Insurance for electric vehicles

Planning to switch to an electric vehicle, or already have one? Just before you "hit the road," it's worth checking the insurance for the electric vehicle, what it includes, and what to pay attention to.

Currently, about 100,000 electric vehicles are driving on Israel's roads, and according to estimates, the number will only increase in the coming years.

The electric vehicle is fundamentally different from the internal combustion engine vehicle in terms of structure, technology, and especially regarding the charging of the electric vehicle. Due to the differences between vehicle types, the required insurance coverage is also different and requires different attention.

Electric Vehicle Insurance Policy
Different insurance companies offer insurance coverage for the electric vehicle based on the mandatory policy, third-party insurance, and comprehensive insurance. There is currently no specific insurance policy for the electric vehicle, but extensions, coverages, and additions to the policy structure we all know.

Coverages and Additions Worth Knowing
We have compiled for you several extensions, coverages, and additions worth knowing in the insurance policy. It is worth checking whether they are included in the policy, in which cases the coverage is activated, and whether there are conditions that are important to know.

Roadside Assistance and Towing: Since it is a type of vehicle that requires different roadside assistance and unique towing options, it is important that when needed, a response tailored to the electric vehicle is provided.
The electric vehicle's battery is equivalent to the fuel tank in the internal combustion engine vehicle. In case the battery runs out before reaching the charging station, the vehicle needs to be rescued/towed.

Another case is a tire tear. In most electric vehicles, there is no spare wheel but an inflation kit, and in the case of a tire tear, there is no choice but to tow the vehicle.

It is important to ensure that in a case that requires towing the vehicle, the insurance company commits that the towing will be carried out by a tow truck specializing in towing electric vehicles.

2. Charging Station Insurance: It is worth checking with the insurance company what is the correct way for you to insure the charging station:

Through car insurance, which will include certain liability for damages to the station, including replacement of parts or repairs at the station?
Through home insurance, when the charging station is in your owned parking lot?
Through dedicated insurance for the charging station?

In any case, it is important to check what is the coverage framework provided for third-party property damage caused by the charging station when the vehicle is connected to the charging station only?

3. The vehicle's battery is the most expensive and important component in the electric vehicle. It is worth checking what coverage is provided for the vehicle's battery in case of accidental damage, break-in, and theft?

4. Coverage for the charging kit that comes with the electric vehicle and is intended to be in the vehicle. This coverage is valid in case of theft or damage caused to the charging equipment following an accident.

5. In which cases is a replacement vehicle service provided and for how long?

6. 'New for Old' coverage intended for a new vehicle only, up to two years from the date of hitting the road. This coverage allows receiving compensation equivalent to a new vehicle, in case of total loss or theft of the vehicle.

7. Does the policy include young/new drivers/both?

Going to the Insurance Company
To complete the purchase of insurance for the electric vehicle, it is important to compare between insurance companies and check the offered policy terms and the cost you will need to pay. The cost of a comprehensive insurance policy for an electric vehicle contains several parameters such as the driver's age, insurance history, new/young driver, additional drivers, vehicle type, and more.