Insurers may charge you more for an electric car as the cost of your premium is directly related to the purchase price of the vehicle so it pays to shop around.

When the time comes to renew your car insurance it's always worth shopping around so look for an insurance company that offers specific discounts to electric car drivers. However, when comparing quotes the cheapest quote is not necessarily the best so ensure the policy covers for example the cost of replacing damaged cables or specialist breakdown to get the policy that best meets your needs.

It is important to remember that your risk profile will also be based on factors such as where you live, your age, your driving experience, and whether you opt for a comprehensive or third party regardless of what type of car you are planning to insure.

Shop around and compare

Shop around as all insurance companies calculate their premiums differently, so while you may feel tempted to accept the renewal quote that pops through the door don't fall into that trap! Once you have received your renewal quote always go to the website of your current insurance provider and get a quote as a new customer and not an existing one. Insurance companies do not reward loyalty so you will always get a better one as a new customer also. You can then go back to your insurance company and ask them to match the online price. Also, compare other insurance companies online for the best deal and consider also using a broker. The more quotes you get the better your chance of finding the most suitable one. Remember to compare all insurance quotes on a like-for-like basis though - some may offer breakdown cover as an optional extra, and for others it may come with the policy so check all these details.

Don't over-insure

Always put a realistic value on your car - when asked to value our cars most of us have a pretty inflated price in our mind so it is worth checking similar makes and models online to get an idea of the replacement cost. Remember in the case of an accident the insurance company will only pay out the market value of the car at the time of the claim. While used car prices are on the increase at the moment don't assume the value of your car has risen substantially so be realistic about the replacement cost.

Look carefully at the excess

Increasing the amount of the excess on your policy will bring down the cost of your premium but remember it will mean paying more when you claim.

Pay in full

If possible avoid paying for your premium monthly, it is always cheaper to pay in one payment.

Get the right cover for you

Choose between a comprehensive or third-party cover carefully. Always check the differences between the price of both, as it might not be financially sound to pay the difference depending on the car's value but remember third-party cover is not always the cheapest option. The rule of thumb is if you cannot afford to replace your car in the event of an accident opt for comprehensive cover.

Keep your car safe

The safer your car is tucked away at night, the happier your insurance company will be, so any additional security features you add can make a difference to your premium including an alarm, immobiliser, or keeping your car in a garage overnight.

Are you looking to make the switch to electric motoring? Click here to browse different EVs, compare your favourite models, and learn about the transition to electric motoring on Nevo.ie.

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