With the passing of recent legislation that offers more incentives for Canadians to make the switch from a gas-powered vehicle to a hybrid or electric vehicle, it’s important to get the details about what this switch might mean for you, and how you can insure your new electric car.
If you’re thinking about making the switch, follow this handy guide that walks you through the difference between hybrid and electric cars, the incentives you can expect to have for purchasing a new vehicle, and what options are available to help you insure your new car.
What’s the Difference Between a Hybrid and Electric Car?
The basic difference between a hybrid and electric car is that an electric vehicle runs entirely on an electric battery pack and features no internal combustion (gas) engine. What, exactly, makes them different?
Hybrid vehicles feature both an internal combustion engine (ICE) and an electric battery component. The size of both of these systems depends on the type of hybrid that you choose.
Electric vehicles are zero-emission cars that are powered by a large battery and don’t have an additional internal combustion engine to power the vehicle if the battery runs low. They feature a complicated battery design, nearly silent drive experience, and cheap battery-charging solutions.
Electric vehicles are still being developed and therefore can be pricier than most hybrid options, but the maintenance is minimal due to the absence of the typically complicated machinery involved in a gas car and the cost of refueling is much less than buying gas on a regular basis.
Why Make the Switch?
Here are a few key reasons why you should make the switch to an electric vehicle.
Reduce Greenhouse Gas Emissions
It’s long been established that burning fossil fuels increases the amount of greenhouse gas emissions that pollute the air and contribute to climate change. Much of Canada relies on clean energy to power homes and businesses, and you can reduce emissions from your vehicle by up to 90% by going electric.
Save Money in the Long Run
By driving a vehicle that doesn’t rely on fossil fuels, you can expect to save nearly $2,000 a year on gas alone. You also can anticipate lower maintenance costs, as the construction of an electric vehicle is much simpler and doesn’t require the typical maintenance routines, like oil changes, or have as many moving parts that need to be replaced to maintain the vehicle’s drivability.
Electric Vehicle Incentives
There are a variety of electric vehicle incentives now being offered in Canada. As of May 1, 2019, all Canadians qualify for an incentive to buy an electric or plug-in hybrid vehicle where they can save up to $5,000 off the purchase price. There are also incentives for making the switch in multiple provinces within Canada.
If you’re curious about the maximum incentives you can receive for your electric vehicle purchase, check out this helpful list.
What About Charging Stations?
All electric vehicles are charged by plugging the vehicle into an electrical outlet or a specialized charging plugin. There are two levels of charging based on what you plug the vehicle into.
All you need is a standard auto insurance policy to insure your electric vehicle. While you may be worried that you’ll see an increase in insurance premiums, this likely won’t be the case since insurance policies are driven by serial numbers. In fact, there may even be discounts for these cars depending on the company that you receive a quote from and insure with.
The combination of lower maintenance costs and no increase in your insurance means that making the switch to an electric or hybrid vehicle is the right move to make.
Higgins Insurance offers comprehensive auto insurance that can keep you covered and ensures you peace of mind when driving your new eco-friendly purchase. Be sure to ask about any discounts you are eligible for when giving Higgins a call.
Make the Switch Today
There are many great reasons to switch from a gas-powered vehicle to an electric or hybrid car. As a Canadian, you are eligible to receive any number of electric vehicle incentives that offset the price of buying a new or used electric vehicle, while reducing the overall carbon emissions to the environment.
You can also be sure that your new electric vehicle is covered by comprehensive auto insurance. Therefore, not only are you doing a great service to the environment, but you’re saving money in the long run by switching to an electric vehicle today.
If you’re ready to make the switch, speak with a qualified insurance representative to get a quote on your new electric vehicle today. Contact Higgins Insurance for more information!