Comprehensive car insurance includes coverage for:
What is an Electric Vehicle?
An Electric Vehicle (or simply EV) is a vehicle that is powered by electricity instead of gasoline or diesel. EVs use electric motors and rechargeable batteries, which are typically lithium-ion, to store and deliver energy to drive itself forward.
Types of EVs
Battery Electric Vehicle (BEV)
Fully electric with large batteries. No gasoline engine.
(e.g. Tesla vehicles, Kia EV6).
Plug-in Hybrid Electric Vehicle (PHEV)
Powered by both an electric motor and a gasoline engine. Has smaller battery than BEVs.
(e.g. Toyota Prius Prime, BYD Sealion 6).
Hybrid Electric Vehicle (HEV)
Primarily runs on gasoline but uses an electric motor to improve fuel efficiency
(e.g. Toyota RAV4, Toyota Corolla Cross, [most Toyota and Lexus vehicles have HEV variants], Nissan Kicks.
Fuel Cell Electric Vehicle (FCEV)
Uses hydrogen fuel cells to generate electricity
(e.g., Toyota Mirai, Hyundai Nexo).
Why is insuring an Electric Vehicle more expensive?
The cost of getting the basic, CTPL insurance required by the Philippine government may be the same with insuring a traditional vehicle, but when it comes to the comprehensive coverage, to cover damages and losses to your EV as well as liabilities to other parties, it is a different story.
The higher premiums are essentially due to expensive cost to repair an EV, in addition to having a higher purchase price.
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As of today, insurance companies are still learning on the risks associated in insuring EVs but insurers may be able to come-up with better packages and more competitive rates in the near future.