How much does it cost to insure an electric car? + MORE Mar 20th

Electric vehicles (EVs) are quickly zipping into the hearts and driveways of motorists across Canada, so you might be asking yourself how much it costs to insure one. While EVs remain fairly expensive to purchase compared to traditional gasoline- or diesel-powered vehicles, they offer some unique advantages to drivers who can afford them: EVs require far less maintenance than fossil fuel vehicles, they can recharge at home and they’re even less prone to rolling over during crashes.

Despite these differences, insuring an EV isn’t radically different from insuring a fossil fuel vehicle, but there are some special considerations drivers should be aware of before going electric. 

What kind of coverage do I need for an electric car?

EV auto insurance isn’t any different than insurance for a vehicle with an internal combustion engine. Both are subject to the same mandatory insurance coverages. 

In every Canadian province and territory, auto insurance policies include third-party liability to cover potential lawsuits against you for injuring or killing someone in a crash, as well as uninsured auto coverage to pay for damage caused by an uninsured driver…

Owning a home can be a powerful wealth-building tool, but it can also be expensive when you account for mortgage payments, property taxes, insurance premiums, utilities and maintenance.

To get a clear picture of how a home purchase impacts your finances, you’ll need to determine how much you can afford on a mortgage and how much you can spend in total on a home, as well as how these factors affect your overall housing costs. Fortunately, mortgage calculators let you model this information, helping you make sound financial decisions about what will likely be the most important purchase of your life.

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quoteI’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.

Why should you use a mortgage calculator? 

You wouldn’t buy a car without knowing what it would cost you on a monthly basis, and you shouldn’t buy a home without an accurate idea of how it will impact your finances, either…