Electric car models like Tesla Mode 3, BYD, Tesla Models X and Y, Nissan Leaf, Toyota Prius, and Chevy Bolt cost a lot to ensure.
You will have to save for insurance like traditional car owners do.
Immediately after you purchase an electric car, try and get your insurance quotes from different insurance companies so that you can compare the prices and choose the best deal for your car. This can help you save money.
Tesla will has the highest insurance costs among electric car brands in Australia in 2024.
However, there are a lot of advantages to using electric cars. It’s convenient when it comes to charging.
Apart from that, there are a lot of public charging stations for electric cars, and you can also install a personal charging station at home for personal use.
There is also the advantage of no fuel emissions to the environment compared to traditional cars, which use petrol and diesel for their engines.
Are Electric Cars More Expensive To Insure In Australia In 2024?
If you are considering purchasing an electric car in Australia in 2024, do a background check on insurance prices.
Because electric cars are expensive to insure in Australia, this is not peculiar to the country alone but in other developed worlds.
For instance, full coverage premiums for some electric cars like the Tesla Model X and Chevy Bolt cost as much as AU$6,677.36 and AU$3,070.91, respectively.
Electric vehicles tend to cost more to insure than already existing petrol and diesel-powered cars.
As a result, electric car owners sometimes qualify for unique discounts, which help cover part of their insurance.
You should also note that electric cars may need extra coverage options, like coverage for their batteries, which can also add to their insurance prices.
What Is The Highest Insurance Premium For electric Cars In Australia In 2024?
High insurance rates for electric cars can be attributed to a lot of factors.
You should expect to pay as much as AU$6,677.36 as an insurance premium for electric cars in 2024.
However, insurance for electric cars will eventually reduce as it floods the Australian market and supply meets or exceeds demand.
For example, the Australian Department of Energy projects that the cost of battery packs for electric vehicles is close to 90 percent lower than it was in 2008.
All these factors will eventually push down insurance prices for electric cars.
What Is The Expensive Electric Car To Insure In Australia?
The Tesla Model X is the most expensive electric car to insure in Australia.
In general, Tesla cars are very costly, with a price range between AU$212,098.74 and AU$112,771.40, as shown in the table below.
| Tesla car Model | Price |
| Model X Long-Range | AU$212,098.74 |
| Model X Performance | AU$234,988.74 |
| Model 3 Rear-Wheel Drive Standard Range | AU$112,771.40 |
| Model 3 Dual Motor All-Wheel Drive (Long Range) | AU$134,135.40 |
| Model 3 Dual Motor All-Wheel Drive (Performance) | AU$146,343.40 |
Current Insurance Providers For Electric Cars In 2024 In Australia.
The current insurance providers for electric cars in 2024 in Australia are Bingle, Budget Direct, Youi, and Virgin.
You can request their insurance premiums and decide on the insurance company with the best insurance package for your electric car.
Insurance providers in Australia consider a lot of factors regarding insurance for electric cars, especially the cost of the purchase of electric cars.
For instance, if an electric car owner signs up for a comprehensive insurance package, the insurance company will be required to purchase a brand new car for the insurance holder, and this is a lot of cost.
Therefore, insurance providers charge high premiums for electric cars so that they will not run at a loss if they are to buy a brand new car for the insurance holder.