Electric Vehicles - What’s in It for You?
Are Electric Vehicles an Option for You?
You might think electric cars are a new innovation but they have been around in one form or another since 1828 when Ányos Jedlik installed his electric motor in a small model car. Since then, issues around range and battery power have hindered the development. In recent years with the environmental benefits driving innovation these issues have begun to be resolved. Yet, here in Ireland their popularity have not taken off just yet with just 3,751 electric vehicles (EV’s) currently registered on Irish roads. Therefore we have looked at the in’s and out’s of EV’s to see if they are an option for you…
The initial purchasing costs of electric vehicles in Ireland vary depending on what model you decide to go for. There is a large variety to choose from in 2018 across many makes and models. To give an idea of the price range of switching to electric, a 2018 Nissan Leaf would start at €21,490, whereas a Tesla Model S* would start at €93,289 for the base model.
The driving range must also be considered when choosing the right car for you. Just like price differs so does the driving; this could be an important factor for you when thinking electric, for instance the Nissan Leaf has a driving range of up to 200km whereas the Tesla Model S has a driving range of up to 490km.
Apart from the purchasing cost comes running costs of powering your journey in an electric car. Based on driving 250km in a Nissan Leaf would cost €2.92 on average per week to charge. In comparison for the same amount of kilometres in a Nissan Leaf equivalent car, Diesel would cost €19.68 per week and Petrol would cost €27.00 per week.
ESB have created a handy calculator for the running cost of electric vehicles where you can input your weekly driving distance in Kilometres and it will give you the cost equivalent in Electric, Diesel and Petrol.
To give you an idea of the charging times of an Electric Vehicle, A Nissan Leaf or equivalent electric car takes roughly 7 hours on standard 7kW home charger. However CHAdeMO rapid chargers can be found around the country which will give you up to 80% charge in less than 1 hour.
Here at Allianz, we like that electric cars reduce carbon emission and are good for our environment . Therefore, we offer premium reductions on most electric vehicles so not only are you doing your bit to improve air quality you will also be making a saving in the pocket.
To find out more about our Car insurance options for Electric Vehicles please give us a call on (01) 448 48 48 and one of our customer service representatives will be delighted to help.
Electric Vehicle Grants
One of the main incentives to going electric are the grants the government have in place to help reduce the initial costs. The Sustainable Energy Authority of Ireland offers two types of grants to make the switch more affordable.
The first grant available is off the cost of purchasing a new electric vehicle where you can receive up to a maximum of €5,000 depending on the value of the car. The second grant available is to help install vehicle charge points on the owner’s property where you can claim up to €600 back off the cost of the installation.
For more information on electric vehicle grants please visit SEAI.
A huge benefit of owning an electric car in Ireland is the tax relief that it offers. Electric cars are now part of a new ‘Private Car Electrical’ basis of assessment within Motor Tax Revenue which is currently the lowest band of motor tax in Ireland for private cars. Currently the rate of tax for electric cars is €120 per annum. How does this compare to what you are currently paying on Motor tax and would it make you think about switching to electric?
Along with the financial savings of converting to electric there are also environmental benefits. By driving an electric vehicle it significantly reduces Co2 emissions, lowers air pollution and improves the air quality. Allianz like the fact that electric cars reduce carbon emissions, so in return we offer discounts on car insurance premiums on most of these vehicles.
Nationwide Charging Points
Public charging points can be found throughout the country where you can give your car a charge with no cost involved. A number of shopping centres and offices are having the charging points installed meaning you can be charging your car whilst shopping or at work. There are currently 1,200 points in Ireland and as the demand for electric cars increases; more charging points are being installed into different areas of the country.
ESB have put together an interactive map of all the charging points within Ireland which also indicates what charging points are in use or if they are out of service, this will allow you to plan your journey before you start driving
Top 5 Electric Cars on the Market
Would the incentives be enough for you to move electric? To wrap things up we have put together a list of the best selling electric vehicles in Ireland in 2017 to help you make a decision on what to go for if you think electric is for you:
- Nissan Leaf
- Hyundai Ioniq Electric
- Renault Zoe
- Tesla Model S*
- Tesla Model X*
*Unfortunately we do not offer insurance cover on Tesla models as they fall outside our car insurance criteria for acceptable risks.
About the author:Market Management
Date:May 03rd, 2018