Insurance for a greener future
If you were thinking of buying an electric vehicle last year, you might not have had much luck. A leap in demand and pandemic-related factory shutdowns led to long waiting lists. There has been something of a bounce-back of late with carmakers taking time to work on their designs. While the time may not be quite nigh for cars powered solely by diesel or petrol (2030 will see the ban on their sale), with a raft of incentives, is now the time to consider going electric?
Electric vehicles may currently be more costly to buy new than internal combustion engine (ICE) alternatives – owing to the expense of manufacturing battery packs – however, carmakers are offering great deals on their electric vehicles this year. There’s also the government’s £2,500 plug-in car grant, for new full-electric vehicles with a recommended retail price of under £35,000.
Besides feeling like you’re doing your bit for the environment, there are plenty of other benefits to electric vehicle ownership. Though costs may vary depending on supplier and tariff, if you charge at home, the cost per mile is much less than that of a petrol or diesel car. It’s believed that, over three years, low running costs will save you money overall. There is also no vehicle excise duty – or “road tax” – to pay for the first year of ownership.
As with the purchase of petrol or diesel powered cars, you’ll need to consider your car insurance provider when buying electric. At Co-op Insurance, our 150-year-old commitment to the idea that doing good is good business, means we remain focused on the communities we serve. When you take out a policy with us, you not only help protect yourself against the unexpected but enable our continued support to the community as every new car and home insurance policy helps to fund projects around the world to reduce carbon emissions.
Plus, we now cover electric cars under our standard insurance policy. Some insurers require electric vehicle owners to take out separate policies or amend an existing one. When you take out a fully comprehensive car insurance policy with us, electric vehicle specific features include battery cover (whether the battery is leased or owned) for accidental damage, fire and theft; and charging equipment cover (for cables, wall boxes and adaptors) for accidental damage.
Whether it’s electric vehicles or family SUVs, for adventure or the mid-week commute, Co-op Car Insurance has you covered.
Co-op Insurance is proud to have sponsored The Motor Awards 2021. To watch our video of the winning vehicles in the home of British Motorsport, Silverstone, click here.