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Insuring Electric Cars of the Future

by Amy Walters

While electric cars are still considered as a niche market, this vehicle is considered the wave of the future. The current environmental issues as well as technological innovations have allowed this once maligned vehicle to become the focal point of many car makers research and development efforts nowadays.

When the electric car becomes common on the roads, as required by law, insurance coverage becomes an issue. Currently, because there is no clear distinction between petrol vehicles and electric vehicles, many insurance companies are wary of insuring electric cars. Because these vehicles are very new, there are still many issues that cause many insurers to worry about these kinds of vehicles.

This worry stems from the higher price tags of electric cars. Because of the high technological requirements of electric cars, these vehicles often require specialist repairmen and work to allow them to become roadworthy again. These two factors by itself drive up the cost of insurance premium coverage for electric cars making cheap car insurance difficult to find. This is the current market condition but soon enough the prices would stabilize allowing for better prices and coverage for electric cars. In the meantime, the following are tips on purchasing electric car insurance coverage today.

Do research. This research involves asking for auto insurance quotes and shopping around for the most suitable insurance coverage for your electric car. Remember that the lowest price does not mean the best coverage for your vehicle. Compare quotations from insurers to determine which one you are most comfortable with for your electric car.

Find Specialists. Many big insurance companies find business with electric cars not worth their while, because of their relatively small numbers. Finding specialist insurers, who are knowledgeable in the market, can be quite difficult but they fully understand the needs and requirements of an electric car owner. Again, do research even with these kinds of specialists to find the best plan for your car.

Clarify Specifics. When discussing specifics with your insurer, do advise if your electric car has a leased battery or an owned battery. Also, discuss cable liability. Because of the increased risk of slip and fall accidents, use of extensions or incompatibility with existing wiring, cable liability is an issue that can increase the overall premium of your electric car insurance.

Thus, in purchasing an electric car, do be very wary of the insurance coverage requirements for the vehicle. While the current market still pegs premiums well above the premiums for internal combustion engine cars, the future would see a market correction leading to lower price. Until that time comes,
insurance coverage for your electric car is necessary for it to be allowed on the roads. In finding the right one, do research on premiums and coverage, find insurance specialists and clarify specifics for your electric car insurance coverage. This is just one step in the right direction.

Bobby Castro is the online editor at the Electric Car News site, where he has published a number of articles about the Electric Car industry

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