Transcript: Electric Vehicles: Driving Towards a Sustainable and Thrifty Future

00:00 - 00:48

With over 1.4 billion cars on the road today, sustainability and electric vehicles sit at the forefront of modern technology, evolving the way we drive. But, are electric vehicles more sustainable? How cost effective are they? And, of course, how will your insurance vary if you decide to jump into the electric vehicle market? Well, it all depends. So let’s take a look at some factors that will help your buying decision in today’s video: Insurance and electric vehicles.

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00:48 - 01:33

So, how sustainable are electric vehicles? Well, some argue that the use of non-renewable resources such as lithium and cobalt undermine the eco-friendly image of electric vehicles. And while this may be true, researchers and manufacturers are working to improve recycling practices.

Another popular debate is that more electric cars could strain the power grids and potentially increase greenhouse gas emissions if non-renewable resources generate the electricity. But this viewpoint doesn't consider the potential for renewable energy like solar and wind, to supply the charging needs of electric vehicles, or any advancement in battery or smart-charging tech to reduce strain on grids.

01:33 - 01:47

We all know that gas prices fluctuate, leaving your wallet empty at the pump. Charging your electric vehicle is generally more cost effective with a significantly lower fueling cost per mile compared to gas vehicles.

01:47 - 02:45

With their mechanical parts and a simpler design, electric vehicle owners will sing praises of their departure from the maintenance-intensive nature of traditional gas powered vehicles. Here are some electric vehicle maintenance tips to help save you money. Keep an eye on tire pressure and tread wear.

Not only is it safe practice, but maintaining the recommended tire pressure will help optimize battery range and performance.

Avoid charging the battery to 100% or letting it drain completely.

Anywhere between 20 to 80% is a good place to minimize stress on battery cells. And take advantage of the smart charging features. This allows you to schedule charging during off peak hours when electricity rates are low.

Electric vehicles use regenerative braking, which reduces wear on brake pads. But that doesn't mean they don't wear. So make sure to check them regularly.

02:45 - 03:09

Now the big factor: insurance. Thanks to the low risk of accidents and less expensive repair costs, electric vehicles are generally cheaper to insure. Although placement and protection of the battery may impact insurance premiums, things like claims history, age, gender, location, vehicle usage, and safety features still play a role in determining insurance rates.

03:10 - 03:30

With the market rapidly expanding, insurance options for electric vehicles are likely to increase, providing even more value and peace of mind to EV owners. So if you're looking to switch up your ride and need an insurance quote for an electric vehicle, contact a BIG broker or head over to theBIG.ca today.