Electric vs Petrol – Which Costs More to Insure
In 2021, the total number of electric cars sold in South Africa was equivalent to only 0.046%. This is predicted to change as the prices of fuel continue to rapidly increase and more people become aware of the impact our vehicles have on the environment.
Many South Africans are starting to reconsider their decision of purchasing petrol and diesel cars and rather focus more time and energy on doing their research on the advantages of electric cars. The number of searches for electric vehicles on AutoTrader’s website soared to over 540,000 searches in 2021 which is up 110% compared to what it was in 2020. The biggest question surrounding electric cars remains how the insurance costs compare to normal internal combustion engine (ICE) cars.
Many insurance companies have started including and improving their insurance quotes and policies sold on various electric cars. The insurer has multiple variables to consider when deciding on the pricing of a car’s insurance premium. Some of these factors include age, where you live, your vehicle cost as well as the cost of vehicle repairs. It is possible for your insurance on an electric vehicle to be higher compared to an ICE vehicle of the same value due to the costs of spares and vehicle parts which are more expensive.
With that being said, there are times when premiums will be lower if the vehicle’s data shows that the drivers of electric cars are involved in fewer road accidents as a result of the enhanced safety features or because the drivers are more careful when on the roads.
If you are considering the purchase of an electric vehicle, it is important to look at total vehicle ownership costs. For example, electric cars have fewer moving parts, meaning that the model will most likely be more cost-effective to maintain compared to an upmarket, luxury vehicle of the same price.
An additional benefit is that if you have solar panels installed at home, you can charge your car for a fraction of the price of fuel. Something important to note is that the electric vehicle revolution is only beginning, meaning that electric vehicle owners will be expected to pay an early adopter tax.
It is predicted that within the next 2-3 years that the prices of electric vehicles will drop drastically, and we should expect the introduction of more mid-range electric vehicles to enter the market.
It is no doubt that electric vehicles will soon become the norm as more people begin to realize the benefits of what these cars have to offer. The future is electric!
Electric vs Petrol – Which Costs More to Insure
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