REVEALED: The cheapest electric vehicles to insure in 2024

Uswitch experts have revealed the cheapest car insurance deals on offer to electric vehicle owners in 2024.

Discounts on EVs have risen by as much as 323% in recent months, as car makers in Western markets work to incentivise customers to switch to electric.

Taking the list of EV models with the highest discounts on them currently, research by Uswitch car insurance experts has revealed the EV models that are the cheapest to insure depending on your age.

With the UK set to ban all sales of new petrol and diesel vehicles by 2035 and with prices of EVs falling considerably, more customers are considering the switch to electric. However, additional costs such as insurance premiums must be factored in.

The Fiat 500 70kW Red 24kWh is the cheapest EV model to get insured on:

The 12 current EV models with the best discounts have been revealed by WhatCar?, with the Fiat 500 70kW Red 24kWh being the cheapest of the models. Customers are reported to be able to save 14.3% off the manufacturer’s RRP.

This model is also the cheapest to insure through Uswitch. Looking at the insurance quote for each age bracket, the average yearly insurance premium on the Fiat 500 70kW Red 24kWh is £1,075.99.

However, customers can save the most money by purchasing the Vauxhall Mokka-e 100kW GS Line 50kWh, with the discounted price available today being 23.3% lower than the market price. For this EV model, valued at this discounted price of £29,898, car insurance through Uswitch will be, on average, £1,281.69 annually.

On average 18 year olds pay almost 150% more than 28 year old for their insurance:

It is no surprise that 18-year-olds are quoted the highest insurance premiums for electric vehicles. Uswitch insurance quotes revealed that the average price of annual insurance premiums is £8,601.61 for 18-year-old drivers. This totals in at 37.5% of their average annual salary.

In fact, even if an 18-year-old is looking to get the cheapest insurance, which is offered on the Fiat 500 70kW Red 24kWh, they would be paying as much as 13.3% of their average annual salary.

However, young drivers can explore options for new driver insurance policies that may offer tailored coverage at a lower price or discounts for safe driving habits. This is especially important for those considering purchasing an electric vehicle, as insurance premiums may be higher than traditional petrol or diesel cars due to the cost of repairs and technology.

Overall, 48-to-58-year-olds are offered the lowest insurance premiums on EV models. On average, annual insurance will be offered at £846.99 for 58-year-olds with 48-year-olds offered deals for as little as £8.47 more per year.

Insurance premiums offered on EV vehicles increase again when retirement age is reached. 68-year-olds are generally quoted just slightly higher than that of a 38-year-old at £998.23 per annum, while 78- and 88-year-olds take second and third place after 18-year-olds for the highest quoted insurance premiums.

It is crucial to consider not only the annual insurance premium quoted but the total excess which is included in each insurance deal offered.

By opting for a voluntary excess of £250 on your EV insurance premium, you should expect to pay on average £663.80 excess in total. Of course, this will depend on your age and the car model. For example, on average 18-year-olds should expect to pay £904.17 while 28-year-olds will on average be charged £616.67.

Leoni Moninska, Uswitch car insurance expert, commented:“While the price of electric vehicles falls, it’s important to not only think about the cheapest models to buy, but also the cost of insuring your EV.

“Where people often presume that EVs are more expensive to insure, with prices expected to continue to drop, it is worth searching for updated quotes to see what deals are on offer.

“Despite EVs being more expensive upfront, they can often end up being cheaper to run over time, with no road tax, ULEZ costs and attractive charging prices, which makes them a good option for many drivers if they’re planning to keep the car for a while.

“Of course, as with all vehicles, quotes for smaller and more practical EV models are not far off those of their petrol and diesel equivalents.”