Are Hybrid and Electric Cars Cheaper to Insure
Hybrid and Electric Cars are becoming increasingly popular among families in Ireland. More and more motorists are becoming attracted to their many benefits of eco-friendly motoring, grant schemes, easy to charge access points, and the increased reliability of the e-car. Electric and hybrid vehicles are much cheaper to run than a diesel or petrol motor and even some of the battery vehicles can be exempt from tax. Huge fuel bills can be a thing of the past with the ESB providing free public charging points in locations such as car parks, shopping centres, and on street. You can also have a charging unit fitted at your home with the overnight cost on charging your vehicle being as little as €2. E-cars are on the rise in Ireland and there has never been a better time to choose an electric or hybrid vehicle. They are an effective way to reduce your motor fuel costs and also to reduce your carbon footprint. With all the different makes and models that are available to buy on the market, is the insurance really cheaper than a standard petrol or diesel vehicle?
The difference between a hybrid car and an electric car
There are two types of Hybrid vehicles:
A full hybrid has both a fuel tank and a battery storage system. The electric motor and combustion engine provides mechanical power which means energy is recovered from braking. Hybrids can automatically switch between electric mode or fuel mode or even both to power the vehicle as needed.
The Plug-in hybrid has a fuel tank like a standard hybrid. Plug-in hybrids have a higher capacity battery and can be plugged in to drive shorter distances on all-electric power.
All electric cars are powered by an electric motor only. All vehicles must be plugged in and charged at a charging station. They do require time to charge and have zero CO2 emissions. They are the ideal motor for predictable daily trips and with new models, their mileage range is increasing rapidly.
Are electric cars really cheaper to insure?
Car insurance is mandatory for driving in Ireland. Every driver on public roads needs a valid driving licence, tax, and motor insurance. The simple answer to the million-dollar question is, "Yes, e-cars are cheaper to insure than your fueled vehicles".
By choosing a hybrid or an e-car, you are not only helping the environment, but saving money on tax, fuel, and car insurance premiums. As with hybrid or electric cars, they are smaller and less powerful options which would immediately reduce the prices on insurance policies.
There are plenty of insurance providers available offering special discounts to drivers with an electric vehicle. If you have specific requirements, it is best to speak to one of our experts at Quote Devil for more details.
Do insurance prices vary between hybrids and electric vehicles?
Early adopters of e-cars such as the Nissan Leaf, Tesla Roadster, and Renault Zoe did report to be difficult getting cost-effective insurance for their cars. Many insurers did raise their insurance premium prices or even declined to insure these cars due to the cost of the repairs and this also led to fewer owners of the vehicles. Now the system has changed quite significantly, where e-cars have found some commonplace and there is a lot more data for the repair costs, so a lot more insurance companies are now providing policies and the costs have come way down.
In terms of cost, does the insurance price vary between the two cars? Not really, they are roughly the same. They both share the same form of battery technology and electric motors. The hybrid or plug-in hybrid isn't necessarily cheaper to insure than the fully electric car.
Running costs of an e-car
Electric cars are much cheaper to run than diesel or petrol motors. This is largely due to the fact you can charge your vehicle for free. The ESB has a chain of public charging stations across the country and has as many as 1,000 or more nationwide. They also have an additional 70 faster-charging points which allow you to charge your vehicle a lot quicker than the standard charging station. On the fast charging point, your vehicle can charge to 80 percent of its capacity in roughly 25 minutes. There is also the option of having a charging station installed at your home. There is the availability of a grant to help with the costs.
According to ESB ecars, it will cost a person who is driving 200km a week on average just €2.54 for their vehicle to charge using they're at home-charger at night in comparison to a diesel car which costs €15.74 or petrol car at the cost of €21.60.
There are fewer moving parts with an e-car engine which means it is a lot cheaper to service than a standard motor. Motor tax for an e-car is also cheaper and can be as little as €120 per-year.
Until the end of 2022, toll road operators are running an incentive for e motors. They are offering discounts for both hybrid and fully electric motors of up to 75 percent on the M50 and 50 percent on other roads.
Why Ireland is a great place to own an electric car?
The cost of fuel is high
It is a small compact island
There are grants available for the running costs
Straight away you will notice the running costs of an e-car compared to a normal fuel vehicle are a lot different. The price of a fueled powered motor is much more expensive than driving an e-car. Petrol and diesel fuel cause damage to the environment and air pollution, in turn, rising fuel prices.
Ireland is the ideal location to drive an electric car. A lot of the cities and towns across Ireland are within 3 to 4 hours driving distance. The charging stations are ideal across the country in convenient locations such as car parks and shopping centres. The Irish weather and climate temperature mean that less battery power is needed to heat up or cool down the vehicle's interior.
Purchasing an electric vehicle can save you money. You can avail of an SEAI electric vehicle grant which offers a grant of up to €5000 on a car both hybrid and fully electric under the sustainable energy authority of Ireland. The grant size will depend on the car value, and it starts at €2000 for a car in the price list of €14,000-€15,000, rising to €5,000 on cars worth €20,000 or more.
Quote Devil provide cheap electric car insurance
Are you thinking of buying an electric vehicle? Well with Quote Devil you can avail of reduced insurance premiums. At Quote Devil, we have recently seen a huge demand for our electric car insurance and have responded to this by offering a reduced rate on insurance with one of our suppliers. So, as well as cheaper fuel and running costs, you can now save significant money on your insurance costs by just going green. Get an unbeatable value quote for electric car insurance today by giving us a call or simply fill in the online quote form.