The advantages of owning an electric vehicle are obvious: no tank to fill, reduced maintenance costs, and a lower carbon footprint. And some good news—insurance costs for EV‘s can be lower than for their gas guzzling cousins.
As your electric vehicle insurance specialists, we’re partnered with over 40 Canadian insurers to bring you the best in electric vehicle insurance packages and discounts. At M&W, we understand the unique needs of EV owners, and we offer coverage options to protect you, your vehicle, and your charging equipment.
Whether you already own an electric or hybrid vehicle, are interested in leasing, or if you’re simply curious about how the cost of EV ownership compares to your current ride, we’re here to answer all of your questions about insuring an EV vehicle in Ontario.
The ever-growing number of EV options makes “going green” more affordable, and accessible, than ever before, but despite the rapid growth of electric vehicles (EVs) in Canada, hybrid and electric cars, trucks, and vans are still considered to be a niche market, and so is electric vehicle insurance. The use of additional charging equipment, high-powered batteries, and public charging stations means your insurance coverage will need to match those specific risks.
Here are some of the unique factors that our brokers here at M&W take into consideration when preparing your electric vehicle insurance quote:
Similar to insurance for conventional vehicles, EV insurance premiums are based on a number of factors such as your claims history, age, driving habits, and more. Additional liability and property coverage fill specific gaps in standard auto policy; however, there are a number of EV insurance discounts available to balance out the cost.
Since EV insurance is a relatively new product, there’s limited long-term data available to provide insurance companies with statistical information about claim rates and costs. In general, drivers of electric and hybrid vehicles tend to have better-than-average claims statistics, which results in favourable premiums for both new and experienced EV owners.
Fortwo Passion 2Dr Coupe
|$1,599 (SE)||$1,383 (5DR)|
|2017 Audi||$1,515 (A3 2.0T 4DR)||$1,510 (A3 E-Tron Wagon)|
|2017 BMW||$1,778 (330i xDrive 4DR AWD)||$1,461 (330e 4DR)|
Insurance rates may vary between battery-only and hybrid vehicles, so if you’re in the market for a new EV, we can provide you with a free quote that allows you to compare the cost of ownership before you buy.
A growing number of insurance providers now offer EV-specific discounts that can help you save on your electric or hybrid insurance premiums. As a result, you may find that the cost of insurance coverage on a hybrid or electric vehicle is the same as, or lower than, your premiums on a comparable conventional vehicle.
Bundle your home insurance and EV insurance for all the protection you need at an unbeatable price. Whether you need coverage for your home charging station, or are interested in extending your insurance to your e-bike, RV, or cottage, we’re here to make insurance simple, affordable, and reliable.
For over 60 years, we’ve been helping Ontario drivers stay protected both on and off the road. Our team of electric vehicle specialists have the experience it takes to find the right coverage for you and your EV, at the right price.
Contact us today at Mitchell & Whale for your free, no-obligation EV insurance quote.
Mitchell & Whale Insurance Brokers was recently voted #1 in Ontario by the Insurance Business Canada magazine. Read more