remaining finance owed to a creditor and your applicable contribution to the claim) so that you can purchase another vehicle and get back on the road*. 

Car makers haven’t made it easy for younger drivers to make the shift into electric vehicles, despite them arguably being the most environmentally conscious generation. EVs are expensive to buy, even those older models that are now entering the second-hand market. 

Subsequently, EVs can often be costly to insure, placing another hurdle in front of young drivers. 

On top of that, some insurance companies have traditionally penalised drivers under the age of 25 with higher premiums and excess payments, putting another barrier in place for any young driver wanting to purchase a newer, cleaner (and likely safer) vehicle. 

ROLLiN’ Insurance, on the other hand, offers a unique ‘all ages’ excess that applies to all drivers provided they are listed on the policy. 

ROLLiN’ is also a digital-first brand, which allows it to keep its running costs and premium prices low. 

But low premiums doesn’t mean that ROLLiN’ has cut back where it counts – quite the opposite. It’s what happens in the aftermath of your vehicle being damaged that defines a great insurance company, especially considering the unique requirements of owning an electric car. 

If your car has been involved in an accident, Evs need to be treated a little differently to conventional cars in terms of towing, storage, and repair. 

With ROLLiN’, your premium comes with a range of benefits that ensure life isn’t disrupted when your car is off the road, including in some cases reimbursing some emergency travel and accommodation costs, paying the reasonable costs of towing your vehicle to the nearest authorised repairer and covering up to $80 per day for replacement transport, up to 21 days*. 

ROLLiN’ also offers windscreen and glass replacement and will reimburse some of the costs to replace a child seat, baby capsule or trailer if they are damaged in a covered accident*. 

So, there you go, some handy hints to consider when insuring your electric car. To find out how ROLLiN’ Insurance can provide comprehensive insurance cover for your EV, visit the ROLLiN’ Insurance website.

Disclaimer: *Underwriting criteria, policy terms, limits and exclusions apply. Insurance issued by Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as ROLLiN’ Insurance. This is general advice only and does not take into account your individual objectives, financial situation or needs (“your personal circumstances”). Before using this advice to decide whether to purchase a product, you should consider your personal circumstances and the relevant Product Disclosure Statement and Target Market Determinations available from rollininsurance.com.au