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Updated
The growing focus on sustainability — and the rising cost of gas — is leading more people to embrace lower-emission electric vehicles. Statistics Canada says that new registrations of zero-emission vehicles (ZEVs) comprised 5.2% of all vehicle registrations in 2021. Most of those cars (93.4%) were registered in Ontario, Quebec and British Columbia.
EV insurance works the same way as it does for its gas-powered cousins. But EVs require special parts and services by qualified technicians — no surprise then that insurance has the potential to be more costly.
If you own an EV, shopping around for the best premium is especially important. With RATESDOTCA, you can compare over 50 car insurance companies to see which offers the lowest rate.
You can save hundreds of dollars a year just by taking three minutes to compare multiple auto insurance quotes.
The other bit of good news for EV drivers?
Since zero-emission vehicles use less fuel than conventional cars, some insurance companies will offer incentives to entice EV owners to use their services. For example, TD offers customers the Green Wheel Discount to customers who want to insure a hybrid or EV. Desjardins is another company that provides green savings on fuel-efficient vehicles.
Taking advantage of discounts offered and comparing quotes will help trim your premium. Don’t just take our word about the latter, either. The federal government and both Ontario and Alberta’s car insurance regulators recommend shopping around, too.
Keep reading to find the best insurance policy for your EV at the most competitive price.
Annual sales of EVs in Canada (including electric and hybrid) in 2021 totalled 138,056, according to Statistics Canada. As mentioned, the three biggest provinces saw the most sales. Specifically, Ontario had the most with 48,091, Quebec had the second most sales with 38,055 vehicles. B.C. was next with 32,033.
Those sales numbers will likely grow significantly over the next decade and beyond. Why?
Canada has set a target to reduce greenhouse gas emissions from vehicles by 50% by 2030, eliminate them by 2035, and reach zero-emissions status as a country by 2050. Currently, cars account for about 20% of greenhouse gas emissions in Canada, so increasing EV sales is seen as key to achieving that goal.
As of May 2022, Canadian EV drivers have access to more than 16,000 chargers at more than 6,000 public stations, according to Natural Resources Canada. To encourage more EV purchases, more chargers will be coming as part of a nationwide network expansion. This is part of the Electric Vehicle and Alternative Fuel Infrastructure Deployment Initiative announced in 2016.
What kind of coverage do experts recommend for EVs?
In the grand scheme, EVs are relatively new and have only been mass-produced since 1997, when Toyota rolled out the Prius.
Insurance for EVs is similar to standard car insurance but there may be additional points to consider in terms of liabilities that may be unique to these vehicles.
But first, let's go over the auto insurance coverages that are compulsory in Ontario for all cars, EVs included. Don't live in Ontario? Find out what coverage is mandatory in your province or territory.
| Insurance type | Mandatory coverage | Optional/Additional coverage |
|---|---|---|
| Third-Party Liability | $200,000 minimum. Provides coverage in the event of a lawsuit resulting from an accident where you are at fault. | Coverage can be increased to $500,000, $1 million, or $2 million, with up to $2 million limit. |
| Direct Compensation-Property Damage (DC-PD) | Covers damage to your car, or loss of use of your vehicle, if someone else is at fault. Must involve another insured vehicle. | For additional vehicle coverage including for when you are at-fault, consider collision coverage. |
| Uninsured Automobile Insurance | Provides up to $200,000 in coverage if you are injured or killed by an uninsured driver, or if your vehicle is damaged as a result of a hit-and-run by an unidentified, uninsured motorist. | Family Protection Coverage is an optional coverage that includes additional coverage of up to $1 million in the case of a hit-and-run by an uninsured motorist. |
| Statutory Accident Benefits |
Provides coverage if you are injured in an accident, regardless of who is at fault. Covers medical expenses that aren’t covered by OHIP. |
Coverage limits can be increased. |
Once you have the basics covered, you can tailor your policy to better meet your needs as a driver of an electric car. For example, EV owners may want to talk to an insurance professional about additional liability risks related to charging cables, charging stations and EV battery protection.
