Electric vehicles are hitting South African roads in increasing numbers, and it’s no wonder.
Honestly, given how sleek, eco-friendly, and fun to drive these cars are, we’re all on board with the EV trend. Not to mention the potential environmental benefits.
The thing is… EVs come with insurance considerations that differ from traditional cars. Also, before we crack on, can we have a moment for how the latest and greatest models from the likes of BMW can now be relegated to the somewhat ageing misnomer, ‘traditional ’?
Anyhoo, back to the point, which is that repairs and maintenance for these cars can be costly. Seriously, battery replacements alone for EVs can be pricey.
You might think that insurers would be running for the hills to avoid insuring EVs, but actually, we’re not. We’re here for you and your EV.
Take a gander at what we have to say about insuring your EV… Some of the policy details may come as a surprise.
Spot the difference
EVs are unique, so it stands to reason that some of what makes these cars unique will affect your policy and the premium. Understanding these differences helps you avoid surprises when getting quotes, maintaining your policy, and even filing a claim. Importantly, understanding these differences helps us to understand why these cars may cost more to insure than petrol cars.
Some universal factors affecting insurance include:
- Higher purchase price: Because EVs have a higher initial purchase price, the cost to insure them is typically higher.
- Battery costs: Replacing a damaged battery can run into hundreds of thousands.
- Specialised repairs: EVs require specially certified technicians and parts, which increases repair costs.
- Limited crash data: Since EVs are relatively new in SA, insurers are still adjusting premiums based on real-world risk.
When it comes to our royal car insurance, we’ve got your back. We take your EV’s unique factors into account and offer comprehensive cover that caters to the risk of your EV being stolen, being involved in a road incident, and even catching fire. Let’s not forget about that battery (as if we could), which is covered in all its eco-friendly, charged-up glory. And then of course, we ensure fair premiums by closely examining additional factors, including the car’s usage and risk profile.
With the right setup, you can enjoy your EV without worrying about repair bills or claim headaches. That’s on us.
Tips for EV owners
When it comes to getting the king’s cover for your EV, there are a few simple steps you can take. Firstly, we ask that you declare your EV type. Simply, let us know that you’re crazy about the electric car. Sorry, we mean, let us know that you drive an electric car. This way, we can make sure that your policy reflects the specifics.
And then, make sure to ask us about our add-ons. Some EVs benefit from specialised battery or parts cover, like with our car warranty cover, while other drivers may want to add shortfall cover to ensure what they’ve invested in their EV. Lastly, it’s extremely important that you stay updated. As we’re sure you know, EV repair technology is evolving, and King
Price is at the cutting edge of offering insurance that reflects the world’s forward movement.
These kinds of extras make sure your car is protected when it’s working as hard as you are… Without costing a king’s ransom.
Check before you hit the road
It’s tempting to just dive into a gig and hope for the best, but trust us. Clarifying your insurance before you start is cheaper than paying out-of-pocket for an accident or damage.
Without the right cover, an accident or mishap could leave you footing the bill for repairs, medical costs, or legal fees.
Always chat with your broker or King Price consultant to ensure your side hustle doesn’t become a side headache.
At the end of the day, your car should help your wallet, not drain it. With the right add-ons, King Price keeps your personal car protected while you make those extra rands safely.
Want to make sure your policy has your back while your car is on hustle mode? WhatsApp us on 0860 50 50 50 for a quote… It’s quick, easy, and commitment-free.
The king’s advice
EVs are exciting, but the insurance landscape is still catching up. Protect your investment properly, and you’ll enjoy the electric ride with confidence.
Data-driven pricing: King Price uses data to refine its risk assessments. For EV fleet insurance, this includes sharing real-time car data to help tailor the insurance solution.
How to get an EV insurance quote
For a commitment-free quote, you can contact King Price through several channels:
Online: Use their self-service portal or mobile app.
WhatsApp: Chat with an agent at 0860 50 50 50.
Call: Speak to a representative by calling 0860 50 50 50.
FAQs
1. Does EV insurance cost more than petrol car insurance?
Sometimes. Among others, the premium is calculated using predicted risk, repair and replacement costs, and EVs are on the higher end of the scale, particularly for the batteries.
2. Are EV-specific repairs covered?
Yes, comprehensive car insurance policies can include certified repairs, parts, and batteries with optional add-ons.
3. Can I insure my EV like a regular car?
You can, as comprehensive car insurance does cover electric vehicles, offering EVs with full protection.
4. Does King Price cover home charging equipment?
Yes, an optional home equipment cover can be added to your home insurance policy to protect chargers and related tech.
5. Are there discounts for low-mileage EVs?
Potentially. King Price assesses your driving habits and may reward lower-risk usage.