The market for electric vehicles is growing at an impressive rate, and so is the demand for electric vans. Not only does an electric van give you more freedom, but it also allows you to make our world a better place.
Lower running and maintenance costs, no tailpipe emissions, simpler driving — the pros of owning an electric van are immense, but the cons are also present: higher prices for electric vans and more expensive electric van insurance.
Speaking of which, electric van insurance is a legal requirement in almost all states, so you have no other choice but to learn everything about it.
Read on to uncover more knowledge regarding electric van insurance.
An electric van uses an electric motor for power, instead of the internal combustible engine in gasoline-powered cars. Electric vans are more expensive than traditional gas- or diesel-powered vans because of costly battery packs and cutting-edge technologies.
Many governments provide incentives to encourage eco-friendly driving. Electric cars are exempt from road tax in some countries and eligible for multiple discounts.
Most electric van insurance policies provide the same coverage as standard auto insurance:
However, since electric vans do pose extra risks, there are two more optional coverages you may need:
Note that electric van insurance coverage also depends on the country. For example, in the United Kingdom, there are three common insurance policies for electric vans:
The cost of electric van insurance depends on the state, make/model of the van, age, battery size, whether the van is electric or hybrid, whether you own a single or a few vans, and whether you are eligible for bonuses, among other factors. Electric van insurance is usually more expensive than insurance coverage for diesel-powered vehicles, but it’s getting cheaper as more and more people choose electric cars over gas analogs.
Electric van insurance is more expensive for two reasons:
That said, the price difference is usually not higher than 20%.
There are several ways to save on electric van insurance:
In general, though, exclusive discounts on electric cars are not too widespread. However, don’t forget that maintaining an electric van is cheaper than maintaining a diesel-powered vehicle.
Most mainstream insurance providers offer electric car insurance covering vans. For example, Liberty Mutual offers discounts for hybrid and electric cars. The other mainstream auto insurers that can offer you a decent electric van policy are Nationwide, USAA, Allstate, Progressive, and State Farm. However, if you own a rare make or model of an electric van, then you may need a specialist provider.
Electric van insurance is mandatory in all U.S. states barring Virginia and New Hampshire. In these two states, you will be responsible for compensating for all property damage and bodily injuries caused in an at-fault accident. In Virginia, you will also have to pay an uninsured motor vehicle fee of $500 in order to drive.
The only way to find the best insurance policy for you is to research as many providers as possible, including Allstate, Liberty Mutual, Nationwide, Progressive, State Farm, and USAA. When choosing your policy, consider what type and how much insurance you need, your budget, and your risk tolerance.
Commercial van insurance is a policy that covers a van used for commercial purposes (private vans, public vans, school vans, etc.).
Commercial vas insurance usually reimburses for:
Damage caused to the van in an accident
Theft, fire, and natural disasters
Personal injuries or death
Third-party damage and losses
There’s no road tax for electric vans.
Oleksandr is an expert in deep research. He covers various insurance topics across verticals, adopting to every local law.