Financial expert reveals: Electric cars are not always cheaper in terms of car insurance

Financial expert reveals: Electric cars are not always cheaper in terms of car insurance

According to a report by www.cash-online.de, over 104,000 purely electric cars were newly registered in December 2022, which is more than twice as many as in the same month last year. A current comparison by Check24 shows that electric cars are not always cheaper when it comes to car insurance than comparable combustion models. In the best case scenario, car insurance for electric cars is 38.9 percent cheaper. In the worst case, however, it is 42.3 percent more expensive.

Research shows that the model, manufacturer, accident and theft frequency influence the price of car insurance for electric cars. Insurance for a BMW i3/s can only cost 244 euros per year, while for a similarly motorized BMW 220 Active Tourer it costs 400 euros per year.

Families can insure the Kia e-Soul as a second car and pay 41.7 percent less than for Kia's Sorento 2.2 CRDi. According to Check24 calculations, the costs for insuring the BMW i3/i3s are almost forty percent lower.

In a comparison of 29 electric models with comparable combustion engines, it was found that single users can insure an electric car more cheaply in 17 cases, while fully comprehensive insurance for combustion engines costs less in twelve cases. In 19 cases, insurance for an electric car is cheaper for a family than for a comparable combustion engine. However, the Jaguar I-Pace and Audi e-tron GT Quattro models are particularly expensive to insure.

Dr. Rainer Klipp, managing director of vehicle insurance at CHECK24, explains that vehicle insurance for electric cars is on average two percent lower than for combustion engines. However, he warns that this could change in the future, as repairing electric cars can be costly. This is mainly due to their design, which is not very repair-friendly. This makes an insurance comparison even more important in order to save costs.