Insurance bundles and green discounts
Combine your home and EV coverage to save up to $600 on insurance. Your EV or hybrid may also qualify for an additional green insurance discount. If you have any questions about electric vehicle insurance, we can help.
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 Mitch take into consideration when preparing your electric vehicle insurance quote:
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.
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.
Good to know: Common questions about electric vehicles
How much is EV 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 a standard auto policy; however, there are a number of EV insurance discounts available to balance out the cost. Read more about the cost of EV car insurance.
Do I need a level 2 home charger? How much?
It depends. The level 1 charger that comes with your electric vehicle is fine, but it charges very slowly. Typically, it will take 10 hours for every 100 km of battery range. A full charge can take 20 hours or more. If you are often out and about or drive long distances, there may not be enough time in the day to keep your battery charged.
A level 2 charger works up to 8 times faster, so you might be able to get a full charge in 3 to 5 hours. That practicality is hard to ignore. But level 2 chargers need to be professionally installed, and require 200 amp electrical service. So depending on the charger you choose and how much work it is to install, it can cost between $400 and $4,000.
How much is the EV insurance discount?
Typically 5%. That means that if you usually pay $3,000 a year for auto insurance, you can save $150. Not all insurance companies offer the discount, so you should talk to your broker to make sure you are maximizing your savings.
Does my hybrid qualify for a green discount?
Yes, most insurance companies that offer a discount for electric vehicles extend that discount to hybrid and plug-in hybrid models.
Is it hard to find EV charging stations?
With electric vehicles becoming more common in North America, charging stations are becoming much easier to find. As of 2021, there were about 12,000 retail gas stations in Canada, and around 6,000 EV charging stations.
Still, there are challenges. Ten percent of the charging stations are Tesla stations, and their chargers don’t work with other electric vehicles. Also, some of the public charging stations are level 2 and some are level 3, so you’re not guaranteed a fast charge depending on where you stop.
The bright side is that charging infrastructure has been expanding by about 15% every year.
Being an outlet for over 70 of Canada’s top insurers means we have access to a wide range of insurance solutions at some of the best rates in Ontario. Want to learn more about the coverage options available to you? Here’s a few of them.
