- We can cover your EV with our Comprehensive Car Insurance.
- We cover accidental damage to charging cables you own and battery fires.
- Use one of our certified EV repairers or choose your own at no extra premium.
Key takeaways
How Allianz Insurance covers EVs
Allianz has designed one product that offers coverage for petrol, hybrid and electric vehicles.
When it comes to EV coverage, we stand out from the rest. Our Comprehensive Car Insurance comes with lots of EV-friendly features.
We can cover you for battery fires, accidental damage to your charging cables, wall mounts and wall chargers1.
You can also access our network of EV repairers or choose your own at no extra premium2.
What am I covered for with my electric vehicle?
Allianz Comprehensive Car Insurance can cover your EV for:
- Fire, including battery fires such as thermal runaway3
- Loss or damage to your EV battery
- Loss or damage to charging accessories that are owned by you including wall chargers, charging cables and wall mounts
You also get access to the same features and benefits you get with a traditional car including:
New car replacement after a total loss
If your new EV is stolen or written off within two years of manufacture, we can replace it with the same make and model where available or pay you the agreed value.
EV certified repairer
Finding an EV repairer can be hard. With Allianz, you’ll have access to one of our EV certified repairers or you can choose your own at no extra premium2.
Removal of excess for windscreen damage only claims4 (optional benefit)
Many EVs have a glass roof, such as Tesla’s heavy duty laminated glass roof. This optional benefit could be worth adding to your policy if this is something that’s important to you.
You won’t have to pay an excess if you make a windscreen, window glass or sun roof claim, if that’s the only damage to your car.
Agreed value
EV prices have changed a lot in recent months and years.
“The pricing of models like Australia’s best-selling EV and the world’s best-selling car in 2023, the Tesla Model Y, has seen multiple price cuts,” says carloop founder and EV specialist Riz Akhtar.
“Now it can be driven away for over $15,000 cheaper than it was two years ago. Many other brands have also followed,” says Akhtar.
We only offer agreed value cover with our Comprehensive Car Insurance.
This is different from market value cover, where you’re insured for the reasonable replacement cost based on what your car is worth ‘in the market’ when it is written off.
With agreed value, you’ll be covered for an amount that we agree to insure your car for, regardless of your car’s depreciation during the policy term.
If your electric car is written off or stolen and not recovered, you should have more clarity around the amount you’ll receive.
How much does it cost to insure an electric vehicle?
There are lots of factors that determine how much your car insurance costs. Each insurance company calculates car insurance premium differently. When calculating your car insurance premium we consider a range of factors such as your age, your driving and claims history, where you live, and the type of EV you own.
Sometimes EVs may be more expensive to insure than a traditional car. There are a few reasons for this:
- Batteries are costly to produce, source and replace.
- In some cases, parts may need to be imported for repairs.
- Some repairers may not be able to repair your EV – they may need to go to a specialist.
- Assessing and repairing damaged electric vehicles can be more costly and time-consuming.
How EV drivers can save on insurance
Like all drivers, you can potentially lower insurance costs by:
- Increasing your excess
The excess is a specified amount you need to pay when you make a claim. By increasing the excess, you may be able to lower your base premium. This is only available with Comprehensive Car Insurance. - Reducing the amount you drive
When you get a quote with Allianz, we’ll ask you how much you use your car. You may be able to get a reduced premium depending on the kilometres you drive. - Consider the excess for drivers under 25
When you get a quote, we ask if you would like to reduce your excess for drivers under 25 (there is an excess payable in addition to the basic excess for drivers under 25). If you select no, your premiums won’t increase. This could be an easy way to save on your premium but it’s important that you consider what is right for you.
How to insure your electric vehicle with Allianz
Step 1: Start your quote
First, we’ll get some details about your EV, such as your registration details or the make, model and year of your car.
First, we’ll get some details about your EV, such as your registration details or the make, model and year of your car.
Step 2: Tell us about yourself
We’ll get some details about your age, driving history and where the car is kept.
We’ll get some details about your age, driving history and where the car is kept.
Step 3: Receive a quote
If you’re eligible for insurance, we’ll quote you a monthly and annual fee (with Allianz you can pay monthly at no extra cost). You will also have the option to add on optional benefits and adjust your excess.
If you’re eligible for insurance, we’ll quote you a monthly and annual fee (with Allianz you can pay monthly at no extra cost). You will also have the option to add on optional benefits and adjust your excess.
Frequently asked questions
An EV can cost more to insure in Australia than a traditional car of the same size and age. Battery and repair costs are two reasons why EV insurance may sometimes cost more. However, there are lots of other factors that impact price, such as claims history and the age of the driver.
Allianz Comprehensive Car Insurance provides cover for your battery, including thermal runaway3, as well as charging cables and wall chargers in your home1.
Allianz Comprehensive Car Insurance can provide cover for Teslas. If you’re eligible, you’ll be covered for battery fires and thermal runaway3, accidental damage to charging accessories you own and more. Please refer to the PDS for more information.
You might be able to get specialised insurance for EVs but you don’t necessarily need to get it. For example, Allianz provides cover for EVs with its Comprehensive Car Insurance policy.
We can cover common EVs issues, such as thermal runaway3 and damage to charging accessories1. You can find this information in the Allianz product disclosure statement.
Ready to insure your EV?
Disclaimer
This document has been prepared by Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 (“Allianz”). Information contained in this document is accurate as at the date of publication and may be subject to change without notice. Changes in circumstances after publication may impact upon the accuracy, correctness, and completeness of the information. Allianz makes no representation or warranty, express or implied, regarding the ongoing accuracy, correctness, or completeness of the information.
Allianz is not under any obligation to update this document or any information contained within. In some cases, information has been provided to us by third parties and while that information is believed to be accurate and reliable, its accuracy is not guaranteed in any way.
Allianz is not responsible for the continued availability of any linked third-party websites. Neither Allianz, nor its employees or directors give any warranty of accuracy, correctness, or completeness, or accept responsibility for any loss or liability incurred by you in respect of any error, omission or misrepresentation in this document.
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*Conditions apply
EV charging accessories, including charging cables, wall chargers, and mounts, must be owned by the insured.
If you choose your own repairer, we may need a second quote from another repairer chosen by us just to make sure the quote you've received is reasonable. We may then authorise repairs, pay you reasonable repair costs or the car’s agreed value or replace your new car where policy conditions are met.
Battery thermal runaway for EVs is covered under fire, provided there has been no deviation from manufacturer specification in relation to battery usage and charging.
With this option, you won't have to pay the excess for one full windscreen, window glass or sun roof replacement and two repairs in each period of insurance.
Allianz acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Custodians of the lands on which we live and work across Australia. We pay our respect to First Nations Elders past and present.
Any advice here does not take into account your individual objectives, financial situation or needs. Terms, conditions, limits, and exclusions apply. Before making a decision about this insurance, consider the relevant Product Disclosure Statement (PDS)/Policy Wording and Supplementary PDS (if applicable). Where applicable, the PDS/Policy Wording, Supplementary PDS and Target Market Determination (TMD) for this insurance are available on this website. We do not provide any form of advice if you call us to enquire about or purchase a product.
Allianz Australia Insurance Limited ABN 15 000 122 850 AFS Licence No. 234708 is the insurer of any general insurance products offered, and Allianz Australia Life Insurance Limited ABN 27 076 033 782 AFS Licence No. 296559 is the insurer of any life insurance products offered. Each entity is responsible for any statements and representations made about its products, on this website.