Electric cars have quickly gained in popularity in Singapore. By 2021, there will be over twice as many EVs compared with today. Thanks to Singapore’s National Green Technology Plan 2030 which encourages and rewards more people for using EVs, this trend should continue.
As more and more drivers switch to electric cars, it can be confusing how the switch might impact their current car insurance policy. How will your new EV be covered, and is insurance for electric cars different than regular cars? Here are three key facts regarding insurance for EVs in Singapore you need to be aware of.
1) Insurance For Electric Cars Is Hard To Locate And Expensive.
Finding electric vehicle (EV) insurance can be more challenging than for traditional gasoline or hybrid cars. Only a minority of insurance plans cover electric cars in Singapore currently, limiting your choices while increasing costs; plus the higher insurance cost compared to an ordinary car!
Most electric car designs are more high-end than standard vehicles with internal combustion engines, making them more costly to cover and insure. Parts for electric cars typically cost more and are made less often compared with non-electric parts – meaning each part costs more to fix or maintain over time.
Electric vehicles (EVs) tend to be more costly than other cars, meaning maintenance and upkeep of parts is also more expensive. Furthermore, batteries for these EVs can be expensive, large, and difficult to fix should they break. As such, this increases costs associated with maintenance and guarding costs, leading to an increase in your insurance policy premiums.
2) Customized Insurance Policies Are Available For Electric Cars.
Age and length of driving experience usually have the biggest influence on car insurance costs, while electric vehicle (EV) insurance takes your car’s make and type into account when calculating payments and contracts. Unfortunately, finding an online quote for your EV coverage can be hard work!
As opposed to most auto insurance businesses, which provide an estimate of your rates within minutes after visiting their website, EV car insurance providers may take several business days before providing you with a price that suits your needs. But because they gather additional details about you and your car from you in order to personalize a contract tailored specifically towards your lifestyle and personality.
3) The Journey Can Pay For Your Ev Car Insurance.
As opposed to their internal combustion engine counterparts, owners of electric cars now have more flexibility when it comes to choosing and paying for insurance based on how often they drive and pay. While most people in Singapore who purchase gasoline or diesel cars must pay upfront for car insurance policies; some insurance firms for electric cars now provide pay-per-kilometer plans so buyers can pay later.
UBI stands for Usage-Based Insurance and clients must pay S$150 each year as their security premium; their monthly insurance payment will then be determined based on how far they drive each month – so customers won’t pay extra for features they will never use!
4) We Will Soon Have More Options For Insurance.
Electric Vehicle (EV) insurance offers many advantages, one being its flexibility in meeting individual needs and requirements. While limited availability and high costs might seem disheartening, I remain optimistic for its future; car insurers are exploring innovative solutions.
Tesla, which produces more electric cars than any other manufacturer, now provides insurance to people who purchase its cars. Their car insurance stands out by using cutting-edge technology to offer better and cheaper coverage for EVs; their employees monitor how clients use them daily in real time to determine how safe the cars are as well as any maintenance needs or repairs needed soon.
Their monthly insurance prices will then reflect how safe they are. Recent trends suggest that safety predictions accurately forecast how people drive, making this method an excellent way to ensure clients don’t pay extra on their policy rates in order to secure the best price.
Tesla cars’ technology can also quickly identify what caused a collision, which reduces costs by making filing insurance claims simpler and faster. Although only available to Tesla users in the United States at present, other insurance providers could develop similar programs and ensure protection is more affordable overall for all EVs.
5) Choose The Best Insurance Plan For An Electric Vehicle (Ev)
Singaporean authorities have been gradually installing more charging points across the island so that each HDB town will be ready for electric cars by 2025, making owning one far simpler than it currently is. Furthermore, going electric could significantly decrease greenhouse emissions.
Singaporeans may soon consider switching to electric cars; when doing so, ensure you purchase appropriate coverage to cover any mishaps that might arise.
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