The MG ZS is the cheapest of all electric and hybrid new cars to insure, new research has revealed.
According to data from Admiral, drivers with this electric car pay an average of £376 per year for their premiums.
It revealed that the second cheapest car is a hybrid model, Hyundai Tucson, which costs an average of £1 a year more in insurance than the MG ZS.
Drivers with the MG ZS EV pay just £376 a year for their premium, Admiral . found
In recent years, more and more motorists have been willing to take the plunge for an electric car – although it remains to be seen whether the current energy crisis will feed into the nervousness about having a vehicle that needs to be charged from the electricity grid.
Meanwhile, production problems due to a global shortage of microchips have led to waiting lists for new cars — including EV cars, which rely heavily on computer technology — now reaching more than a year.
But that aside, insurer Admiral has analyzed car sales as of the second quarter of this year and listed the ten ‘eco’ cars for This is Money that offer the most competitive coverage, including a mix of pure electric vehicles and hybrids.
The study found that, despite concerns that electric cars are more expensive to insure due to the high cost of repairing or replacing any damage to the batteries, electric car insurance can be affordable – depending on the car you choose.
The MG ZS was first unveiled earlier this year with the small SUV retailing from £26,095.
Meanwhile, the Tucson is a compact crossover SUV billed as a perfect family car and starts from £26,221.
The electric MG ZS is the cheapest of all electric and hybrid cars to insure at £376 a year
The hybrid Hyundai Tucson is billed as a family car and is available from just over £26,000
Another electric MG came in third with the MG5 EV with an average annual premium of £381 a year.
With a starting price of £26,495, the model comes with 100 kW of charging power and a range of 250 miles.
Meanwhile, the Ford Kuga, a hybrid, was also on the list, coming in fourth with annual premiums of £388.
The Kuga is a family car from £26,445 with a 2.5 liter engine and a battery powered electric motor.
Volkswagen’s electric ID came next with insurance that also cost £388 – putting the cars in joint fourth and fifth place.
The MG5 EV is also on the list of cheapest vehicles to insure with a range of 250 miles
The Nissan Leaf has a range of up to 239 miles, billing the electric vehicle as the perfect ‘family car’
The electric Smart EQ is in sixth place with an average premium of £418 a year.
The two-seater starts from £16,850, but can cover just 75 to 83 miles for a fee.
This is closely followed by Renault’s electric Zoe with an annual cost of £422 and the electric Peugeot E-208 which costs £424.
The Zoe, with a starting price of £27,595, is one of the most popular models and was selected by What Car? named Best Small Electric Car for Value 2021.
With a capacity of 52 kWh, the battery in Zoe E-Tech electric will allow you to drive up to 245 miles.
Meanwhile, the five-door Peugeot 208 starts from £27,225 and takes just 30 minutes to recover 80 percent of the charge.
The Ford Kuga hybrid model is a family car from £26,445 with a 2.5-litre engine
Renault Zoe’s 100% electric car is by What Car? named Best Small Electric Car for Value 2021.
BMW’s electric i3 is in ninth place at £431, while the Nissan Leaf electric is in tenth place at £436.
The German manufacturer claims the i3 can get drivers from London to Brighton and back again, on just one charge, with an all-electric range of up to 182 to 190 miles.
Meanwhile, the Nissan Leaf is one of the most popular EVs with a range of up to 239 miles.
Why do people buy electric cars?
While a large proportion of motorists have reservations about owning an electric vehicle, the number of electric and plug-in hybrid car registrations in the UK passed in May this year according to the latest statistics.
Demand is increasing as drivers want to become more environmentally friendly, the prices of the models are slowly falling and petrol and diesel will be phased out.
Clare Egan, chief engine product at Admiral, said: ‘With the ban on the sale of new petrol and diesel cars coming into effect in less than 10 years, more people are looking to make the switch to an electric vehicle.
Although the fuel costs for electric vehicles are lower and they are exempt from road tax, it is no secret that hybrid and electric cars are generally more expensive to buy than petrol or diesel alternatives.
The Smart EQ is an electric model, but can only travel 75 to 83 miles on a single charge
The BMW i3 can get drivers from London to Brighton and back again with just one charge
“It is therefore important that motorists can calculate some of the additional operating costs to find a make and model that is affordable for them.
“Whether you’re looking to buy an SUV or a smaller city car, it’s helpful to know how much you spend on average on your annual insurance premium before you buy a new car.”
Are EV and Hybrid Prices Falling?
As can be seen from the prices above, it is now getting cheaper to insure electric vehicles and hybrid cars as they become more popular.
Clare Egan, Head of Motor Product at Admiral, said: ‘A variety of things can affect the cost of insurance for an EV and there are several things to consider when calculating the cost of insuring an EV.
“Over time, we’ve seen manufacturers release more affordable EV models. These will generally be less expensive to repair in the event of a claim and will therefore deliver lower premiums than the more expensive EV models.
It’s also important to note that average auto insurance premiums have fallen across the industry, not just for electric vehicles.
“At Admiral, we want to encourage the adoption of electric vehicles, so make sure our EV prices are very competitive.”
SAVE MONEY ON DRIVING
Some links in this article may be affiliate links. If you click on it, we can earn a small commission. That helps us fund This Is Money and use it for free. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.