Insuring an electric vehicle is not a problem, as insurance companies are constantly renewing themselves to offer the coverage needed to make the use of these vehicles as satisfying as possible. We contacted a number of leading companies, such as Mutua Madrileña, Mapfre and AMV, to find out more about the insurance policies they offer for electric vehicles.
Common coverage
In principle, general cover does not differ greatly from that provided for other vehicles, in both comprehensive and third-party insurance, and covers aspects such as third-party liability, own and third-party damage, fire, theft, individual accidents to occupants, legal defense, claims for damages, travel assistance for the vehicle and its occupants, etc. They also include exclusions such as damage caused intentionally, damage caused when the driver is intoxicated or under the influence of drugs, damage caused when the driver does not have a driving license or when the vehicle's technical safety requirements are not met, and so on.
Specific coverages
As we've explained, most cover for electric vehicles is similar to that used for other vehicles, but some sections need to be supplemented with specific cover for electric or plug-in hybrid vehicles, such as those relating to items like cables and charging points or batteries. Indeed, most insurance companies have special vehicles capable of rapid recharging, so that in the event of the insured being "stranded" with his vehicle uncharged and unable to recharge, he can receive the assistance he needs to continue his journey. If the vehicle breaks down, as with other types of vehicle, the insurer will take care of transporting it to the appropriate location.
Other elements specific to electric vehicles, such as charging cables or the batteries themselves, are also included in the insurance cover, as they are considered essential to the vehicle's proper operation. This means that in the event of breakage or theft of the cable and batteries, the insurance will provide specific coverage, although we recommend that this type of condition is clearly specified when taking out an insurance policy. It's also worth asking about cover for charging points, as this can vary depending on the company and the type of charging point, individual or collective, and whether the company agrees to cover them, which is generally the case.
For all electric vehicles
Insurance companies don't just think of cars: other electric vehicles such as motorcycles and commercial vehicles also have specific insurance policies to cover them.
Mutua Madrileña, Mapfre and AMV agree that the electric vehicle is here to stay - as evidenced by the number of registrations of the latter in 2023 - and that, logically, they need to make progress in their insurance offering and adapt to offer the best coverage, both for cars and motorcycles.
Another aspect discussed with insurers is the need to guide their customers and dealers and help them make a decision when it comes to buying and offering an electric vehicle. In fact, the Ruta 2025 program on Negocios TV dealt in depth with the subject of electric vehicle insurance with the participation of executives from the three insurance companies mentioned, where the progress of these vehicles in the market was analyzed, both for cars and motorcycles.
You can view the program in the video below:
Price differences
Current legislation makes no distinction between vehicles at a standstill or in continuous circulation, so all must have the minimum third-party liability cover, with the exception of those deregistered in the DGT vehicle register. What the legislation does not specify is the type of insurance or coverage it must include, let alone the price.
In this sense, the price of insurance for electric vehicles doesn't differ much from that of insurance for combustion vehicles, whether it's third-party, extended third-party or comprehensive, and the differences are marked by the actual cover taken out.
Initially, insurance for electric vehicles was a little higher than for other vehicles, but the situation has changed and electric vehicles are now offered at a lower price for the same cover. In this sense, companies are taking into account the conditions of electric vehicles for the new mobility that is developing, particularly in urban areas, where concern for the environment and low emissions play an important role, and where the electric vehicle is today the best alternative for "cleaner" traffic. It's for this reason that insurance prices are falling, and also because electric vehicles are becoming increasingly widespread throughout the world.
Another aspect taken into account by insurers is the components of electric vehicles, which are devoid of elements such as a conventional engine or gearbox with clutch, meaning that breakdowns are less frequent, which also influences the evolution of insurance and its final price.
Supporting development
As already mentioned, the progress of electric vehicles is evident, and the market is continually receiving new models of all types (cars, motorcycles, industrial vehicles, etc.). Progress in terms of recharging stations is also growing in importance and number to make journeys, especially longer ones, more rewarding - in the Electromaps app, you can find current recharging stations all over Spain and their features -, this means that insurance companies are also making progress in this respect, updating their insurance offerings and the necessary coverage as the electric vehicle progresses, as elements are developed that will enhance the capabilities and use of these vehicles, such as batteries and recharging.
