In terms of electric cars, the insurance policy that will be agreed will be undoubtedly that of wide coverage; the costs of insurance for electric cars are about four thousand pesos approximately.
Not only in Mexico, but the whole world is also living deep times of change regarding environmental commitment and this is replicated in many productive, technological, and commercial sectors, among others. We conducted several studies, and we were able to verify that in 80% of the world's countries, governments are promoting eco-friendly measures in different aspects. Of course, this country is not the exception and more and more people want to be able to contribute by buying, for example, an electric car, of which many things should be known before making the purchase.
How is the electric car market in Mexico?
There is no doubt that year after year this sector has been growing in investment, with many companies looking to enter new markets. This clearly shows, for example, that Grupo IUSA provides millions of pesos in investment to manufacture no fewer than 20 units per year in the country. Over the years, Mexico is importing more and more electric cars, increasing in 2019 and 2020 by approximately 101.1% over previous years' sales. Of course, this comes from an awareness of the great benefits that a car of this type brings as, for example, that in just 30 minutes the battery charge is completed.
What should you take into account when you want to buy an electric car?
The first thing to analyze is undoubtedly its cost, which is not low, because if we take current references, the most requested and sold electric cars in Mexico that for example can be the Chevrolet Bolt and Nissan Leaf, have costs ranging from approximately 650,000 to 750,000 Mexican pesos. Of course, other premium models are available such as Tesla and BMW that can reach costs of up to 3 million pesos. We will go even deeper into that point when we analyze what amortization can be had. Now we would like to stop and inform you about issues related to the daily use of the car before we also discuss insurance issues that can cover these units.
Something important will be where we can load the vehicle, that is, we need to have a loading terminal, which in certain cities are public, but in others, each user must have one at home. There are different terminals if the car is 100% electric as the traditional domestic connectors can be; then there is also the Yazaki SAE J1772 or Type 1 connector, which is the one most used by electric vehicles; the Mennekes IEC 62196-2 or Type 2 connector also works; we can find the CCS or IEC 62196-3 connector; and why not mention the CHAdeMO connector; among others, that its use will depend on the type of car you buy.
Another important issue is the autonomy because the current electric cars have batteries that allow you to travel between 300 and 500 kilometers, that is to say, it can give you inconveniences in case you want to make long trips. And then, of course, you must also analyze questions related to the equipment, safety, brand of the car, quality of its components, among similar things.
What brands of cars have electric cars?
Due to investments, agreements, changes, and also in the form of commitment to the environment, over the years new brands are added to the Mexican automotive market that manufactures electric cars and offers them to the general public. Some of the brands that we can mention as an example are Chevrolet with the Bolt model, Nissan with Leaf, Tesla with Model 3, Renault with the Twizy, among others that are very good too. Two things differentiate one from the other: the equipment in terms of comfort and safety, and also the range in kilometers that you can have with their batteries.
Does the value of an electric vehicle pay for itself?
There is no doubt that the costs of electric cars, not only in Mexico but also in many other countries, are not low, in fact, they generally have a sales value that is higher than that of a traditional combustion engine car. Then, taking into account their value, what we will have to analyze is the use we will give them in terms of kilometers and also how long we will have them. If we plan to keep the unit for at least 5 years, according to studies that we carry out based on different statistics, it can undoubtedly adequately amortize the value of a car of this type.
Is there insurance available in Mexico for electric cars?
Without a doubt, when analyzing a car insurance portfolio we can find the widest possibilities. Insurance companies, taking into account the changes that are undoubtedly taking place in the automotive sector, have been designing special plans. In the country, the insurance companies with the longest trajectory and those with the greatest projection are the ones that can grant adequate policies for this type of vehicle. For example, in the offices of Allianz, Zurich, or Mapfre we can find exclusive plans for cars that are electric, covering specific individuals of these vehicles as well as everything that traditional insurance can provide.
What type of policy is more convenient for an electric car?
Policies in Mexico are very varied. If you have a vehicle (and if you don't), surely you know that there are from the basic and obligatory ones that cover and give answers for the civil responsibility, to the amplest ones that are premium, also passing by the intermediate ones. In terms of electric cars, the policy that will be agreed upon will undoubtedly be one that can cover particular issues that may occur in this type of vehicle. A clear example is coverage for batteries because it is known that over time, many of them failed or had problems. At the same time, you should take out an insurance policy that can guarantee road assistance in the event of running out of battery and also that can respond to electrical problems in the cables of the insured unit.
Are there discounts on policies or insurance for cars that are electric? What is the final value of insurance for these cars?
Finding discounts on electric car insurance policies is not easy, because companies set values based on the cost of the sale of cars, and electric cars are not usually the lowest on the market. But we can say, in line with the above mentioned in terms of depreciation, that it will have tax discounts, ie in taxes. For example, in Mexico you will be able to have the benefits of not paying tenancies, you can deduct from taxes payments you have for temporary rent of the vehicle, discount in numerous highways that are urban, request special electrical tariffs for the load of the vehicle, among some others.
As for the final costs of insurance for electric cars, we can say that they are varied, but we could make a brief but comprehensive study of values in different companies and we concluded that the average value they have, in traditional brand electric cars, is about four thousand pesos.