Compare Quotes on Electric Vehicle Insurance in Ontario
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 Mitchell & Whale, 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.
Specialized Coverage For Your EV
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 Mitchell & Whale take into consideration when preparing your electric vehicle insurance quote:
- Additional Liability Coverage: Protection against liability claims stemming from trip-and-fall accidents caused by your EV charging cable.
- Temporary Additional Coverage: During extended trips, you may find yourself unable to charge your EV. In these situations, you may be able to borrow a conventional fuel-powered car from your EV vehicle dealer – we can ensure you’re protected while using a “loaner” gas or diesel car, truck, or van.
- EV Battery Protection: If you lease the batteries in your EV, our EV specialists can provide you with insurance protection that extends to third-party suppliers.
- Charging Station Coverage: If you have a home charging station, it’s important to update your home insurance policy to extend coverage to this equipment.
How Much is Electric Car Insurance?
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.
Cost of Electric Car Insurance Vs. Gas
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.
Here’s some current rates comparing insurance costs between EV and gas vehicles:
| Vehicle Model | Gas | Electric |
|---|---|---|
| 2016 Smart 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.
Green Vehicle Discounts
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.
- Ontario’s Electric Vehicle Incentive Program: The Electric Vehicle Incentive Program (EVIP), as part of Ontario’s Climate Change Action Plan, provides generous incentives to Ontario drivers who lease or purchase an eligible electric or hybrid vehicle. With rebates ranging from $3,000 up to a maximum of $14,000, this program helps to bridge the gap between the price of a conventional car and an EV.
- Additional Savings for CAA Members: If you’re a CAA member, you could be eligible for an additional 5% discount off your EV premiums purchased through Mitchell & Whale. Be sure to mention your membership when you call us for your Ontario electric vehicle insurance quote.
Bundle and Save With Our Green Platinum EV Plan!
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.
- Electric vehicle insurance: Great rates, with green vehicle discounts available.
- Home insurance: Great rates, with coverage for your charging station. Ask about coverage for your solar panels as well.
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.