Also, EVs have features that standard cars do not, which may add risk and expense if or when repairs are needed. Some of those include:
If you’re new to electric vehicles, you may consider adding an endorsement to your policy that ensures you’re reimbursed for emergency roadside assistance. Endorsements are special agreements that allow you to alter your policy and are available in all provinces.
In Ontario, O.E.F. 35, Emergency Service Expense Endorsement, provides such coverage. The Alberta equivalent is known as S.E.F. 35, Emergency Service Expense Endorsement.
Electric vehicles are cheaper to fuel up than cars with combustion engines, but how do they compare on insurance costs?
Data from the RATESDOTCA quoter shows that insurance for a Nissan Leaf, one of the cheapest EVs on the market, is comparable to gas-powered cars of equivalent value.
Toronto
Calgary
Prices are based on a 30-year-old female driver with 10 years of driving experience and a claims and conviction-free insurance history.
Insurance companies keep a close watch on the cost of repairing vehicles. They even track costs by car make and model. Electric vehicles have different parts than gas-powered cars. They also need to be serviced by specialized technicians (of which are in short supply in Canada). These factors combined mean EVs may be slightly more expensive to insure. You can trim your premium by applying for the green vehicle discounts offered by an increasing number of insurers.
Insurance is also based on your personal risk assessments and how good (or not) of a record you may have as a driver.
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Typically, the more expensive a car is to replace, the more expensive the insurance will be. EVs have technologies and systems that are costly and may likely increase insurance because of that. However, EV insurance also depends on the risks associated with the driver, where you live and your claims history. It is best to consult your broker and obtain a quote on an EV before purchasing it.
Insurance discounts for EVs are on a case-by-case basis. While the rates are based more on the expense of replacing the car, personal driver history and other risks will account for the cost. Some discounts can be had depending on the insurer. For example, TD Insurance offers a Green Wheel Discount to drivers who choose to drive an eco-friendly hybrid or EV. Desjardins offers customers between a 10% and 20% discount who drive a hybrid or fuel-efficient car.
Companies like TD and Desjardins offer customers discounts who purchase green vehicles. Anyone interested in EVs and exploring this further can find these providers and compare the best rates on RATESDOTCA.
Consider traditional savings methods such as increasing deductibles, checking out reviews to see which vehicles are cheaper to insure and bundling rates with home and life insurance. Most importantly, you can get quick comparisons of the best rates for EVs on RATESDOTCA, which offers the fastest way to get multiple insurance quotes and coverages in one place.
Another way to save insurance? Safety. The clearer your driving record the more chance you have of obtaining the cheapest insurance from providers. A clean past driving record will indicate your future driving habits (or so it is believed), leading to better rates, especially if insurance companies are competing for your business.
If you are a new driver, or even want a refresher with the purchase of your new EV, a driver’s training course couldn’t hurt. Insurance providers look favourably on this type of training and will reward you with better rates for your efforts.
Some insurance providers offer a discount if you allow them to monitor your driving habits. Data is gathered either through an app on your phone or a telematics device in your car. Data cannot be used to increase your premium and rates can be reduced if your driving habits are good.
While the Ontario government scrapped incentives to purchase EVs, the federal government provides rebates of up to $5,000 for the purchase of some EVs (the Tesla Model 3 no longer qualifies). The federal program started in 2019 and has been expanded until 2025.
Answers to common questions about RATESDOTCA
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Joel Kranc is a freelance writer and content provider who has worked with RATESDOTCA since 2019. He holds an MA in political science from the University of Toronto and a film certificate from New York University.
He has been published in and worked for such companies as CNN, Rogers Media, Institutional Investor Magazine, The Globe and Mail, Infrastructure Investor, BenefitsPRO Magazine, Global Finance Magazine, With Intelligence, the CPP Investment Board, Hospitals of Ontario Pension Plan, and many more financial services and industry publications.
He is the author of "Retirement Planning in 8 Easy Steps," which, when released in 2015, was No. 11 on the Publisher's Weekly US Bestseller List for Business and Finance, beating out Mark Cuban's "How to Win at the Sport of Business."
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