Electric vehicles (EV) come with their own appeal. If you’ve got your mind set on getting an EV, here are five things you should be aware of before getting car insurance for your EV.
With the recent entry of Tesla models and even a showroom in Singapore, things seem to be heating up in the electric vehicle (EV) market.
The Singapore Government has also shown their commitment towards pushing for vehicles to run on cleaner energy by rolling out more EV charging points, reduced road tax and various rebates for owners of EVs.
If you’re looking to buy an EV, you have a wide variety of options these days, from the Nissan Leaf to the BMW i3 and Tesla Model 3. You can read this guide to buying an EV in Singapore for the full details.
With car ownership comes car insurance — a compulsory component when it comes to owning a vehicle in Singapore. Here are some of the things you’ll have to take note of when it comes to EV insurance in Singapore.
#1 It’s difficult to get a direct quote online
When it comes to ordinary car insurance, it’s pretty easy to get a quote off the internet. Visit any provider you prefer and get a quote instantly simply by filling in the required information, such as your age, years of driving experience, car brand, car model, car manufacturing date and more.
With that quote, it’s easy to compare across insurance providers to find a plan that suits your needs.
For car insurance plans for EVs, you won’t be able to get a quick, direct quote off the internet. Take Income’s EV insurance for example, you’ll have to submit an enquiry with your EV make and model, and wait up to three working days to find more information sent to your email. You can, however, get the usage-based, pay-per-kilometre insurance quote instantly.
#2 EV car insurance is more tailored to your situation
Because you can’t get a direct quote off the internet, the quote you’ll receive from the insurance provider is likely to be tailored to your circumstances. This means that it would be dependent on your age, gender, years of driving experience and more importantly, car model and more.
For example, Tesla cars are pretty new to the Singapore market and rare to find on the roads. It will take time for insurers to figure out how much premiums will be priced.
Not many insurers offer an online platform to check out the premiums of an EV, and also have their equivalent petrol models too.
#3 You can opt for pay-per-kilometre insurance
Pay only what you use. For those who don’t expect themselves to drive all too often, you can consider pay-per-kilometre insurance that charges you based on the mileage you cover.
One such provider is Genie (maintained by Carro and underwritten by NTUC Income). However, do keep in mind that you could end up paying more than what you would have paid if you had opted for a car insurance plan with a predetermined annual premium.
#4 No major difference from a regular car insurance plan
You can expect to get similar coverage as any other car insurance plan, with the main difference being the premium cost.
Some coverage terms you should look out for in a car insurance plan include:
- Vehicle repairs at authorised workshops or preferred workshops
- Death or injury to third party
- Damage to third party property
- Accidental loss of or damage by accidental causes
- Loss or damage by fire or theft
- Medical expenses
- Personal accident coverage
- Windscreen cover
- Claim Excess
#5 Compare the best car insurance plans
There isn’t a single, main EV car insurer in Singapore. This means that you have a variety of options to choose from.
Just like any car insurance plan, you should still do your best to compare the coverage and cost of car insurance plans offered by the different providers.
Read these next:
Buying An Electric Car In Singapore: A Complete Guide
A Guide To Owning A Tesla Car In Singapore
How Much Does It Truly Cost To Maintain A Car In Singapore?
Singapore Budget 2021: Electric Vehicles To Go The Extra Mile With $30 Million Support From Govt
How Carro’s New Usage-Based, Pay-Per-Kilometre Insurance Could Appeal To Car Owners In Singapore
By Ching Sue Mae
A flat white, an adventure-filled travel and a good workout is her fuel. This Manchester United fan enjoys sharing knowledge on personal finance while chasing the dream of financial independence.