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Electric car insurance
Electric car insurance can cost more than insuring a traditional car, so it pays to compare. Filter by what matters to you and click through for a personalised quote.
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Most general car insurers offer insurance for electric vehicles, including Bingle, Budget Direct, Youi and Virgin - among others. Request quotes for electric car insurance, from our list of major providers below.
Is it cheaper to insure electric cars?
No. In fact, electric car insurance is usually more expensive than cover for a petrol or diesel car - but there are a few reasons for the higher price point.
They cost more - Electric cars don't come cheap. If you're insuring an electric vehicle, it's almost certainly high value, so your insurance premium will reflect that.
Parts are expensive - Electric vehicles are still relatively new to the Australian market, so there are limited suppliers and manufacturers, which means sourcing spare parts can be tricky.
There's a skills gap - Right now, there are very few skilled technicians who specialise in repairing electric vehicles, so they can charge a premium for their service.
While electric car owners can expect to pay more for their premiums right now, it might not always be the case. As more vehicles enter the market, the number of service providers will increase and arranging repairs will be easier - bringing the cost of insurance down.
Electric car vs fuel-powered vehicle insurance costs
We compared the Hyundai Ioniq Elite fully electric car with the Hyundai I30 Premium hatch, because both cars have similar features and are an affordable price point.
However, the Ioniq has an on-road cost of $49,523 - some 20% higher than the diesel-engined I30, which comes in at $39,430.
Fully comprehensive cover for a 30-year-old, rating one driver cost an average of $1,476 for the Ioniq, while cover would only cost $844 for the same driver if they owned the I30.
Finder survey: How many people have claimed on their CTP insurance?
Response
Male
Female
No
56.46%
52.49%
Yes
10.42%
11.69%
Source: Finder survey by Pure Profile of 1006 Australians, December 2023
Popular electric cars and their insurance costs
The table below shows the on-road costs for three popular electric vehicles over five years, covering an estimated 15,000 kms per year.
Vehicle
List price
Estimated on-road
Weekly on-road costs
BMW i3 120Ah Electric
$68,700
$74,722
$58.34
Tesla Model S 100D Electric 1sp Auto
$141,400
$145,801
$62.95
Tesla Model X 100D Electric 1sp Auto
$146,000
$150,493
$64.64
On-road costs include rego, insurance, licence and RACQ membership. Figures provided by RACQ.
Interested in reading more about electric vehicles?
Although you might have to accept higher premiums for the meantime, there are still ways to save money on your insurance. Some insurers - like WA's RAC - will give discounts for cars which have low fuel emissions. Under the RAC scheme, cars under a year old could see a premium reduction of up to 25%.
You can also save money on your car rego if you buy an electric vehicle, while your duty costs could also be lower.
Do I need specialised insurance for electric cars?
Not necessarily. Most car insurers will offer insurance for electric cars - however, it might be trickier to find cover if you've got a rare or extremely high-value electric vehicle.
For example, some insurance companies won't cover Tesla vehicles, while others will enforce strict age limits on policyholders. This is because there are limited dealerships - just six in Australia - so coordinating repairs can be a lengthy and expensive process.
Some car insurers will give you the option to use your own choice of repairer if you have to make a claim. This usually comes at an additional cost but there are benefits associated with using your own repairer - including quicker turnaround times, a more convenient location, and the ability to choose a specialist service provider.
For electric car owners, particularly those who have prestige or high-value vehicles, it's often a priority to have a specialist mechanic or technician handling the repairs process. As such, it may be worth considering an insurance company which will let you choose your own repairer.
Can I get third party insurance for my electric car?
Yes. Most car insurers will provide third party, third party fire and theft, and comprehensive insurance policies for electric cars.
However, while third party insurance might be cheaper than comprehensive cover, it won't pay out if your car is accidentally damaged. Plus, electric cars aren't exactly cheap - so it might be worth considering more comprehensive insurance.
Why you can trust Finder's car insurance experts
You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees.
You save time. We spend 100s of hours researching car insurance so you can sort the gold from the junk faster.
You can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.
Ben Gribbin is an automotive writer at Finder. He is a life-long car enthusiast, bringing many years of experience working with and writing about cars. During his time, Ben has been a freelance writer, editor and reviewer for a number of leading publications across the UK. He was voted the Guild of Motoring Writers Breakthrough Blogger in 2015. See full bio
Nicola Middlemiss is a contributing writer at Finder, with a special interest in personal finance and insurance. Formerly a business and finance journalist, Nicola has written thousands of articles helping Australians better understand insurance and grow their personal wealth. She has contributed to a wide range of publications, including Domain, the Educator, Financy, Fundraising and Philanthropy, Insurance Business, MoneyMag, Mortgage Professional, Yahoo Finance, Your Investment Property, and Wealth Professional. Nicola has a Tier 1 General Insurance (General Advice) certification and a Bachelor's degree from the University of Leeds. See full bio
Nicola's expertise
Nicola has written 239 Finder guides across topics including:
Personal finance
Personal insurance, including car, health, home, life, pet and travel insurance
Thanks for reaching out. Although your car model isn’t listed, you can still request for a personalised quote. Simply click the Get Quote icon on this page. You’ll be directed to the insurer’s website where you can provide the details of your vehicle.
Make sure you read each policy’s Product Disclosure Statement (PDS) to make sure you’re covered for what you need.
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You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees.
You save time. We spend 100s of hours researching car insurance so you can sort the gold from the junk faster.
You can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.
I do a search for the vehicle I want a quote for and the model isn’t listed. Dead end. The vehicle is a 2016 Nissan eNV200 24kWh van.
Hi Jim,
Thanks for reaching out. Although your car model isn’t listed, you can still request for a personalised quote. Simply click the Get Quote icon on this page. You’ll be directed to the insurer’s website where you can provide the details of your vehicle.
Make sure you read each policy’s Product Disclosure Statement (PDS) to make sure you’re covered for what you need.
Regards,
James