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Savings on Fuel Consumption, but with Higher Costs If There Is No Insurance. Understand the Reasons for the High Values for Electric Car Insurance!
Electric cars are gaining traction on Brazilian streets, attracting more and more specific consumers looking for sustainable vehicles, economical and with lower environmental impact. However, despite the savings at the pump, many drivers are surprised to find that electric car insurance can be significantly higher than that of traditional combustion-powered vehicles, according to the AutoPapo website.
What Drives Up the Cost of Electric Car Insurance?
According to Professor José Varanda, coordinator of the Undergraduate Program in Insurance Management at the Business and Insurance School (ENS), there is a series of factors that explain this difference. One of the main points is that the Brazilian insurance market is still not very familiar with electric vehicles. This, combined with the lack of adequate infrastructure for charging and the limited number of specialized repair shops, directly impacts the cost of insurance.
Additionally, the high price of replacement parts — especially batteries — is a crucial factor. The maintenance of these vehicles requires skilled professionals and specific labor, which also influences the final value. Another point highlighted by Varanda is the increased risk of claims related to fires, due to the lithium-ion batteries present in electric cars.
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Hyundai sells an executive minivan that looks like a VIP room on wheels: Custin carries 7 people, uses a 1.5 turbo engine with 168 hp, 8-speed automatic transmission, and costs around R$ 157,000 in direct conversion in Vietnam.
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The 7-seater Toyota that seems too cheap to exist in Brazil: Rush has a 1.5 engine, manual or automatic option, and a converted price close to R$ 81,000, while here families need to aim for much more expensive SUVs.
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The 2012 Mitsubishi Pajero Dakar diesel shows 314,000 km and still draws attention for its reputation for durability; the seven-seater 4×4 SUV handles trails, but signs of severe use may conceal losses for used car buyers.
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Peugeot publicly acknowledged the errors of the PureTech engine, which caused serious failures in hundreds of thousands of cars, and introduced the new Turbo 100 as a definitive solution, a 1.2 turbo tested for over 3 million kilometers that replaces the faulty belt with a more durable chain.
Specific Coverages for Electric Cars
Given these particularities, some insurance companies offer differentiated coverages to meet the needs of electric vehicle owners. Among them are included protections for charging cables, batteries, and assistance for emergency recharging in cases of depleted battery.
Despite the higher costs, a good piece of news is that, so far, electric cars have not been among the main targets for theft. This occurs because the black market for parts for these vehicles is still underdeveloped, and in addition, electric vehicles typically have advanced tracking systems, which deter criminal actions.
How Do Insurance Companies Determine the Price of Insurance?
When calculating the insurance value, the guarantees take into account a number of factors. Among them are: the insured value of the vehicle, average repair costs, the driver’s profile (age, time with a driver’s license, claims history), as well as the region where the car usually circulates. In the case of electric cars, the price tends to be higher mainly because of the added value of the vehicle itself and the more costly maintenance.
Thus, although the electric car represents savings in the long run on energy consumption and environmental benefits, it is important for the future owner to also consider the extra costs, such as insurance, which can weigh on the budget.
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